Cars and utility vehicles: 4,000,000 PV sales rode to a record high in 2023
- IBEF
- January 3, 2024
The automotive sector achieved a historic milestone in 2023, with annual sales surpassing 4 million units for the first time, reflecting robust growth in the sales of cars and utility vehicles. Industry estimates indicate that approximately 4.1 million passenger vehicles were sold in the domestic market during the calendar year, marking an 8.2% increase from the 3.79 million units sold in 2022.
In the concluding month of the year, car manufacturers reported a record-breaking 4.4% increase in factory dispatches, reaching 287,904 units in December. Retail sales, estimated at 442,800 units, significantly contributed to depleting inventories. As the industry commenced the new year, it carried an inventory of 176,500 units.
Mr. Shashank Srivastava, Senior Executive Officer (Marketing and Sales) at the leading market player Maruti Suzuki, emphasized that 2023 was a "phenomenal year" for the industry, consistently breaking previous monthly sales records until December. Mr. Srivastava attributed the sales surge to a substantial increase in demand for SUVs, constituting nearly half of all vehicles sold in the domestic market.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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