April is another record year for Indian car market as sales touch new highs
The Indian passenger vehicle market continues to touch new highs with the last month being the best-ever April for the segment in terms of sales. The continuing launch of new and updated car models, as well as prevailing pent-up demand from Covid-19 lockdown times, is pushing more and more people towards driving home in a new car.
Data from Society of Indian Automobile Manufacturers (SIAM) reveals that around 3.31 lakh units of passenger vehicles were sold in April, up from 2.93 lakh units in the same month of 2022. This figure is substantially higher than sales numbers in the pre-Covid April month of 2018 when the industry as a whole saw 2.98 lakh units being sold.
Utility vehicles continue to find most takers and most manufacturers are only too keen to oblige. Rising preference for vehicles in the SUV space - or at least with SUV styling cues - has prompted many manufacturers to update their respective product portfolios. The likes of Tata Nexon, Maruti Suzuki Brezza, Hyundai Venue, Mahindra XUV700 and Kia Sonet are faring stronger than ever before in their respective segments.
What is also noteworthy about April sales figures is that the record shows the industry has been able to transit to BS 6 Phase 2 emission norms in a smooth manner. The new norms came into effect from April 1 of this year. “As we gradually get into the monsoon season, among other factors, good rainfall can also help the Auto Industry sustain its growth," said Vinod Aggarwal, SIAM President.
But while passenger vehicles' sales have been touching new highs repeatedly, April data also has some good news for manufacturers of two-wheelers. Sales of two-wheelers (overall) rose from 11.62 lakh in April of 2022 to 13.38 lakh last month.