According to the Society of Indian Automobile Manufacturers (SIAM), passenger car wholesales (dispatches to dealers) in India increased 29% year over year (YoY) to 2,91,113 units in October from 2,26,353 units in October 2021, driven by strong festival season demand. Again, the utility vehicle (UV) category outsold the passenger car (PC) sector during the month, selling 1,41,254 units to 1,40,926 for PCs.
Sales of scooters in the two-wheeler market increased by 7% YoY to 5,12,761 units in October. However, motorcycle sales increased slightly to 10,20,295 units (10,17,874 units). Higher sales, particularly for PVs, were recorded in October as a result of positive market sentiment and the festival boost. The rural market has been more negatively impacted by higher inflation and rising borrowing rates, which has resulted in a very slight increase for the two-wheeler industry.
According to SIAM President Vinod Aggarwal, passenger three-wheelers are becoming more popular due to increased shared transportation in semi-urban and metropolitan areas. The overall dispatches of three-wheelers increased by 70% year over year to 54,154 units (31,812 units). Even though domestic sales of PVs reached their highest level ever from April to October, Rajesh Menon, director general of SIAM, noted that sales of two-wheelers in these first seven months of 2022 were still lower than in 2016.