October drives surge in Indian automotive sales: Passenger vehicles and two-wheelers lead growth

In October, domestic dispatches of passenger vehicles (PV) witnessed a 16% year-on-year growth, reaching 3,89,714 units, compared to 3,36,330 units in the same month last year. According to the monthly sales data released by the Society of Indian Automobile Manufacturers (SIAM), two-wheeler sales also experienced a substantial 20% year-on-year increase, totalling 18,95,799 units in the month, compared to 15,78,383 units in October 2022.

Additionally, total three-wheeler sales saw a remarkable surge of over 42% year-on-year, reaching 76,940 units in October, as opposed to 54,154 units in the corresponding month the previous year. Vinod Aggarwal, President of SIAM, noted that both passenger vehicles and three-wheelers achieved their highest-ever sales in October, while the two-wheeler segment also demonstrated robust sales for the month, with all three segments experiencing double-digit growth.

Aggarwal attributed this growth momentum to the industry's encouragement from the government's supportive policies and the ongoing festive season. The overall vehicle sales across categories demonstrated a noteworthy 20% year-on-year increase, reaching 23,62,453 units in October, compared to 19,68,867 units in the corresponding month last year.

“Both passenger vehicles and three-wheelers posted their highest ever sales in October, while the two-wheeler segment also posted good sales in the month. All the three segments have posted double-digit growth,” Aggarwal said.

Commenting on the October 2023 performance, Rajesh Menon, Director General, SIAM said,
“Passenger Vehicles posted the highest ever sales of October of 3.90 Lakh units, with a growth of 15.9%, compared to last year. Three-Wheelers also reported a decent growth of 42.1%, posting sales of about 0.77 lakh units in October 2023. 18.96 Lakh Units of Two-Wheelers were sold in October 2023, with a growth of 20.1%, as compared to October 2022.”