SIAM Sales FY2023: Domestic Passenger Vehicle Sales Up 27%; Two-Wheeler Sales up 17%

Apex auto industry body, the Society of Indian Automobile Manufacturers (SIAM) revealed the industry sales figures for the 2023 fiscal year. For the domestic market, both passenger vehicle and two-wheeler segments posted growth, rising by 27 per cent and 17 per cent respectively over FY2022. Passenger vehicle sales in the domestic market ended the fiscal with 38,90,114 units sold while two-wheelers ended the year with 1,58,62,087 units.

Moving to exports, passenger vehicles saw numbers climb to 6,62,891 units in the 2023 fiscal year – up from 5,77,875 units. Two-wheeler exports however were on the down with 36,52,122 units shipped as compared to 44,43,131 units last year.

Commercial vehicles and three-wheelers too were in the green in the fiscal year. CV sales in the domestic market were up 34 per cent at 9,62,468 units, while three-wheeler sales climbed 87 per cent to 4,88,768 units. Both segments however saw exports fall during the year.

Overall, the auto industry’s domestic sales grew by around 20 per cent to 2,12,04,162 units from 1,76,17,606 units.

Shifting the focus to the last quarter of FY2023, all segments were in the green compared to the same period last fiscal. Domestic passenger vehicle sales grew to 10,18,355 units from 9,20,685 units. Two-wheelers meanwhile posted sales of 36,04,593 units – up from 33,89,792. Commercial vehicle and three-wheeler sales too were up by 11 per cent and 84 per cent respectively.

In terms of exports, passenger vehicles grew from 1,53,878 units to 1,71,854 units in FY2023, while two-wheelers were down from 11,01,896 units in Q2 FY2022 to 7,00,764 units. CV exports too were down by almost 10,000 units to 17,695 units while three-wheeler exports fell from 1,13,683 units to 62,054 units.

For the month of March, passenger vehicle sales grew a relatively flat 4.4 per cent. Two-wheeler sales too were up, by a little under 8 per cent, at 12,90,533 units in the domestic market. In terms of exports, while passenger vehicles did post a growth, exports of two-wheelers declined from 3,51,241 units to 2,45,574 units.