The passenger vehicle (PV) segment continues bearing the brunt of the supply chain crisis owing to the semiconductor shortage. The passenger vehicle segment has recorded a year-on-year (YoY) sales decline of 3.84 per cent selling 2,51,581 units as compared to 2,61,633 units sold in the same month a year ago, while it recorded a month-on-month (MoM) sales decline of 9.98 per cent as 2,79,501 units of PVs were sold in March 2022. Sales of passenger cars saw a double-digit drop of 20.06 per cent selling 1,12,857 units last month as compared to 1,41,194 units sold in the same month a year ago. Sales of Vans remain flat at 11,511 units as compared to 11,568 units sold in the same period a year ago. However, the utility vehicle (primarily SUVs) segment continued with its growth trajectory selling 127,213 units in April 2022 as compared to 1,08,871 units sold in the same month a year ago, an uptick of 16.84 per cent.
Rajesh Menon, Director General, SIAM said, “Sales of Passenger Vehicles is still below the April 2017 figures, while Two Wheelers are even below the April 2012 figures. Three-Wheelers are yet to reach normal levels, as sales are still less than 50% of April 2016 figures. Manufacturers are working hard to manage the supplier ecosystem with agility and flexibility, as supply side challenges continues for the industry. Further, manufacturers are also monitoring the likely impact on demand, due to the recent hike in repo-rates, as it would increase the lending rates to the customers.”
In the same month, sales of two-wheelers went up by 15.43 per cent selling 11,48,696 units as compared to 9,95,115 units in the same month a year ago. Three-wheeler sales saw a healthy surge of 51.11 per cent selling 20,938 units as compared to 13,856 units sold in the same month a year ago. However, the sales growth in the two-wheeler and three-wheeler space is primarily attributed to a low base last year as these segments were still recovering from the aftershocks of the lockdown and buyer sentiments were subdued. Overall, the industry has recorded a growth of 11.85 per cent selling 14,21,241 units as compared to 12,70,604 units sold in the same month a year ago.