Passenger vehicle sales reach all-time high in November: SIAM Report
passenger vehicle segment achieved its highest-ever sales in November 2023, reaching 3.34 lakh units. This figure reflects a 3.7 percent year-on-year growth compared to November 2022 when sales were at 3.22 lakh units. The data, released by the Society of Indian Automobile Manufacturers (SIAM), indicates a positive trend in the automotive industry.
Also Read: Passenger vehicle makers grapple with inventory woes The passenger vehicle category spearheaded the growth, witnessing a substantial increase in sales during November 2023. With 3.34 lakh units sold, it surpassed the previous year's figures, contributing significantly to the overall positive trend in the automotive market. Three-wheelers reported a remarkable growth rate of 30.8 percent compared to the previous year.
November 2023 saw sales reaching about 59,738 units, approaching the peak observed in November 2017 when sales touched 45,664 units. Also Read: Suzuki targets 3 million passenger vehicle sales in India by 2030 Two-wheelers, a crucial segment in the Indian automobile market, showcased a remarkable sales figure of approximately 16,23,399 units in November 2023. This marked a substantial growth of 31.3 percent compared to the same month in 2022.
The segment's performance was only slightly below the peak recorded in November 2018. The SIAM report noted that data for prominent auto manufacturers such as BMW, Mercedes, JLR, Tata Motors, and Volvo Auto were unavailable and hence not included in the sales data. Also Read: High Passenger Vehicle Stockpile Rings Alarm Bells Amid Festive Sales Reflecting on the robust growth across all segments during the festival season ending in early November, Vinod Aggarwal, President of SIAM, commented on the industry's
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