Automobile sales hit the green zone in May, all segments show improvement
Automobile wholesales in May surged by a whopping 245 per cent to 15,32,809 units as compared to 444,131 units registered in the same month a year ago. This sales uptick comes on the back of reviving economic activities and improving microchip availability. However, the domestic vehicle sales are yet to reach the previous record when automobile wholesales reached 20,04,137 units back in the same month of 2019, reveals data published by Society of Indian Automobile Manufacturers (SIAM).
The data also reveals that passenger vehicle sales have improved significantly in the domestic market. In May 2022, passenger vehicles registered 251,052 units as compared to 88,045 units sold in the same month year ago. The number is even higher compared to the vehicles sold in the same month in 2019 when SIAM recorded a wholesale figure of 226,975 units of passenger vehicles in the country.
In the PV segment, utility vehicles have beaten the passenger cars in terms of sales in May this year with a whopping 116,256 units sold. In the last three years, utility vehicles registered sales of 70,715 units, 17,343 units and 45,158 units in the month of May, respectively. Passenger cars too are yet to touch the May 2019 wholesales number when 143,449 units were sold. Passenger cars sold a total of 124,060 units in May this year.
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In the two-wheeler segment, the domestic sales are yet to reach the 2019 figure when SIAM recorded 17,25,204 units. Last month, the Indian auto industry sold a total of 12,53,187 units of two-wheelers in the domestic market, which is significantly higher than the number recorded in May 2021, when 354,824 units were sold.
Both motorcycle and scooter sales have increased substantially in May this year, as compared to the same month a year ago. Motorcycles registered 819,940 units last month as compared to 295,280 units sold in the same month a year ago. In 2019, the motorcycle segment recorded 11,61,461 units. The scooter segment recorded 398,099 units last month, as compared to 52,409 units in the same month a year ago and 511,724 units recorded in the same month of 2019.
Commenting on May 2022 vehicle sales performance, Rajesh Menon, Director-General of SIAM said that sales of two-wheelers continue to remain sluggish in May 2022, as they are even below what it was nine years ago. "Sales of passenger vehicle segment are also still below 2018 level. Recent government interventions would help in easing of the supply-side challenges, but second hike in repo-rates by RBI and increase in 3rd party insurance rates, could become more challenging for the customers, thereby impacting demand," he further added.