Passenger vehicle wholesales in India rose 29 per cent to 2,91,113 units in October aided by robust demand in the festive season, the Society of Indian Automobile Manufacturers (SIAM) said on Friday.

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Total passenger vehicle dispatches from companies to dealers were 2,26,353 units in October 2021.

Total two-wheeler dispatches last month increased 2 per cent to 15,77,694 units as compared to October 2021.

"Good market sentiments coupled with festive boost, resulted in higher sales in October, especially for passenger vehicles," SIAM President Vinod Aggarwal said.

Higher inflation and rising interest rates have impacted the rural market more, thereby returning marginal growth of the two-wheeler segment, he added.

Three-wheeler wholesales last month rose to 54,154 units from 31,812 units in the year-ago period. Passenger three-wheelers are witnessing better offtake due to increased shared mobility in semi-urban and urban areas, Aggarwal said.

Elaborating further on the sales last month, SIAM Director General Rajesh Menon said though passenger vehicles reported highest ever domestic sales in April-October 2022, sales of two-wheelers in these seven months were still lower than that of 2016.

"For three-wheelers it is lower than 2010. Similarly, exports of passenger vehicles continued to grow, while there has been a drop in exports of both two and three-wheelers," he added.

Total dispatches of passenger vehicles, three and two- wheelers last month stood at 19,23,032 units, up 6 per cent from 18,10,856 units in October 2021.