Passenger vehicles continue to increase steadily, with SUVs/UVs accounting for 42.6 percent of the market in February 2023.
The year 2023 began on a good note, with the auto industry recording a two-digit increase in volumes in January 2023. The subsequent month, February, has now maintained the ripple effect, registering positive passenger vehicle sales as car and SUV sales have surpassed 3 lakh units for FY2023.
Passenger Vehicle
According to sources, passenger vehicle sales stood at 3.35 lakh units in February 2023, up 10.6 percent from 3.03 lakh units the previous year. This is the segment's biggest sales volume in February.
SUVs/UVs are one of the fastest growing segments, accounting for 42.6 percent of the domestic PV industry, followed by hatchbacks at 35 percent and MPVs at 8.5 percent.
Maruti
In an interview with Shashank Srivastava, Senior Executive Officer, Marketing and Sales at Maruti Suzuki India, he mentioned that MSIL's total domestic sales in February were 1,50,823 versus 1,37,950 the previous year, representing a 10.1% increase. "Maruti Suzuki's numbers are at 5,08,089 up to February, and the company crossed the 1.5 Million mark in February against 12,27,712 previous year, registering an increase of 22.8%," he said. Srivastava is confident in the prospects of this trend, as he prepares to begin production of the Fronx SUV by end of this month.
Hyundai
Hyundai has set the bar high for this year, with cumulative sales of 57,851 units in February 2023, up 8.8 percent from 53,159 units in February 2022. According to sources, the brand had its best-ever calendar-year sales in CY2022, with 5.52 lakh units sold. Hyundai's improvement can be attributed to the Creta, which just achieved its highest sales ever.
Tata Motors
Tata Motors reported sales of 42,862 units in February 2023, up 7% from the previous year's figure of 39,981 units. Nonetheless, it saw a month-on-month reduction in sales, which was partly related to the rationalisation of production models in preparation for the impending BS6 Phase 2 requirements, which will take effect on April 1, 2023.
Info Source: Financial Express