Passenger Vehicle Wholesales In India Rise By 4 Per Cent In May: SIAM

In the two-wheeler segment, sales surged by 10 per cent, climbing to 16,20,084 units last month from 14,71,550 units in May 2023

Despite this growth, SIAM President Vinod Aggarwal said that the increase was moderate due to the high base effect from the previous year. ( Image Source :PTI )

Passenger vehicle (PV) wholesales in India saw a 4 per cent year-on-year (YoY) increase in May, reaching 3,47,492 units, according to the Society of Indian Automobile Manufacturers (SIAM) on Tuesday. This marks a rise from 3,34,537 units in May 2023.

Despite this growth, SIAM President Vinod Aggarwal said that the increase was moderate due to the high base effect from the previous year. "Passenger vehicles have only witnessed a moderate growth, primarily owing to a high base effect of the previous year," Aggarwal said.

In the two-wheeler segment, sales surged by 10 per cent, climbing to 16,20,084 units last month from 14,71,550 units in May 2023. Meanwhile, three-wheeler dispatches experienced a 15 per cent increase, totaling 55,763 units compared to 48,610 units in the same month last year.

This data highlights a steady growth trend in India's automobile sector, particularly in the two and three-wheeler markets.

Maruti Suzuki sold 1,44,002 units last month, as against 1,43,708 units in May 2023. Hyundai Motor India dispatched 49,151 units in May, as compared to 48,601 units in May 2023. Mahindra & Mahindra sold 43,218 units last month, as against 32,886 units in the year-ago period.

All the segments, passenger vehicles, commercial vehicles, two-wheelers and three-wheelers have posted growth in May, as compared to the same month last year, the Society of Indian Automobile Manufacturers (SIAM) President Vinod Aggarwal said in a statement. "Passenger vehicles have only witnessed a moderate growth, primarily owing to a high base effect of the previous year," he noted.

Two-wheeler sales rose 10 per cent to 16,20,084 units last month, as compared to 14,71,550 units in the year-ago period. Three-wheeler dispatches rose 15 per cent to 55,763 units in May, as against 48,610 units in May 2023.

Meanwhile, the Federation of Automobile Dealers Associations (FADA) reported on Monday that domestic passenger vehicle retail sales fell by 1 per cent year-on-year (YoY) in May, affected by extreme summer heat and ongoing elections. Passenger vehicle (PV) registrations dropped to 303,358 units last month from 335,123 units in May 2023. FADA President Manish Raj Singhania attributed the decline to a combination of election activities, severe heat, and market liquidity issues.

On the other hand, two-wheeler sales increased by 2 per cent, reaching 1,534,856 units in May, compared to 1,497,778 units in the same month last year.

Three-wheeler retail sales saw a significant rise of 20 per cent YoY, totaling 98,265 units in May. Additionally, commercial vehicle sales grew by 4 per cent, reaching 83,059 units last month, up from 79,807 units in May 2023.