As the leading manufacturer of automobiles, January 2023 has been an exciting month for automotive sales growth. With a surge in consumer demand, reported sales figures have been higher than ever before. However, this new data marks an unprecedented level of success for automotive sales in January 2023 and indicates a bright future ahead.
“January`23 witnessed total retail rising by 13% YoY but was still down by 8%, when compared to the pre-covid month of January`20. All categories were in green with 2-Wheeler, 3-Wheeler, Passenger Vehicle, Tractor, and Commercial Vehicles growing by 10%, 59%, 22%, 8%, and 16% respectively on a YoY basis.
A total of 64,203 units of electric two-wheeler were sold in the month of January 2023.
The 2-Wheeler category showed a growth of 10% YoY but when compared to 2021 and the pre-covid month of January`20, it continued to see pressure as the same fell by 7% and 13%.
The 3-Wheeler segment has seen 60% growth YoY, 101% growth when compared to 2021, and is now slightly down by a mere 3% when compared to pre-pandemic levels
The Passenger Vehicle segment continues to perform well with growth of 22% YoY, 10% from January`21, and 8% from the pre-covid month of January`20.
The Commercial Vehicle category has also shown robust growth by growing 16% YoY, 23% from January`21, and 6% from the pre-covid month of January`20.
Continued demand in the market due to replacement of fleet, growth in freight availability, and government`s consistent push for infrastructure projects has helped the CV segment rise above pre-covid numbers.”
