SIAM Motor Vehicle Data-July-2023

In July 2023, the Indian automotive industry exhibited diverse trends across various segments. The data highlights a mix of growth and decline compared to July 2022.

Passenger Vehicles:

• The Passenger Vehicle segment demonstrated a slight increase of 2.6% in sales compared to July 2022, marking the highest-ever sales for the month of July.

Three Wheelers:

• The Three Wheeler segment showed impressive growth, with an overall increase of 78.9% in sales as compared to the previous year. This growth is the second-highest recorded for the month of July, following the peak in 2018-19.

Two Wheelers:

• While the Passenger Vehicle and Three Wheeler segments experienced growth, the Two Wheeler segment faced a de-growth of (-) 7.2% in July 2023, in contrast to the positive trend seen in the previous three months of this financial year.

Mr. Vinod Aggarwal, President of SIAM, expressed optimism about the industry’s prospects, attributing the expected continued growth to the positive economic environment, favorable monsoons, and the upcoming festive season.

Mr. Rajesh Menon, Director General of SIAM, provided insights into the segment-specific performance, highlighting the remarkable growth of Passenger Vehicles and Three Wheelers, while acknowledging the decline in Two Wheeler sales.

These trends showcase the dynamic nature of the Indian auto industry, where various factors interact to shape the monthly performance.