India's passenger vehicle sales increased to the highest-ever level in August
- IBEF
- September 12, 2023
Due to strong demand for sports utility vehicles (SUVs), passenger vehicle sales in the country reached their highest level ever in August 2023.
According to the figures from the industry group Society of Indian Automobile Manufacturers (SIAM), 359,228 passenger vehicles were sold in August, a 9.4% rise over the 328,376 units sold during the same period of the previous financial year.
The demand remained high, particularly for more recent models introduced by Maruti Suzuki, MG Motor, and Hyundai in the utility vehicle segments, reflecting the shift in consumer preferences towards larger, more feature-rich cars.
The sales of three-wheelers increased by 69% to 64,763 units during the month under review. At 1,566,694 units, two-wheeler sales in August remained flat.
Because of changing consumer preferences and a greater availability of newer models at competitive pricing as a result of robust competition between original equipment manufacturers (OEM), the mid-sized and premium two-wheeler segment witnessed healthy growth.
As per Mr. Dhruv Mudaraddi, Research Analyst, StoxBox, “We expect the demand for entry-level two-wheelers to recover in the coming months as the monsoon season advances and rural income increases.”
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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