Automobile sales across segments in FY23 grew from the year earlier, data released by the Society of Indian Automobile Manufacturers (SIAM) on Thursday showed. However, the passenger vehicles segment, driven by sport utility vehicles (SUVs), saw sales above pre-pandemic levels.
However, SIAM expects non-passenger vehicle category to do far better in FY24. The apex industry body counts factory dispatches to dealers as sales.
Passenger vehicle sales grew nearly 27% in FY23 from a year earlier, while commercial vehicles grew 34%, two-wheelers 14.4% and three-wheelers at 18%, data showed.
While passenger vehicle sales were just 1.5% above the pre-pandemic peak in FY19, two-wheeler sales (at 3.89 million units versus 3.37 million units in FY19), were still at their lowest levels since FY15, while for three-wheelers, FY23 volumes were lowest in over a decade.
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