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Indian auto industry is fully geared for transition to Phase-2 of BS6 emission norms for all categories of vehicles from next month. Hike in repo rates in February, which would result in higher cost of borrowings, remains a concern, and moderation of CNG fuel prices is also important for expanding the footprint of gas-based mobility which is critical for sustainable mobility, Society of Indian Automobile Manufacturers (SIAM) said on Friday.
“Overall positive sentiments in the market continues, which is also driven by encouraging announcements at the Budget for consumers. Auto industry is fully geared up for transition to Phase-2 of BS6 emission norms for all categories of vehicles from next month. Hike in repo rates in February, which would result in higher cost of borrowings, remains a concern and we hope that the rates would get moderated suitably,” Vinod Aggarwal, President, SIAM, said while sharing the monthly sales data.
PV sales in top gear
The automakers dispatched nearly 2.92 lakh (2,91,928 units) passenger vehicles (PVs) — the highest ever for February so far — driven by strong demand for cars and utility vehicles. Sales saw an 11 per cent growth year-on-year (YoY) compared with 2,62,984 units in February 2022.
While the passenger car sales grew by six per cent YoY to 1,42,201 units ( 1,33,572 units), the utility vehicles (UVs) sales grew 15 per cent YoY to 1,38,238 .
In the two-wheeler segment, the total sales grew by seven per cent YoY to 11,29,661 units during the month .
While the motorcycle sales grew by seven per cent YoY to 7,03,261 units (6,58,009 units), the scooter sales grew by 10 per cent YoY to 3,91,054 units (3,56,222 units) during the month.
Total three-wheeler sales grew by 86 per cent YoY to 50,382 units in February against 27,074 units in the same month last year, the SIAM data said.
Overall, this has led to the 10 per cent YoY growth across all vehicle categories during the month to 14,72,078 units against 13,40,147 units in February 2022.
11 month sales
In terms of April-February sales data, SIAM indicated that the UV sales grew more than the passenger car sales. The UV sales grew by 38 per cent YoY to 17,57,160 units (12,73,090 units) and passenger car grew 22 per cent YoY to 15,78,963 .
The total PV sales during the last 11 months grew 30 per cent YoY to 34,61,716 units (26,66,109 units), SIAM data revealed.
Similarly, total two-wheeler sales grew by 18 per cent YoY to 1,45,71,534 during the period against 1,23,71,183 units in the corresponding period of 2021-22. This has led to the grand total growth of 21 per cent YoY to 1,84,68,278 during April-February 2022-23 compared with 1,52,66,617 units in April-February 2021-22.
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