According to the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle wholesales in India experienced a 1.87% year-on-year increase, reaching 3,61,717 units last month. Similarly, two-wheeler sales saw a rise to 17,49,794 units from 17,35,199 units in the same period last year. Three-wheeler wholesales also surged to 74,418 units compared to 50,626 units in September 2022. Overall, sales for the September quarter reached 61,16,091 units, up from 60,52,739 units in the second quarter of 2022-23.

In the passenger vehicle category, dispatches increased slightly to 10,74,189 units in the second quarter, compared to 10,26,309 units in the same period of the previous fiscal year. Commercial vehicle dispatches rose to 2,47,929 units from 2,31,991 units in the corresponding period last year. Additionally, total three-wheeler wholesales rose significantly to 1,95,215 units in the second quarter, up from 1,20,319 units in the same period of the previous fiscal year.

However, the total dispatches for two-wheelers declined to 45,98,442 units in July-September 2023, as opposed to 46,73,931 units in the corresponding period last year. SIAM President Vinod Aggarwal stated that while passenger vehicles, three-wheelers, and commercial vehicles continued to grow in the second quarter of 2023-24, the two-wheeler segment experienced a marginal decline compared to the same period last year. Aggarwal expressed optimism for all segments in the industry as they approach the festival season, anticipating positive numbers in Q3 as well.

He attributed this growth in the automobile sector to the overall economic development of the country, facilitated by favourable government policies.

Source: Business Standard