Passenger vehicle wholesales in India witnessed a 21% annual growth in August, riding on improved supplies of semiconductors and festive demand, according to the Society of Indian Automobile Manufacturers.
As per the latest data released by industry body Society of Indian Automobile Manufacturers (SIAM), passenger vehicle (PV) dispatches to dealers stood at 2,81,210 units last month, against 2,32,224 units in August 2021.
Passenger car wholesales were up 23% at 1,33,477 units last month, as against 1,08,508 units in the year-ago period, SIAM said.
Utility vehicle dispatches were higher by 20% at 1,35,497 units in August, as compared to 1,12,863 units in the same month a year ago.
Similarly, total two-wheeler wholesales increased to 15,57,429 units last month, compared to 13,38,740 units in the year-ago period, a growth of 16%.
Motorcycle wholesales grew by 23% at 10,16,794 units in August 2022, as compared to 8,25,849 units in the year-ago month.
Scooter sales were higher by 10% at 5,04,146 units last month, as against 4,60,284 units in August 2021, SIAM said.
Total three-wheeler sales rose to 38,369 units last month, against 23,606 units in August 2021, up 63 %.
Sales across segments rose by 18% to 18,77,072 units in August this year, from 15,94,573 units in the same month last year, SIAM said.
The increase in dispatches from manufacturers to their dealers comes on the back of improvement in semiconductor shortage issues and also preparation to meet festive season demand.
"While a good monsoon and the upcoming festive season is likely to increase demand, SIAM is keeping a close watch on the dynamic supply-side challenges," SIAM Director General Rajesh Menon said in a statement.
However, he said high CNG price is a big challenge for the industry and is looking forward to interventions and support from the government.