September 2022, Passenger in India The wholesale volume of automobiles was 310,000, a year-on-year increase of 92%. In addition, in addition to the increase in passenger car sales, two-wheelers also increased by 13% year-on-year to 1.74 million units, and motorcycles increased by 18% year-on-year The number reached 1.14 million, and even bicycles increased from 520,000 to 570,000 in the previous year. In terms of the entire third quarter, passenger vehicles increased by 38% year-on-year in the third quarter to 1.03 million units. Similarly, the total sales of two-wheelers reached 4.67 million units, a year-on-year increase of 13%, and the total sales volume of commercial vehicles increased by 39% year-on-year to 230,000 units.
The high growth rate above may be related to the approach of the local Diwali Festival. IndiaDiwali, also known as Wandi Festival, Indian Lantern Festival or Deepavali, Indians regard it as the most important festival of the year, as important as Christmas is like New Years .
Recently, the production and sales of motor vehicles in India have been significant At the same time as the increase, it also led to an increase in the consumption of local polyurethane raw materials. A series of products such as sponge cushions, door inner panels, and instrument panels on motor vehicles rely on the import of polyurethane raw materials. For example, India imported 2,140 tons of TDI from South Korea in September this year, an increase of 149% year-on-year.
(Data source:India Automobile Manufacturers Association)
In addition to motor vehicles, sales of TVs, home appliances, FMCG and non-food, clothing and other products in offline and e-commerce channels will increase by 8%-10% year-on-year in Diwali 2021. Meanwhile, Retailers Association of India (RAI) said in its latest survey that in September 2022, retail businesses across India recorded a 21% increase in sales compared to the pre-COVID level in September 2019.
In short, with the arrival of the festival, the overall production and sales of motor vehicles in India have risen sharply, and have exceeded the level before the epidemic in 2019. CAIT, the Association of Indian Traders, expects "about Rs 250 crore to be injected into the market through shopping and selling of goods and access to services" during the Diwali festival, which would be the highest in India's history.
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