SIAM says auto sector growth trajectory will continue as May sets record for highest domestic sales

The auto industry recorded its highest domestic passenger sales growth of 13.5 percent in May 2023, SIAM DG Rajesh Menon said on Tuesday. As many as 3,34,247 domestic sales of passenger vehicles were recorded, compared to 2,94,392 units in May 2022.

SIAM President Vinod Aggarwal said all automotive segments posted double-digit growth in May 2023. "We anticipate the growth trajectory to continue in the prevalent economic environment," he said, adding, that the industry is going through a transition phase with new powertrain technologies being offered to consumers.

The auto sector reported 14,71,550 domestic sales of two-wheelers and 48,732 sales of three-wheeler vehicles in May 2023, data released by the Society of Indian Automobile Manufacturers (SIAM) showed.

"Two-wheeler sales saw a 17.4 percent growth compared to May 2022, but these were still lower than the 2016-17 period. Three-wheeler sales grew 70 percent over May 2022 but on a low base. They are still lower than 2018-19," Menon said.

Last month, a total of 21,24,235 units of passenger vehicles, three-wheelers, two-wheelers and quadricycles were produced, according to the data.