The Society of Indian Automobile Manufacturers (SIAM) recently released its latest report on the auto industry sales performance in January 2023, showing a positive trend in the Indian market. The data reveals growth in the passenger vehicle sector and a rebound in the three-wheeler market, indicating a bright outlook for the Indian auto industry. The industry is poised to continue its upward trajectory with the support of the Union Budget and positive consumer sentiment.
The Society of Indian Automobile Manufacturers (SIAM) recently released its latest report on the auto industry sales performance in January 2023, showing a positive trend in the Indian market. The data reveals growth in the passenger vehicle sector and a rebound in the three-wheeler market, indicating a bright outlook for the Indian auto industry.
According to the data, the total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles in the month of January 2023 was 19,04,364 units. The domestic sales of passenger vehicles reached 2,98,093 units, while three-wheeler sales were 48,903 units, and two-wheeler sales were 11,84,379 units.
Commenting on the January 2023 sales data, Vinod Aggarwal, President of SIAM, said that better consumer sentiments are driving demand for passenger vehicles. He also noted that the three-wheeler segment has gained traction compared to the past two years, although it is still far from reaching pre-Covid levels. He added that positive announcements in the Union Budget should help in continuing with the overall growth momentum.
On the other hand, Rajesh Menon, Director General of SIAM, noted that passenger vehicles saw the highest-ever sales in the month of January, and for the first time, it surpassed the 3 million sales mark in 10 months, from April to January. He also stated that the sales of L5 category three-wheelers more than doubled in January 2023 compared to January 2022, while two-wheelers posted marginal growth.
The auto industry has been showing positive signs of recovery, and the data released by SIAM is further proof of this trend. The growth in passenger vehicles and the rebound in the three-wheeler market are encouraging developments, and the industry is looking forward to continued growth in the coming months. Indian auto industry has reason to be optimistic about its future, as both passenger vehicles and three-wheelers are showing growth.
