Total passenger vehicle sales saw a growth of 4.5% in March. (file)
New Delhi:
India’s passenger vehicle sales are set to grow by 26.7% in fiscal 2022-23 as chip shortages ease and demand for sport utility vehicles (SUVs) rises, an auto industry body said today.
The Society of Indian Automobile Manufacturers (SIAM), which records sales to dealers, said wholesale passenger vehicle volumes rose to 3.9 million units for the year ended March 31, from 3.1 million units a year ago.
Despite inflation remaining high during the year, improved chip supply, higher earnings and pent-up demand, especially for SUVs, helped Indian automakers’ sales.
Shopping ahead of the new fuel emission norms coming into force and strong demand during the festive season also boosted year-end sales.
Sales of two-wheelers, an indicator of the financial health of India’s low- to middle-income households, also grew by 16.9%.
Earlier this month, the Federation of Automobile Dealers Associations (FADA), which publishes retail sales data, said growth would be in low single-digits in the current fiscal mainly due to inflation, price hike by carmakers and regulatory changes. percent is expected to decrease. ,
India’s annual retail inflation eased to 5.66% in March from 6.44% in the previous month, government data showed on Wednesday.
Auto makers such as Maruti Suzuki India Ltd and Hero MotoCorp Ltd have hiked prices to offset higher input costs due to inflation and new safety and emission norms.
SIAM data shows that total passenger vehicle sales saw a growth of 4.5% in March.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)