Robust demand pushes passenger vehicle sales up 13.5% YoY in May: Siam

Total vehicle dispatches across categories were at 1,808,686 units in May 23, Siam data shows

Domestic passenger vehicle sales grew by 13.54 per cent year-on-year (YoY) to 334,247 units in May, data released by the Society of Indian Automobile Manufacturers (Siam) on Tuesday showed.

According to the latest data released by Siam, sales of passenger vehicles (PVs) from manufacturers to dealers stood at 294,392 units in May 2022.

Two-wheeler domestic sales were up 17.42 per cent YoY to 1,471,550 units in May.

Similarly, three-wheeler sales grew 70.42 per cent to reach 48,732 units in May 23, compared to 28,595 units a year ago.

Total vehicle dispatches across categories were at 1,808,686 units in May 23, compared to 1,532,861 units in the same period last year, Siam data showed.

"All the segments viz passenger vehicles, two-wheelers and three-wheelers have posted growth in double digits in May 2023, compared to May 2022. We anticipate this trend to continue supported by the prevailing economic environment," Siam president Vinod Aggarwal said.

Commenting on the data, the director general of Siam, Rajesh Menon, said, "Sales of passenger vehicles of May 2023 has been the highest ever in May, returning a growth of 13.5 per cent, compared to May 2022. Two-wheelers also posted a growth of 17.4 per cent in May 2023, compared to last year, but are still lower than 2016-17 levels. Domestic sales of three-wheelers in May 2023 grew by 70.4 per cent compared to May 2022, although on a low base, but is still lower than the 2018-19 levels."