The Indian automotive sector, as reported by the Society of Indian Automobile Manufacturers (SIAM), witnessed a remarkable performance in October 2023. Showcasing an impressive growth trajectory across various segments, the industry has hit new milestones in production and sales, aligning with festive season demands and favourable government policies.
In October 2023, the industry saw a total production of 26,21,248 units across passenger vehicles, three-wheelers, two-wheelers, and quadricycles. Passenger vehicle sales reached 3,89,714 units, while three-wheeler and two-wheeler sales stood at 76,940 and 18,95,799 units, respectively. These figures represent significant year-on-year growth, underscoring the sector’s robust recovery and expansion.
Vinod Aggarwal, President of SIAM, commented on the exceptional sales, noting both passenger vehicles and three-wheelers achieved their highest-ever October sales. He attributed this success to the government’s sustained conducive policies and festive season.
The passenger vehicle segment, excluding data from BMW, Mercedes, JLR, Volvo, and Tata Motors, posted the highest ever sales for October, marking a growth of 15.9% compared to the previous year. Similarly, three-wheelers showed a healthy increase of 42.1%, and the two-wheeler segment also enjoyed a substantial rise of 20.1% in sales.
Rajesh Menon, Director General of SIAM, added, “The passenger vehicles segment has shown remarkable resilience, reaching a new peak with a sale of 3.90 lakh units. The three-wheeler segment’s growth and the significant increase in two-wheeler sales paints a promising picture for the industry’s future.”
The data from SIAM paints an optimistic picture for the Indian automotive industry, indicating a strong recovery and a positive growth trajectory. This performance shows the industry’s adaptability and the effectiveness of government policies in fostering a conducive environment for growth. As the industry continues to evolve, it remains a vital contributor to India’s economic development and a key player in the global automotive market.
