SUVs boost passenger vehicle sales in India to highest-ever level in August
Passenger vehicle wholesales in India rose nine per cent year-on-year in August on the back of strong demand for utility vehicles including SUVs and MPVs, revealed the Society of Indian Automobile Manufacturers (SIAM). The utility vehicle segment registered a whopping 34 per cent year-on-year growth last month with 181,825 units sold in the country, up from 135,497 units.
The apex industry body for the Indian automobile industry also revealed that overall passenger vehicle dispatches to dealers rose to 359,228 units last month, up from 328,376 units registered in the same month a year ago. This marked a 9.4 per cent sales growth for the industry. While utility vehicles like SUVs and MPVs helped the passenger vehicle sales growth, passenger car sales comprising hatchback and sedan segments have witnessed a 10 per cent dip to 120,031 units last month compared to 133,477 units recorded in August 2022. Vasn wholesales too declined to 11,859 units from 12,236 units.
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The industry body claimed that this growth in the passenger vehicle segment reflects the resilience and dynamism of the sector. Among the automakers, Maruti Suzuki saw an uptick of 16 per cent with 156,114 units dispatched to the dealers in August 2023, compared to 134,166 units recorded in the same month a year ago. Its closest rival Hyundai dispatches 53,830 units last month, up from 49,510 units dispatches in the corresponding month last year.
Speaking about this sales performance of the auto industry in August 2023, Vinod Aggarwal, President of SIAM, expressed his enthusiasm for the sector's performance. He is also hopeful that the momentum of strong demand for passenger vehicles will see further growth in the upcoming festive season. "Based on the performance of last month, we are even more optimistic for demand to pick up during the festive season, enabled by positive economic outlook and the revival of monsoon after a deficit in August," Aggarwal said.
