SIAM Sales May 2023: Passenger Vehicles See Growth Of 13.5%; Two-Wheelers Up By 17.4%

The Society of Indian Automobile Manufacturers (SIAM) has issued sales figures for the month of May 2023, where passenger vehicles, two-wheelers and three-wheelers have all posted growth in double-digits for the month. Domestic sales of passenger vehicles stood at 3,34,247 units in the month, while two-wheeler sales stood at 14,71,550 units.

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Commenting on sales data of May 2023, Vinod Aggarwal, President, SIAM, said, "All the segments viz. passenger vehicles, two-wheelers and three-wheelers have posted growth in double digits in May 2023, compared to May 2022. We anticipate this trend to continue supported by the prevalent economic environment. The Indian automobile industry is currently in a transition phase with new powertrain technologies offered to consumers ranging from electrified, bio-fuels and gaseous fuel-driven vehicles which are being enabled through sound policies of the government."

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Rajesh Menon, Director General, SIAM stated, "Two-wheelers also posted a growth of 17.4 per cent in May 2023, compared to last year, but are still lower than 2016-17 levels. Domestic sales of three-wheelers in May 2023 grew by 70.4 per cent compared to May 2022, although on a low base, but is still lower than the 2018-19 levels."

Maruti Suzuki continues to lead in passenger vehicle sales.

In the passenger vehicle segment, Maruti Suzuki is still dominating the sales market, with 1,43,708 units sold compared to 1,24,474 in May 2022. Following Maruti Suzuki was Hyundai with 48,601 units – up from 42,293 units in May 2022. Meanwhile, in the two-wheeler segment, Hero MotoCorp led the way just like last month, with 5,08,309 units sold compared to 4,66,466 units in the previous year. Following closely is Honda 2 Wheelers India, with 3,11,144 units for the month. TVS Motor Company recorded 2,52,690 units for the month compared to 1,91,482 units in May 2022.