Passenger vehicles sales see spike, breach 37.92L in 2022

NEW DELHI: Registering a record growth, the sales of passenger vehicles in the country during the year 2022 crossed the mark of 37.92 lakh.

As per the data released by Society of Indian Automobile Manufacturers (SIAM) on Friday, a total of 37,92,356 passenger vehicles were sold in the country against 30,82,421 passenger vehicles sold in the year 2021.

Vinod Aggarwal, president, SIAM said: “Passenger vehicles have reported the highest-ever sales of 3.8 million units, which is about 4 lakh units higher than the last peak in 2018. Commercial vehicles reported sales of 9.3 lakh units which is just about 72,000 units lower than the earlier peak in 2018. Three-wheeler sales are still lower than 2010 sales and two-wheeler lower than 2014. Compared to the last calendar year, growth in commercial vehicles have been noteworthy, L5 category of three-wheelers have recovered well although from a low base of the previous year, while the two-wheelers have grown at a much slower pace in this calendar year, compared to the other categories of vehicles.”

As per SIAM report, passenger vehicles sales were 2,35,309 units in December 2022 while three-wheeler sales were 38,693 units and two-wheeler sales were 10,45,052 units in the same month.

Rajesh Menon, Director General, SIAM said, “In Q3 of FY 23, passenger vehicles grew by 23 per cent, commercial vehicles by 17 per cent, three-wheelers by 68 per cent and two-wheelers by 6 per cent compared to last year. Festive season has helped in returning good sales numbers for all the segments. However, weakness in rural demand continues, as high food inflation and increased financing cost is impacting the rural market.”