Passenger Vehicle Segment Registers Triple-Digit YoY Growth In Volumes, MoM Sales Drop 66.35 Per Cent
According to the latest sales report published by the Society of Indian Automobile Manufacturer (SIAM), the passenger vehicle segment has recorded a sales growth of 162.46 per cent selling 88,045 units in May 2021 as compared to 33,546 units sold in the same month last year. That said, on Month-on-Month (MoM) basis the PV segment has recorded a slump of 66.35 per cent as it sold 2,61,663 units in April 2021. Wholesale in May took a severe hit as dispatches were heavily impacted as several states were under partial lockdown for the entire month.
On YoY basis, the passenger car segment has recorded a growth of 187.24 per cent selling 41,536 units last month as compared to 14,460 units sold in the same month a year ago. The lucrative utility vehicle (UV) segment outperformed the passenger car segment selling 45,158 units last month as compared to 17,347 per cent witnessing a growth of 160.32 per cent. On the other hand, Vans segment recorded a sales decline of 22.31 per cent last month selling 1,351 units as compared to 1,739 units sold in the same month last year.
The two-wheeler segment recorded a growth of 26.11 per cent selling 3,52,717 units last month as compared to 2,79,682 units sold in the same month last year. While on MoM basis, the two-wheeler segment went down by 64.55 per cent as it sold 9,95,097 units in the previous month. The three-wheeler segment on the other hand recorded a slump of 48.66 per cent selling 1,251 units as compared to 2,437 units sold in the same month a year ago. On MoM basis, three-wheeler sales went down by a whopping 90.88 per cent as 13,728 units were sold in April 2021. Overall, the auto industry recorded a growth of 40.03 per cent selling 4,42,013 units in May 2021 as compared to 315,638 units sold in the same month a year ago. Again on MoM basis, the drop in overall sales stood at 65.20 per cent as 12,70,458 units were wholesaled in April 2021.
The humongous growth in YoY sales is primarily attributed to a low base last year. Now lockdown was imposed even this year in some of the key states of India but it was a partial lockdown and sales were happening to an extent in areas and states where there were no such restrictions. Comparatively, last year the entire nation was under a complete lockdown for over half of May leading to zero sales in those days. That said, the three-wheeler segment has continued to record negative growth because the shared mobility segment has still not revived as people continue to maintain social distancing and the COVID-19 crisis continues to take a toll on this segment. Same goes with the Vans category as most of the models in this segment are primarily used for commercial purposes.