Passenger vehicle sales in India grow 1% between Q1 FY19-FY23, reveals SIAM

Passenger vehicle sales in the first quarter of FY23 have grown only one per cent from FY19, claims a report by the Society of Indian Automobile Manufacturers (SIAM). The report claims that passenger vehicle segments registered 910,431 units between April and June FY23, while sales in the first quarter of the previous four fiscals were about 873,000 units, 713,000 units, 154,000 units and 646,272 units respectively. The two-wheeler segment recorded a regrowth of 10 per cent between the first quarter of FY19 and FY23, further claimed SIAM.

Indian auto industry is considered one of the largest and fast growing markets. However, the sluggish growth of just one per cent in the passenger vehicle segment and regrowth of 10 per cent in the two-wheeler segment is majorly attributed to the massive slump due to the pandemic in the FY21 due to the lockdown and other consecutive headwinds related to the pandemic.

Speaking about the Indian auto industry's sales performance in the first quarter of current financial year, Rajesh Menon, Director General, SIAM said that in the first quarter of this year, sales in the passenger vehicle segment stood at about 9.1 lakh units, while in two-wheeler segment sales number stood at around 37.25 lakh units.

"Recently the government has taken significant measures to ease the inflationary pressure and help the common man by reducing central excise duty on petrol & diesel and changing the duty structure to moderate prices of steel & plastic. Indian Automobile Industry appreciates and thanks the government for these efforts. Industry also keenly looks forward to similar support on CNG prices which has seen exponential increase in the last 7 months. Support on CNG prices would help the common man, facilitate public transport and will enable a cleaner environment," he further added.