Thursday, 10 Oct, 2024
By: Yash Gupte
In recently released October sales numbers, about 3,36,298 units of passenger vehicles were sold in October which is the second highest after September in the current financial year. Image Source: IANS
The top six automobile manufacturers- Maruti Suzuki, Hyundai, Tata Motors, Mahindra & Mahindra, Kia India, and Toyota Kirloskar Motors together accounted for 3,02,319 units or 90% of total sales of passenger vehicles in October 2022.
October has been one of the most favourable months for passenger vehicle sales in 2022. Most automobile giants including Mahindra & Mahindra (M&M), Tata Motors, Maruti Suzuki, Kia India, Hyundai and others have witnessed a robust growth in the domestic market due to the high demand during the festive season. In recently released October sales numbers, about 3,36,298 units of passenger vehicles were sold in October which is the second highest after September in the current financial year. September recorded the highest sales of passenger vehicles with a sale of 3,55,043 units.
In October 2022, Original Equipment Manufacturers (OEM) were able to boost production and wholesales due to the relaxation of supply chain restrictions. Last October, the sales were negatively impacted by the exceptional shortage of semiconductors, the increase in fuel prices, the rise in input costs, and the ensuing increase in vehicle prices. As a result, the low base of the previous year also had a role in this October's higher and positive wholesale results. Among the passenger vehicles, there was a higher increase in the sales of sport utility vehicle (SUV) segment as compared to the hatchback and sedan category of passenger vehicles.
As chart shows, nearly all automobile manufacturing companies have witnessed a robust growth in the year-on-year sales of passenger vehicles in October.
Source: Autocar Professional
The top six automobile manufacturers- Maruti Suzuki, Hyundai, Tata Motors, Mahindra & Mahindra, Kia India, and Toyota Kirloskar Motors together accounted for 3,02,319 units or 90% of total sales of passenger vehicles in October 2022. The highest percentage of growth was witnessed by the PCA Motors (Citreon). It had sold only 64 units in October 2021 but this year’s October was a fortune making month for the company as it recorded a sale of 1,195 units. This amounts to 1767% year-on-year growth.
Mahindra & Mahindra stood at second position with year-on-year percentage of growth. The automobile giant witnessed a year-on-year growth of 60%. It had sold 20,130 units in October 2021 whereas it recorded a sale of 32,298 passenger vehicles in October 2022. Mahindra & Mahindra sold 12,168 more units of passenger vehicles in October 2022 as compared to October 2021.
The largest player in the domestic automobile market, Maruti Suzuki registered sales of 1,40,337 passenger vehicles in October 2022. Maruti Suzuki had recorded a sale of 1,08,991 passenger vehicles in 2021. The company registered a year-on-year growth of 29%. Baleno, Celerio, Dzire (and Tour S), Ignis, Swift and Wagon R contributed the most as together they amounted for the sale of 73,685 units in October 2022, up from sale of 21,831 units in October 2021. Maruti Suzuki’s premium sedan, Ciaz saw demand grow sharply by 76% as sales went up to 1,884 units from 1,069 units in October 2021.
Tata Motors was able to sell 45,217 units of cars in October 2022. This is 33% higher compared to previous year’s data. Tata Motors had recorded sale of 33,925 cars in October 2021 which means that it sold 11,292 units more this year.
Hyundai Motors India and Tata Motors had a close competition as the former sold 48,001 units in October 2022 and Tata Motors recorded a sale of 45,217 in the same period.
Kia India sold a total of 23,323 units in October 2022, up 43% as compared to a sale of 16,331 units in October 2021. The sales were led by its best-selling Utility Vehicle (UV), Seltos (9,777) and by the Sonet compact SUV (7,614).
Maruti Suzuki India’s Senior Executive Officer (Marketing & Sales) Shashank Srivastava said, “The passenger vehicle industry in the April-October stood at 22.74 lakh units as compared with 16.48 lakh units last year, a growth of 38%. It is expected this year we should see a figure of 38 lakh units for the industry.”
Increase in sale of passenger vehicles in the domestic market has promoted the competition between the automobile companies and this hopefully will affect the economy in a positive way.
