Indian Auto Industry Sees Double-Digit Growth in May 2023: SIAM Report

The Society of Indian Automobile Manufacturers (SIAM) recently released its latest report on the performance of the Indian auto industry for the month of May 2023. According to the data, the total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles reached 2,124,235 units during that month.

The report revealed that sales of passenger vehicles in the country reached 334,247 units in May 2023, marking a growth of 13.5% compared to the same period in 2022. Similarly, a total of 48,732 units of three-wheelers were sold in May 2023, indicating a significant growth of 70.4% when compared to the corresponding month of the previous year.

In the two-wheeler category, sales reached 1,471,550 units in May 2023, reflecting a growth of 17.4% compared to May 2022.

Mr. Vinod Aggarwal, President of SIAM, commented on the sales data of May 2023, stating that all segments, including passenger vehicles, two-wheelers, and three-wheelers, experienced double-digit growth compared to May 2022. He expressed his expectation for this trend to continue, attributing it to the supportive economic environment. Aggarwal also highlighted the industry’s transition phase, with the introduction of new powertrain technologies such as electrified, bio-fuel, and gaseous fuel-driven vehicles, facilitated by favorable government policies.

Mr. Rajesh Menon, Director General of SIAM, also provided insights on the May 2023 performance. He mentioned that passenger vehicle sales during that month reached the highest ever recorded for May, with a growth rate of 13.5% compared to May 2022. Two-wheeler sales also experienced a growth of 17.4% in May 2023, although they have not yet reached the levels seen in 2016-17. Domestic sales of three-wheelers witnessed a substantial growth of 70.4% compared to May 2022, albeit from a low base, but they still remain lower than the levels observed in 2018-19.

Overall, the latest SIAM report indicates positive growth in the Indian auto industry, with various segments demonstrating strong performance in May 2023 compared to the same month in previous years.

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