Automobile Sales Showed Splendid Growth in October 2023

Automobile  Sales have shown a splendid growth in India owing to the festival seasons in the month of October and November 2023. During the festive season of 42 days which started from October 15^th the Electric Vehicle Segment have shown incredible sales spikes. Government of India’s vahan website has shown as 71604 electric two wheelers sold in October 2023.

With last month’s two wheeler sales data it’s clear that even after the FAME subsidy cut, the sales of electric two wheelers in the Indian Market are growing. The cumulative sales for April-October 2023 and January-October 2023 have registered 471325 units and 688442 units respectively by 27% and 41% yoy.

October 2023 has become the third month to register the highest sales after May 2023, with 105,521 units, and March 2023, with 86,339 sales units. The demand for motorcycles and electric scooters was also high because of the Shradh period, which was from September 29 to October 14; it’s a time when most Indian customers avoid purchasing new vehicles. Though the October retail sales figure of electric two-wheelers indicate a positive growth in sales figure, the sales figures were 7% lower compared to the sales figure of October 2022, recorded at 77,267.

ELECTRIC TWO -WHEELER RETAIL SALES BETWEEN JANUARY AND OCTOBER 2023 & YOY COMPARISON

HOW INDIA EV INC HAS FARED IN THE FIRST 10 MONTHS OF CALENDAR YEAR 2023

The India EV sales have even surpassed the entire CY2022 retail sales of 631,174 units, and two months are remaining, showcasing a further increase in CY 2023 two-wheeler sales data. According to experts, the Diwali and Dhanteras shopping for electric two-wheelers can increase sales to 7,50,000 to 8,00,000 units, translating into 18% YoY growth.

Electric Two-Wheeler Sales Projection for November 2023

While October 2023 saw a rising sales for electric two-wheelers in India, the sales figures are likely to go  higher in November 2023. During the month, particularly on Diwali and Dhanteras, the sales of EVs, including electric scooters and bikes, are likely to increase exponentially. The rise in petrol prices and availability of several budget-friendly and durable electric two-wheelers has attracted Indian customers to prefer EVs over traditional two-wheeler options.

Further, the OEMs offer new product deals, exchange offers, and finance options to make the purchase more convenient for EV buyers. EV sales across the country have touched the 1.2 million mark in the first ten months of CY2023.

How is Automobile Industry Performing In India

Technological advancements in electric vehicles, autonomous driving, connectivity, embracing digital sales, expanding the used car market and intense focus on safety measures are pushing the industry towards growth and is overall changing the urban and rural transportation. In the coming years the automotive sector are going to have major impact and so the industry needs to adapt and innovate new technology in the upcoming years. Despite Covid 19 the Indian automotive industry has registered rapid growth by adopting new advanced technology to meet the changing customer needs and preferences.

Currently India is the third largest automotive market in the world and it is projected that growth in the Indian automotive market will continue for the next decade. The Indian automotive industry is the key contributor to the country’s economic growth. It adds 7.5% to the overall GDP and 49% to India’s manufacturing GDP. Amid the challenging circumstances India has witnessed a remarkable growth contributing to 2.3% to India’s GDP.  Since India is depended heavily on fossils fuels based energy, EV adoption is important for the country’s economic growth prospects. The acceptance and development of EV industry have received significant attention for the past few years and the government both central and state are providing strategic policy support for achieving majority EV penetration by 2030.