Automobile market in India registers record growth in November, SIAM reports

Automobile market in India

New Delhi: The automobile market in India is witnessing remarkable growth every month, as the demand for passenger vehicles, two-wheelers, and three-wheelers is increasing among customers. The Society of Indian Automobile Manufacturers (SIAM) has recently released its sales report for November, which shows that domestic passenger vehicle sales have grown by 4 percent year-on-year, reaching 3,34,130 units. This is the highest sales figure for November ever recorded by the industry. In comparison, the sales of passenger vehicles in November 2022 were 3,22,268 units.

The sales of two-wheelers have also broken all the previous records, as they have registered a whopping 31 percent growth year-on-year, reaching 16,23,399 units in November. In the same month last year, the sales of two-wheelers were 12,36,282 units. The two-wheeler segment comprises motorcycles, scooters, and mopeds, which are popular among urban and rural customers alike. The sales of three-wheelers have also shown a significant jump of 31 percent year-on-year, reaching 59,738 units in November. In November 2022, the sales of three-wheelers were 45,664 units. The three-wheeler segment includes auto-rickshaws, goods carriers, and passenger carriers, which are widely used for transportation and livelihood purposes.

Industry experts have attributed the impressive growth of the automobile market to various factors, such as the festive season, the pent-up demand, the improved consumer sentiment, the availability of finance, and new launches. Vinod Aggarwal, the President of SIAM, said that the impact of the festive season in October was visible in November as well, as the customers thronged the dealerships in the first week of November. He said that the automobile industry expects a similar growth trend in the future as well, as the economy recovers from the pandemic and the vaccination drive progresses. He also said that the industry is facing some challenges, such as rising input costs, the shortage of semiconductors, and the uncertainty over the third wave of Covid-19.

Automobile market in India

Rajesh Menon, the Director General of SIAM, said that this has been the fastest growth rate ever achieved by the automobile market in India. He said that the growth momentum will continue in the coming months as well, as the market is offering the best vehicles and the customers are responding positively. He said that the market is also witnessing a shift in the preferences of the customers, as they are opting for more premium and feature-rich vehicles, as well as electric and hybrid vehicles. He said that the industry is committed to meet the changing needs and expectations of the customers and to contributing to the economic and environmental goals of the country.