Car sales jump to record October sales in India, festivities provides big push
- SIAM attributes the robust show to the festive period as well as to encouraging governmental policies.
Sales of passenger vehicles (PVs) in the country jumped to record highs for the month of October, according to the latest data revealed by the Society of Indian Automobile Manufacturers (SIAM). The performance of the three-wheeler segment was impressive while the two-wheeler market reported a sizeable growth as well after a period of some strain.
According to the data released by SIAM, PV or car sales in the domestic Indian market last month was the highest ever for October of any previous year. The market saw sales of 3,89,714 units, a growth of 15.9 per cent over 3,36,330 units sold in October of 2022. The faring in the three-wheeler segment was even stronger with sales of 76,940 units vis-a-vis 54,154 units sold in October of 2022. This is a jump of 42.1 per cent.
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SIAM attributed the robust show to the festive period as well as to encouraging governmental policies. Even two-wheeler market saw an impressive growth with 18,95,799 units sold last month, a 20.1 per cent rise over figures from the same month of last year. “oth Passenger Vehicles and Three-Wheelers have posted highest ever sales of October, while the TwoWheeler segment has also posted good sales in the month of October 2023," noted SIAM President Vinod Aggarwal. "This growth momentum is encouraging for the industry which has been enabled by sustained conducive policies of the Government and the ongoing festive season."
When sales figures from all vehicle segments are combined - PVs, commercial vehicles, two and three wheelers, the figure of 23,14,197 reflects a sizeable jump from 19,23,721 units of all vehicles sold in October of 2022.
The record for October may have been broken but there could also be another record - this time for sales in November - that is more than likely to be broken too. This year, the auspicious occasion of Dhanteras and Diwali are in November which means the month could see brisk sales as well. A number of new model launches in PV and two-wheeler segment, plus easing of production and supply chain-related issues - is playing the role of a booster dose in the Indian automotive landscape.
