India’s automobile sector witnessed impressive growth in FY23, as per data from the Society of Indian Automobile Manufacturers (Siam). This performance is also visible in the stock markets as the BSE Auto index outperformed the benchmark BSE Sensex in the last financial year. However, data shows that although sales of commercial vehicles, two- and three-wheelers are showing an upward trend, they are still below pre-Covid-19 times
In FY23, two million utility vehicles were sold domestically, up 34.54 per cent year-on-year and 1.75 million passenger cars were sold domestically, up 19 per cent YoY. 3.60% The compound annual growth rate registered by passenger vehicles in the past five years
The passenger vehicles segment posted the highest-ever domestic sales in FY23, surpassing the previous peak achieved in FY19
Commercial vehicles sales, a key indicator of economic activity, touched its second highest domestic sales number in FY23, closely following the peak it achieved in FY19. The annualised decline in sales of two-wheelers between FY19 and FY2 is 6.97%, as per Siam
In spite of the 17 per cent growth in domestic sales of two-wheelers in FY23, they are still substantially below their FY19 levels
Following the dip during the Covid-19 pandemic, domestic sales of three-wheelers are still below FY19 levels, despite posting more than 87 per cent growth in FY23
Barring passenger vehicles, exports of commercial vehicles, two-wheelers and three-wheelers witnessed a decline in FY23
The BSE Auto index has outpaced the 30-share BSE Sensex in FY23
Following closely on the heels of Maruti Suzuki and Hyundai Motor, Tata Motors and Mahindra & Mahindra are giving tough competition to the incumbent market leaders
Competition between former partners Hero motocorp and Honda motorcycle and scooter india is heating up, with their market shares falling and increasing by 2 percentage points, respectively