Passenger vehicle sales in India rose 23 per cent in the quarter to December, according to the Society of Indian Automobile Manufacturers (SIAM). The body also said that overall sales of passenger vehicles increased by 7.2 per cent in December amid increased demand for utility vehicles (UVs).
A year ago, passenger vehicle sales in December stood at 2,19,421. Last December it increased to 2,35,309. Vehicle sales have increased due to steady supply of spare parts and increased customer demand.
Earlier, the Federation of Automobile Dealers Associations (FADA) released the details regarding retail sales. Accordingly, it is reported that passenger vehicle sales in 2022 will be an unprecedented 3.43 billion.
The figure on vehicle sales is accurate as it contributes more than 50 percent to the country’s economic growth and helps in calculating per capita consumption.
Increase in sales due to festive season
According to SIAM, the festive season is also a reason for the increase in vehicle sales. However, due to rising food prices and financial outlays, demand from disadvantaged areas continues to be low, said Rajesh Menon, director of the organisation, in a statement.
According to SIAM, sales of popular cars and expensive cars were higher not only this December but last year as a whole, compared to ordinary cars, sedans etc. This means that customers prefer to buy luxury cars rather than cheaper regular model cars.
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Sales of two-wheelers grew 3 percent in December and 7.4 percent overall last year. Two-wheeler sales are indicative of the healthy financial status of low-income and middle-class families in India.
To curb carbon emissions, the government has tightened emission control rules. The rules will come into effect from April this year. Accordingly, FADA suggests that new vehicle sales will be huge in the current quarter.
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