The gloomy picture of the Indian auto industry continues as it reports a de-growth of 5.94% in FY22, YoY to report sales of 17,513,596 units in the year. However, the saving grace this time around was the exports that grew by a healthy 36% in the year under review compared to last fiscal year. A total of 5,617,246 units were exported in FY22, a report by SIAM stated.
In terms of monthly sales, the picture continues as March 22 saw sales of 1,495,848 units which is 17.8% less than what the industry saw in March 21. However, the exports in the month grew to 451,058 units, translating to a growth of 3% YoY.
Kenichi Ayukawa, President, SIAM, said, “The year gone by was full of unforeseen challenges and new learning for the industry.”
Rajesh Menon, Director General, SIAM, said, “Overall industry witnessed a de-growth of (-) 6% in FY22. All segments face supply-side challenges, and the industry is yet to see complete recovery following the disruptions it has been facing since early 2020.”
Passenger Vehicles
The PV segment in March 22 saw sales of 279,501 units, a marginal drop of 3.9% over March last year. Meanwhile, the exports for the segment grew by a whopping 52% on a YoY basis in the month to 61,270 units.
In FY22, the overall segment posted a healthy growth of 13.2% YoY to close the year with 3,069,499 units.
While the exports for the overall segment saw a rise of 43% compared to FY21, with exports of 577,875 units in FY22.
Two-wheelers
The 2W segment has had the worst hit of all time, and the story continues. In March 22, the overall segment fell by 20.88% YoY, selling 1,184,210 units.
The exports for the segment weren’t much promising for the segment too. It saw a negative growth of 1% YoY in terms of exports.
Annual data suggest the same picture as the overall segment plummeted by 10.9% YoY in FY22 to close the year with sales of 13,466,412 units.
However, interestingly, the exports for the 2W segment grew by 35% YoY in FY22, with a total of 4,443,018 units.
Three-wheelers
Unlike the other two segments, the 3W segment grew in March 22 by 0.68%, YoY, with sales of 32,088 units in the month.
In terms of exports, the segment was not so lucky as the other two, as it posted a de-growth of 3% YoY with exports of 38,535 units in March22.
However, the annual picture of the segment shares a happy moment as it posts growth of almost 19% YoY to close the year with sales of 260,995 units.
While exports of the overall segment saw growth by 27%, YoY with 499,730 units in FY22.
Commercial Vehicles
As per the SIAM data, the demand for CVs has gone up as it posts a growth of 26% YoY, retailing 716,566 units in FY22.
In terms of exports, the overall segment grew by a notable 83% YoY, shipping 92,297 units in FY22.