Car sales in India reached record level in October, huge increase due to festivals

According to data released by SIAM, PV or car sales in the domestic Indian market last month were the highest compared to the month of October of any previous year. Sales of 3,89,714 units were seen in the market. Which is 15.9 percent more than the 3,36,330 units sold in October 2022. The performance in the three-wheeler segment was even stronger with sales of 76,940 units as compared to 54,154 units sold in October 2022. This is a jump of 42.1 percent.

SIAM attributed the strong performance to the festive period as well as encouraging government policies. Even the two-wheeler market saw impressive growth with sales of 18,95,799 units last month. Which is 20.1 percent more than the same month last year.

SIAM President Vinod Aggarwal said, "Other passenger vehicles and three-wheelers have recorded the highest ever sales in October. While the two-wheeler segment has also recorded good sales in October 2023. This pace of growth is the best for the industry." This is encouraging, which has been achieved due to the continuous favorable policies of the government and the ongoing festive season.

When the sales figures for all vehicle segments – PV, commercial vehicles, two and three wheelers are combined, the figure of 23,14,197 represents a huge jump from the 19,23,721 units of all vehicles sold in October 2022 .

The October record may have been broken, but there could be another record, which is also likely to be broken. And that is the sales record this time in November. This year the festival of Dhanteras and Diwali is in November which means that brisk sales can be seen in this month also. Several new model launches in the PV and two-wheeler segments, along with easing of production and supply chain issues, is playing a booster dose in the Indian automotive scenario.