Indian Auto Sector Sees 20% YoY Growth In November 2022; Passenger Vehicle Sales Up 28%

The Society of Indian Automobile Manufacturers (SIAM) has released the monthly sales numbers for November 2022. Last month, the Indian auto industry collectively reported a year-on-year growth of nearly 20 per cent, as total vehicle sales stood at 15,58,145 units, as against 12,99,716 vehicles sold in November 2021. These numbers include passenger vehicles, three-wheelers, two-wheelers, and quadricycles.

Commenting on Industry performance in November 2022, Rajesh Menon, Director General, SIAM said, “Passenger vehicles posted highest ever sales in FY 2022-23 till November, while the Three-Wheelers are still lower than 2010-11 and Two-Wheelers are less than 2016-17. Higher interest rates and increase in long-term insurance premium continue to be a concern for the consumers.”

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

In November 2022, total domestic passenger vehicle sales stood at 2,76,231 units, which is a growth of 28 per cent compared to 2,15,626 vehicles sold during the same month in 2021. At the same time, the two-wheeler segment reported total sales of 12,36,190 units, witnessing a growth of 16 per cent, compared to the 10,61,493 vehicles sold in November 2021.

The two-wheeler segment reported total sales of 12,36,190 units, witnessing a growth of 16 per cent.

The three-wheeler segment too reported strong growth in November 2022, witnessing over two-fold rise in sales, at 45,664 units, compared to the 22,551 vehicles sold during the same month last year. Last month, total quadricycle sales stood at 60 units, the segment witnessing over 30 per cent growth compared to the 46 units sold in November 2021.

Commenting on November sales, Vinod Aggarwal, President, SIAM said, “Positive consumer and business sentiments have reflected in the better sales in the month of November 2022, compared to the previous year. We note a sequential decline over October 2022 attributable to seasonality and softness in key export markets.” Compared to the 19,23,032 vehicles sold in October 2022, the industry witnessed a month-on-month decline of nearly 19 per cent.

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Between April to November 2022, the industry’s total sales stood at 1,40,13,283 units, witnessing a 25 per cent growth.

In November 2022, the total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles in the month of October 2022 was 20,42,575 units.

Also, between April to November 2022, the industry’s total sales stood at 1,40,13,283 units, witnessing a 25 per cent growth compared to 1,11,43,835 units sold during the same period in 2021. Passenger vehicle sales stood at 25,04,084 units, two-wheelers sales touched 1,12,12,348 units, and three-wheeler sales reached 2,96,430 units. Total quadricycle sales touched 421 units.

Disclaimer: BMW India, Mercedes-Benz India, and Volvo Auto data are not included, Tata Motors data also is only available for the April-September period.