Copyright FOURIN, Inc. 2023
India’s Automobile Sales Results in the First Half of 2022
Automobile sales in India in the first half of 2023 reached 2,510,597 units (SIAM members only), an 8.9% increase compared to the same period last year. Although the rate of increase dropped from over 20% of the same period last year to just under 9%, it was still a high pace of growth. Such expansion is backed by the solidity of the economy and the stable supply of automobiles.
Although external demand, which is the driving force behind India’s economy, is weak, domestic demand is strong. The rate of increase in the consumer price index remains below 6%, which is the permissible range set by the central bank, the Reserve Bank of India, so it is expected that prices will remain steady, supporting demand for automobiles. Regarding automobile production, where disruptions in parts supply, particularly semiconductors, are a cause for concern, the supply capacity has remained stable, with all products exceeding the results for the same month of the previous year in the first half of 2023. Unless there is a sudden supply chain disruption, secure supply is likely to continue, and it is well within sight that car sales will exceed 5 million units for the first time in 2023.