Indian Auto Sector Reports 6% Growth In October 2022; Passenger Vehicle Sales Up 29%

The Society of Indian Automobile Manufacturers (SIAM) has released the industry sales number for the month of October 2022. Last month, the auto sector cumulatively sold 1,923,032 units in India, witnessing a 6.1 per cent growth compared to 1,810,856 vehicles sold in October 2021. These numbers include passenger vehicles, three-wheelers, two-wheelers, and quadricycles. So, as for domestic passenger vehicle sales, the industry collectively sold 291,113 units, which is a growth of 28.6 per cent compared to 226,353 units.

In October 2022, the industry reported total two-wheeler sales of 1,577,694 units, witnessing a marginal 1.6 per cent growth compared to 1,552,689 units sold during the same month in 2021. At the same time, the three-wheeler segment reported 54,154 units, witnessing a 70 per cent growth compared to 31,812 units.

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In October 2022, total two-wheeler sales stood at 1,577,694 units, witnessing a marginal 1.6 per cent growth YoY.

Commenting on Industry performance, Rajesh Menon, Director General, SIAM said, “Though the Passenger Vehicles have reported highest ever domestic sales in April to October period, Sales of Two-Wheelers in these 7 months of 2022 is still lower than that of 2016, while for Three-Wheelers it is lower than 2010. Similarly, exports of Passenger Vehicles continued to grow, while there has been a drop in exports of both Two and Three-Wheelers.”

In October 2022, the total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycle in the month of October 2022 was 2,191,090 units.

Between April to October 2022, the industry’s total sales stood at 12,455,138 units, witnessing a 21 per cent growth compared to 9,844,119 units sold during the same period in 2021. Passenger vehicle sales stood at 2,227,853 units, two-wheelers sales touched 9,976,158 units, and three-wheeler sales reached 250,766 units. Total quadricycle sales touched 361 units.