Auto Sales November 2023: The passenger vehicle segment in the domestic market recorded its highest-ever sales in the month of November 2023. This was driven by robust consumer demand during the festivals in the first two weeks.
According to Society of Indian Automobile Manufacturers (SIAM) the annual growth rate in wholesale dispatches from factories to dealerships moderated to 3.7% compared with 15.9% growth in October. In absolute numbers, it hit a new high in November at 3,34,130 units
"All segments of the automobile industry witnessed robust growth during the festival season which ended in the first part of November," Vinod Aggarwal, president of Siam.
Also Read: November auto sales surge: Two-wheelers and passenger vehicles lead growth
Rajesh Menon, director general of SIAM said the moderate growth in passenger vehicles to a high base in November 2022 while highlighting that it was "the highest ever sales in the month of November".
The two-wheeler sales also rose 31.3% year on year in November with sales of 1,623,399 units while three-wheeler sales grew 30.8% to 59,738 units.
As per SIAM, in the near term, two-wheeler sales are poised to benefit from a liquidity boost, particularly in agricultural regions and because of the ongoing marriage season. There is a significant demand for two-wheelers at the more premium end of the market with young, aspiring bikers making purchases for the entire experience of motorcycling.