The Indian auto industry has kicked-off FY23 with a bang, with monthly wholesales of 1,665,805 units reported in April 2023. This represents a 16.06% YoY growth over the 1,435,321 units that were sold in the same month last year.
All major segments, including passenger vehicles, two- and three-wheelers posted growth in April. Vinod Aggarwal, President, SIAM, said this clearly indicates that the industry has been able to transit very smoothly to BS 6 Phase 2 emission norms from April 1, 2023.
Exports, nonetheless, continue to decline with April 2023 reporting 322,476 units for the whole industry, which is about 34% less than the 487,783 units that were exported in April 2022.
The cherry on the cake for India’s auto sector is definitely its passenger vehicle (PV) segment. Selling 284,271 units in April 2023, PVs registered a growth of 12.93% YoY as only 251,716 PVs were sold in April 2022. Rajesh Menon, Director General, SIAM said sales of PVs in April 2023 has been the highest ever for the industry in the month April.
The two-wheeler sector also seems to be coming back on track as it registered a 15.14% YoY growth. In absolute numbers, a total of 1,338,588 two-wheeler units were shipped in April 2023, as against 1,162,582 units in April 2022.
Moreover, domestic sales of three-wheelers in April 2023 have reached nearer the pre-COVID levels. Sales of 42,885 units in April 2023 helped the sector to register a 104.24% growth YoY.
“As we gradually get into the monsoon season, among other factors, good rainfall can also help the auto industry sustain its growth,” Aggarwal said.
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