Passenger vehicle wholesales in India see 4% growth this November
In November, India's domestic passenger vehicle market saw a 4% increase in wholesales, thanks to strong demand for utility vehicles. As per the Society of Indian Automobile Manufacturers (SIAM), vehicle dispatches from manufacturers to dealers reached a record-breaking 3,34,130 units last month, up from 3,22,268 units in November last year. SIAM President Vinod Aggarwal stated, "All segments of the automobile industry witnessed robust growth during the festival season which ended in the first part of November."
Two-wheeler and three-wheeler sales register significant growth
Two-wheeler sales also experienced significant growth in November, with a 31% increase totaling 16,23,399 units, compared to 12,36,282 units in November 2022. Three-wheeler dispatches saw a similar 31% rise, with 59,738 units sold last month as opposed to 45,664 units in November last year. SIAM's Director General Rajesh Menon noted that three-wheeler dispatches last month were just below the peak of November 2017.
Industry optimistic about ending year on a high note
The automobile industry is hopeful about ending 2023 on a high note and continuing this trend into 2024, thanks to strong economic growth. Menon elaborated on this optimism, stating that the passenger vehicle segment witnessed its biggest-ever wholesales last month, with a dispatch of 3.34 lakh units. However, he also mentioned that the growth rate was at 3.7%, considering a high base from last November. Two-wheeler wholesales last month were below the peak witnessed in November 2018.
