The passenger vehicle segment has registered a decline of 3.84 per cent in year-on-year (YoY) sales.
The passenger vehicle (PV) segment is bearing the brunt of the supply chain crisis due to semiconductor shortages. The passenger vehicle segment has registered a decline of 3.84 per cent in year-on-year (YoY) sales with 2,51,581 units sold as against 2,61,633 units in the same month a year ago, while it Sales of 2,79,501 units of PV declined by 9.98 per cent in a month- March 2022. Passenger car sales witnessed a double-digit decline of 20.06 per cent as compared to 1,41,194 units sold at 1,12,857 units last month. Units sold in the same month a year ago. Van sales remained steady at 11,511 units as compared to 11,568 units sold in the same period a year ago. However, the utility vehicle (mainly SUV) segment continued to grow with sales of 127,213 units in April 2022 as against 1,08,871 units sold in the same month a year ago, a growth of 16.84 per cent.
Rajesh Menon, Director General of SIAM, said, “Sales of passenger vehicles are still below the figures of April 2017 while the sales of two wheelers are also below the figures of April 2012. Sales of three wheelers are still not reaching the normal level, Because sales are still less than 50% of the figures as of April 2016. Manufacturers are working hard to manage the supplier ecosystem with agility and flexibility, as supply side challenges continue for the industry. Producers are also monitoring the potential impact on demand due to the recent hike in repo-rates, as it will increase lending rates to customers.”
Overall the industry has registered a growth of 11.85 per cent in sales.
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Two-wheeler sales for the same month rose 15.43 per cent to 11,48,696 units as against 9,95,115 units in the same month a year ago. Three-wheelers saw a growth of 51.11 per cent in sales as against 20,938 units sold in the same month a year ago as compared to 13,856 units sold in the same month. However, sales growth in the two-wheeler and three-wheeler space is mainly attributed to a lower base last year as these segments were still recovering from the tremors of the lockdown and subdued buyer sentiments. Overall, the industry has registered a growth of 11.85 per cent in sales at 14,21,241 units as compared to 12,70,604 units sold in the same month a year ago.
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