Home Business News Festive Season Helps Auto Industry Record Highest-Ever Wholesales In November

Festive Season Helps Auto Industry Record Highest-Ever Wholesales In November

In November, domestic wholesales of passenger vehicles reached their highest level, propelled by strong demand, particularly for utility vehicles, according to industry body SIAM. The overall dispatch of passenger vehicles from manufacturers to dealers totaled 334,130 units last month, marking a 4% year-on-year growth, despite a high base from November the previous year.

Maruti Suzuki India, the market leader, dispatched 134,158 passenger vehicles in comparison to 132,395 units in November 2022. Hyundai Motor India, a key rival, delivered 49,451 units to dealers last month, up from 48,002 units in the corresponding period the previous year, according to SIAM data.

Two-wheeler sales rose to 16,23,399 units last month, a growth of 31 per cent as compared to 12,36,282 units in November 2022. Similarly, three-wheeler dispatches also rose to 59,738 units last month, registering an increase of 31 per cent over 45,664 units last November.

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“All segments of the automobile industry witnessed robust growth during the festival season which ended in the first part of November,” Society of Indian Automobile Manufacturers (SIAM) President Vinod Aggarwal said in a statement.

Supported by strong economic growth, the automobile industry is optimistic about ending the year 2023 on a high note and expects the trend to continue into 2024, he added.

Elaborating further, SIAM Director General Rajesh Menon said passenger vehicle segment witnessed the highest ever wholesales in November 2023 with a dispatch of 3.34 lakh units, albeit with a growth rate of 3.7 per cent, in the backdrop of a high base last November.

Three-wheeler dispatches in November were just below the peak of November 2017, he noted.

Similarly, two-wheeler wholesales last month were also slightly below the peak seen in November 2018, Menon said.

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Automobile retail sales had recorded the best-ever performance last month aided by robust registrations across segments including passenger vehicles, two-wheelers and commercial vehicles.

In November, the overall automobile retail sales rose by 26 per cent to 23,80,465 units, as compared with 18,93,647 units in November 2021.

Passenger vehicle retail sales rose by 21 per cent year on year last month to cross three lakh unit mark in November aided by better availability of models, new launches and increase in demand in rural areas.

Similarly, two-wheeler retail rose to 18,47,708 units last month, up 24 per cent, as against 14,94,797 units in November 2021.