Society of Indian Automobile Manufacturers released the sales numbers for the month of May 2022. The apex industry body reported a strong sales growth in both the passenger vehicle and two-wheeler segments in May 2021 and May 2020, though it was quick to point out. It turned out that the numbers were still well below pre-pandemic highs. Passenger vehicle sales grew a remarkable 185 percent year over year, with passenger cars outpacing utility vehicles in the month. There was an increase in the overall numbers as compared to pre-pandemic May 2019, though sales of passenger cars declined by 13.5 per cent, while utility vehicle sales grew by 64.4 per cent in the same period.
Passenger car sales increased from 41,536 units in May 2021 to 1,24,060 units in the domestic market, a growth of almost 200 per cent, though the number was still lower as compared to 1,43,449 units sold in May 2019. Meanwhile the demand for utility vehicles posted increased even as compared to pre-pandemic 2019 with sales of 1,16,256 units in the domestic market as against 70,715 units in the same month in 2019.
Home sales across all regions for May over the last 4 years.
photo credit: Siam
Moving to two-wheelers, sales saw a significant growth of 253.2 per cent over the 2021 pandemic, though the numbers were still down by 27.36 per cent as compared to pre-pandemic 2019.
Read also: FADA: Auto Sales Up 207% In May 2022, Though Still Below Pre-Covid Times
Commenting on the May-2022 performance, Rajesh Menon, Director General, SIAM, said, “The sales of two wheelers and three wheelers in the month of May 2022 remain sluggish as they are less than 9 years ago and 14 years ago, respectively. Passenger vehicle segment sales are also still below 2018 levels. Recent government interventions will help mitigate supply-side challenges, but the second hike in repo-rates by RBI and hike in third party insurance rates will help customers may become more challenging, which may affect demand.
Three-wheelers also saw a significant growth at the end of the month with 28,542 units sold in the domestic market in May 2022. However, this was at a lower base of just 1,262 units sold in May 2021. Pre-pandemic, sales in the segment stood at 51,650 units in May 2019.
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Overall exports declined by 0.75 per cent for the month with a decrease in exports of three wheelers and two wheelers as compared to May 2021.
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