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Domestic wholesales (dispatches to dealers) of vehicles across categories recorded one of highest-ever sales in the third quarter (Q3) in the current financial year, but the export performance of all segments has been subdued except for bit of recovery in two-wheelers (2Ws), said Society of Indian Automobile Manufacturers (SIAM) on Friday.
For instance, in the three-wheelers segment, exports declined 17.58 per cent year-on-year (y-o-y) to around 75,000 units in Q3 FY24, compared to around 91,000 units in the October-December quarter of FY23.
The passenger vehicles (PVs) segment, which recorded the highest-ever domestic sales during the quarter, also recorded a marginal decline in exports to around 1.69 lakh units, compared to around 1.70 lakh units in the corresponding quarter last fiscal.
Export of commercial vehicles (CVs) remained more or less the same during the quarter at around 19,000 units, against the same quarter last year, said SIAM. In the 2Ws segment, exports grew 1.18 per cent y-o-y to around 8.57 lakh units during the quarter, compared to around 8.47 lakh units in Q3 FY23. The highest-ever 2Ws exports was recorded in Q3 FY22 with around 10.96 lakh units, SIAM indicated.
“Exports in most categories are down for the last couple of years, mainly due to the geopolitical issues and the foreign exchange situation in some of the countries,” Vinod Aggarwal, President, SIAM, told businessline on the sidelines of the monthly sales data release here.
‘trend to continue’
He said this trend will continue for some more quarters, unless there is a change in the geopolitical situation. In domestic sales, during the October-December quarter, PV wholesales stood at 10,12,285 units, up eight per cent y-o-y, compared to 9,34,955 units in the year-ago period. Dispatches of 2Ws rose by 22.59 per cent y-o-y at 47,31,164 units, compared to 38,59,171 units in the same period in 2022.
Total CV dispatches grew 3.54 per cent y-o-y to 2,35,167 units during the October-December quarter, against 2,27,11 units in the same period last year. Similarly, total three-wheeler wholesales jumped (35 per cent y-o-y) to 1,87,215 units from 1,38,511 units in Q3 FY23.
Grand total of all vehicles across categories grew 19.48 per cent y-o-y at 61,65,997 units in the last quarter against 51,60,445 units in October-December 2022.
On a calendar year (CY) basis, the total PV dispatches stood at 41,01,600 units, up eight per cent from 37,92,444 units in the CY2022. Two-wheeler dispatches rose to 1,70,75,160 units, compared to 1,56,47,973 units in 2022, an increase of 9 per cent and CV dispatches grew to 9,78,385 units last year as against 9,33,396 units in 2022.
Similarly, total three-wheeler wholesales jumped to 6,80,550 units from 4,18,510 units in 2022 calendar year. Sales across segments rose to 2,28,36,604 units last year over 2,07,92,824 units in 2022, a rise of 10 per cent.
“The year 2023 has been reasonably satisfactory for the automobile sector, as PVs, CVs and 2Ws have posted single digit growth, while three-wheelers have made a very good recovery. Various schemes of government that have been operational now, are showing good results, and is also helping the auto industry to seamlessly transform to new powertrain realms. Auto industry is optimistic that the growth momentum would continue in year 2024 as well,” Aggarwal added.
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