Economy

Passenger vehicle sales in January grow 11% YoY to 2,76,554 units

Our Bureau New Delhi | Updated on February 11, 2021 Published on February 11, 2021

In two-wheeler segment, the sales grew by around seven per cent to 14,29,928 units during January

During January, the passenger car sales declined by a little more than one per cent year-on-year (YoY) to 1,53,244 units in the domestic market compared with 1,55,046 units in the corresponding month last year.

However, utility vehicle sales grew by 37 per cent YoY to 1,11,494 units during the month as against 81,231 units in January 2020, the monthly report by Society of Indian Automobile Manufacturers (SIAM) said on Thursday.

This has helped the total passenger vehicle sales grew at 2,76,554 units last month, a growth of 11 per cent compared with 2,48,840 units in the corresponding month last year.

Two-wheeler segment

In the two-wheeler segment, the scooter sales grew by nine per cent YoY to 4,54,315 units during the month as compared with 4,16,567 units in January 2020.

The motorcycle sales grew by five per cent to 9,16,365 units in January as against 8,71,886 units in the corresponding month last year, the SIAM data said.

Overall, the two-wheeler sales grew by around seven per cent to 14,29,928 units during the month as compared with 13,41,005 units in January last year.

The total of all segments grew by five per cent to 17,32,817 units in January compared with 16,50,812 units in January 2020.

“In the month of January, 2.77 lakh passenger vehicles were sold, clocking a CAGR growth of just 1.61 per cent over the previous highest sales in January 2018 of 2.64 lakh. As far as two-wheelers are concerned 14.30 lakh units were sold in January, which results in a de-growth of (-) 5.32 per cent CAGR from the highest sales in January 2018 of 16.85 lakh," Rajesh Menon, Director General, SIAM said.

Sales of three-wheelers continued to suffer a de-growth of (-) 57 per cent to 26,335 units compared to January 2020 (60,903 units), primarily on account of lower off-take of passenger three-wheelers, he said.

"Supply chain challenges including the rising price of steel, unavailability of semiconductors and higher container charges, continue to be obstacles in the smooth functioning of the industry," Menon added.

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Published on February 11, 2021
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