Domestic PV sales up 17.23% in January as consumer sentiment improves: SIAM

Domestic passenger vehicle (PV) sales were up 17.23 per cent year on year in January, to 298,093 units due to better consumer sentiment, the Society of Indian Automobile Manufacturers (SIAM) said on Monday.

The utility vehicle (UV) segment within the PV space saw the biggest growth, SIAM data showed. While 116,962 UV units were sold in India last January, a total of 149,328 were sold this January, up nearly 28 per cent.

However, two-wheeler sales rose by just 3.81 per cent to 1.184 million units amid a slowdown in rural areas.

Rajesh Menon, Director General, SIAM said, “PVs again saw highest ever sales in the month of January, crossing for the first time, the three-million sales mark in 10 months from April 2022 to January 2023.”

“Sales of L5 category three-wheelers more than doubled this January from a year earlier, while two-wheeler sales grew by just around 4 per cent,” he added.

According to SIAM, carmakers exported 55,551 PV units this January, compared to 40,781 units a year prior.

Meanwhile, three-wheeler exports decreased from 39,151 units last January to 23,080 units in January 2023.

Two-wheelers exports from India dipped by as much as 40.76 per cent to 220,103 units.

Vinod Aggarwal, President, SIAM said, “Better consumer sentiment is driving demand for PVs. The three-wheeler segment has gained traction compared to the past two years, though it is still to reach pre-Covid levels.”

“The rate of growth of two-wheelers in the recent year has not kept pace with the growth in the other segments. Positive announcements at the Union Budget should help in continuing with the overall growth momentum,” he added.