“SIAM Reports Increase of 17.23% in January Domestic Passenger Vehicle Sales Due to Improved Consumer Confidence”

According to the Society of Indian Automobile Manufacturers (SIAM), the sales of domestic passenger vehicles (PVs) in January increased 17.23% compared to the same period last year, totaling 298,093 units. The growth in sales can be attributed to improved consumer confidence.

According to the data from the Society of Indian Automobile Manufacturers (SIAM), the utility vehicle (UV) segment within the domestic passenger vehicle (PV) space experienced the largest growth. Last January, 116,962 UV units were sold in India. However, this January, the sales increased to 149,328 units, a nearly 28% increase.

On the other hand, sales of two-wheelers increased only by 3.81% to 1.184 million units, due to a slowdown in rural areas.

Rajesh Menon, Director General of SIAM, stated that “Passenger vehicles recorded the highest ever sales in January, crossing the three-million sales mark in the 10 months from April 2022 to January 2023 for the first time.”

The sales of three-wheel vehicles in the L5 category saw a significant increase of more than 100% compared to the same period the previous year, while the sales of two-wheel vehicles only grew by a modest 4%.

The Society of Indian Automobile Manufacturers (SIAM) recently released data regarding the exports of cars and three-wheelers in January 2023. According to their findings, car manufacturers exported a total of 55,551 passenger vehicle (PV) units in January 2023, which represents a significant increase from the 40,781 units exported in January of the previous year. On the other hand, the data showed a decrease in the export of three-wheelers. In January 2022, 39,151 three-wheeler units were exported, but this number dropped to 23,080 units in January 2023.

According to Vinod Aggarwal, President of the Society of Indian Automobile Manufacturers (SIAM), an improvement in consumer confidence is fueling demand for passenger vehicles (PVs). The three-wheeler segment has seen a recovery compared to the past two years, although it has yet to reach pre-pandemic levels. However, the growth rate of two-wheelers has not been as robust as in other segments. Aggarwal expressed hope that the positive measures announced in the Union Budget will sustain the overall growth momentum.