Indian Economy News

October auto sales up 7% on healthy demand: Report

  • IBEF
  • November 23, 2022

According to CareEdge Research, domestic vehicle sales volumes increased 7% YoY in October due to strong demand, the introduction of new models, the easing of semiconductor chip prices, and rising private and public infrastructure spending.

The passenger vehicle (PV) segment has experienced the highest growth, followed by commercial vehicles, according to data from credit rating agencies. This was driven by rising commercial vehicle demand and utility vehicle demand in the PV segment, both of which benefited from rising government spending on infrastructure projects.

According to CareEdge Research analysts, the domestic vehicle industry's sales volume will increase in FY23 by 17–20%. As farmers begin to get their harvest realisations, the general sentiment will also continue to exhibit headwinds, particularly in the two-wheeler (2W) rural and tractor segments.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.