The Indian Auto industry has experienced a significant increase in sales volume during the months of January and February in 2023. This growth trend has been carried forward into February, with the passenger vehicle sales surpassing 3 lakh units for the current fiscal year.
One of the standout trends was the increasing popularity of SUVs/UVs, which accounted for a market share of 42.6%.
Indian passenger vehicle sales for February 2023 have reached an impressive 3.35 lakh units. This reflects a growth rate of 10.6 percent compared to the same period in the previous year. Notably, this is the highest sales volume ever recorded for the passenger vehicle segment in the month of February.
The data suggests that SUVs and UVs are among the fastest-growing vehicle segments, capturing the largest share of the domestic PV industry at 42.6 percent. Hatchbacks follow closely behind, accounting for 35 percent of the market share. MPVs, on the other hand, are trailing with a share of 8.5 percent.
Maruti Suzuki Feb sales Growth
Maruti Suzuki, one of the leading automobile manufacturers in India, has recorded a growth of 10.1% in sales figures for the month of February 2023. The company sold 1,50,823 units in February, as compared to 1,37,950 units sold in the same period the previous year.
Moreover, the cumulative sales of Maruti Suzuki up until February 2023 stand at an impressive 5,08,089 units, indicating a positive growth trend for the company. In February alone, Maruti Suzuki crossed the 8.2 crore mark (1.5 million units) in sales, which is a significant milestone for the company.
Compared to the sales figures of 12,27,712 units in February 2022, Maruti Suzuki’s growth rate for February 2023 stands at 22.8%. This indicates a strong performance by the company in terms of sales and a promising outlook for the future.
Hyundai India Feb Sales Growth
Hyundai India has registered a YoY growth of 7 percent, selling a total of 57,851 units in February 2023. This marks an increase of 8.8 percent from the 53,159 units sold in February 2022, signaling a positive trend for the company.
Hyundai’s strong performance has set a positive tone for the rest of the year, with reports indicating that the company achieved its best-ever calendar-year sales of 5.52 lakh units in CY2022. Creat has recoreded highest sales figure ever.
Tata Motors Feb Sales Growth
In February 2023, Tata Motors achieved a YoY growth of 7% in sales, selling a total of 42,862 units. This is an increase from the 39,981 units sold in the same period last year.
Overall, the Indian Auto industry’s sustained growth in sales volumes during the first two months of 2023 has been a positive development. The continued upward trend in passenger vehicle sales is a promising sign for the industry, and it is hoped that this growth will continue in the coming months.
