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Auto Sales: Sales of Passenger Vehicles grew by 21 percent in August, know what was the big reason

Auto Sales Data: In August 2022, passenger vehicle wholesale sales grew 21 per cent year-on-year, driven by improved semiconductor supply and festive demand. This information has been received from the data released by the Society of Indian Automobile Manufacturers (SIAM), an organization of vehicle manufacturing companies.

Wholesale sales of passenger cars also increased
According to the data, 2,81,210 passenger vehicles were supplied to dealers last month as against 2,32,224 units in August 2021. SIAM said wholesale sales of passenger cars increased by 23 per cent to 1,33,477 units last month. It was 1,08,508 units in the same period a year ago.

Increased supply of utility vehicles
The supply of utility vehicles increased by 20 per cent to 1,35,497 units in August from 1,12,863 units in the same month a year ago.

Improvement in overall two-wheeler sales
Similarly, last month’s total two-wheeler wholesale sales increased by 16 per cent to 15,57,429 units. It was 13,38,740 units in August, 2021. At the same time, the wholesale sales of motorcycles also increased by 23 per cent to 10,16,794 units last month. In August last year, 8,25,849 units were sold. SIAM said that 5,04,146 scooters were sold last month with a growth of 10 per cent. In August 2021, this number was 4,60,284 units.

Increased sales across all segments
According to SIAM, in August this year, sales across all segments grew by 18 per cent to 18,77,072 units. In August last year, this figure was 15,94,573 units.

SIAM shows encouraging projections
SIAM said supply has picked up due to improving semiconductor shortage and festive season demand. On the other hand, SIAM Director General Rajesh Menon said that demand is likely to increase due to good monsoon and upcoming festive season. However, SIAM is keeping a close watch on supply side challenges.

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