In response to information obtainable with business physique Society of Indian Car Producers (SIAM), as many as 359,228 passenger autos have been bought in August, which is a rise of 9.4% over 328,376 items bought within the corresponding interval of the final monetary yr.
Vinod Aggarwal, President, SIAM mentioned, “Final month noticed the very best ever August month gross sales for passenger autos and three-wheelers, whereas two-wheeler gross sales remained at ranges just like a yr in the past. We have now additionally noticed good progress in industrial car section in August 2023.
Demand remained robust particularly for newer fashions launched within the utility car segments by Maruti Suzuki, MG Motor and Hyundai, mirroring the shift in shopper desire in the direction of feature-packed bigger automobiles. “Automobile financing is extra simply obtainable in city markets the place demand remained constructive. Nevertheless, volumes of smaller/entry degree automobiles for many OEMs have registered a decline as there appears to be a lag within the rise of earnings of entry degree customers significantly in Tier 2, 3 and rural markets”, Dhruv Mudaraddi, Analysis Analyst, StoxBox, mentioned.
Three-wheeler gross sales within the month underneath assessment went up by 69% to 64,763 items. Gross sales of two-wheelers remained flat at 1,566,694 items in August. Automakers in India largely report wholesale dispatches from factories to dealerships and never retail gross sales to clients.Mudaraddi mentioned two-wheeler gross sales final month remained weak, significantly within the entry degree inside combustion engine (ICE) section owing to cost hikes. Nevertheless, the mid-sized and premium two-wheeler section registered wholesome progress owing to shifting shopper preferences and better variety of newer fashions obtainable at engaging costs attributable to wholesome competitors amongst OEMs.Trade executives are optimistic of shopper sentiments reviving within the entry-level segments throughout the festive season on again of robust macro-economic fundamentals and a revival in monsoons after scanty rains in August. “Based mostly on the efficiency of final month, we’re much more optimistic for demand to select up throughout the festive season, enabled by constructive financial outlook and the revival of monsoon after a deficit in August”, Aggarwal added.Mudaraddi agreed, “We anticipate the demand for entry degree two-wheelers to get well within the coming months because the monsoon season advances and rural earnings will increase. The order guide for the newer fashions stay robust and the demand is anticipated to develop additional within the coming months because the festive season kicks off.”