Staying on a growth trajectory in December 2023, India’s automobile industry’s wholesales of passenger vehicles grew to 2,86,390 units, a 4 per cent rise yoy as against 2,75,352 units sold in December 2022. Dispatches of three-wheelers in the domestic market were 50,537 units last month, as against 38,693 units in December 2022.
Auto makers sold 12,11,966 units of two-wheelers in the last month of 2023, a growth of 16 per cent from December 2022, which saw sales of 10,45,052 units. However, exports in most categories were down, mainly due to the geopolitical issues and the foreign exchange situation in some of the countries, the Society of Indian Automobile Manufacturers said on 12 December.
The monthly performance figures of December 2023 of SIAM shows total production of PVs, 3wheelers, 2wheelers and quadricycles in the month of December 2023 at 18,96,696 units. Commenting on sales data of 2023 calendar year, Mr Vinod Aggarwal, President, SIAM described year 2023 as having been reasonably satisfactory for the automobile sector, as PVs, CVs and wheelers have posted single digit growth.
“Various schemes of Government of India that have been operational now, are showing good results, and are also helping the Auto Industry to seamlessly transform to new powertrain realms,” said Aggarwal.
On a quarterly basis, sales of all vehicles across categories grew 19.48 per cent y-o-y at 61,65,997 units in October-December 2023. Domestic sales of PVs were at 10,12,285 units, CVs were 2,35,167 units, three-wheeler sales were 1,87,215 units and two-wheeler sales were 47,31,164 units in the last quarter. According to Rajesh Menon, Director General, SIAM, in Q3 of FY 2023-24, on a year-on-year basis, PVs grew by 8.3 per cent, CVs by 3.5 per cent, three-wheelers by 35.2 per cent and two-wheelers by 22.6 per cent.
Total production of PVs, CVs, three wheelers, two wheelers and quadricycles in the third quarter of the fiscal was 71,32,689 units. Himanshu Singh, Research Analyst, Prabhudas Lilladher pegs Oct-Dec’23 earnings of the auto sector to be boosted by strong performance aided by festive cheers.
He expects 3QFY24 to show strong revenue with 17 per cent/36 per cent yoy growth respectively, given strong double digit volumes growth by 2W OEMs and continued growth in the PV segment, additionally helped by operating leverage and benign commodity prices. In 3QFY24, the auto industry witnessed overall strong double digit volumes of 17 per cent on the back of strong growth in domestic 2Ws and 3Ws.
For the April-December 2023 period of FY24, domestic sales of PVs were 30,83,245 units, CVs were 6,99,507 units, threewheelers were 5,26,905 units and two-wheeler sales were 1,34,70,570 units. In the calendar year, January-December 2023, the industry registered PV sales of 41,01,600 units, CV sales of 9,78,385 units and three-wheeler sales of 6,80,550 units. The total production of PVs, CVs, three wheelers, two wheelers and quadricycles in January-December 2023 was 2,71,43,580 units.