A complete of 389,714 vehicles and utility autos have been bought final month, a 15.9% enhance from 336,330 autos bought a 12 months earlier, confirmed knowledge from business physique Society of Indian Vehicle Producers (SIAM). Automakers within the nation largely report wholesale despatches from factories and never retail gross sales to prospects.
That is the tenth straight month of the passenger car business breaching its highest-ever gross sales. Progress within the passenger car section was supported by demand for utility autos, which now account for greater than half the passenger autos bought within the native market.
Shashank Srivastava, senior govt officer (advertising and marketing and gross sales) at Maruti Suzuki India Ltd stated the festive season has gone properly to this point, serving to the corporate enhance its market share by 1.3 proportion factors to 43% in October. “January onwards, each month has been a best-ever month for the business, which is a really optimistic signal. With the semiconductor disaster fading, automakers have been in a position to enhance manufacturing which helped the business report its highest-ever gross sales for any month in October. Retails too have been good, which have inspired sellers to construct up shares for Diwali,” he stated.
Tarun Garg, chief working officer at Hyundai Motor India Ltd concurred and stated, “Reserving influx stay wholesome. Regardless of the geopolitical uncertainties, demand momentum has remained robust which exhibits the resilience of the home market.”
In actual fact, buyer demand was robust throughout segments with three-wheelers and two-wheelers clocking wholesome progress in October. Whereas three-wheeler gross sales grew 42.1% to 77,000 items, two-wheelers recorded a 20.1% rise to greater than 1.89 million items.
Vinod Aggarwal, president, SIAM stated, “Each passenger autos and three-wheelers have posted the highest-ever gross sales of October, whereas the two-wheeler section has additionally posted good gross sales within the month of October 2023. All of the three segments have posted double-digit progress.”
“This progress momentum is encouraging for the business which has been enabled by sustained conducive insurance policies of the federal government and the continued festive season,” Aggarwal stated.
Within the two-wheeler section, market chief Hero MotoCorp stated it expects demand to stay robust on the again of latest product launches within the premium section and good client sentiment within the festive season.
Trade executives undertaking passenger car gross sales to cross 4 million items for the primary time this monetary 12 months however warned that progress could gradual after the festive season because of a excessive base.