Passenger Vehicle Sales Drop 2.5% in July: SIAM Experts believe enabling budget announcements which emphasize on overall economic growth with fiscal support for infrastructure and rural sector should augur well for the auto sector in the medium term
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July 2024, hasn't been a great month for passenger vehicles (PV) and commercial vehicles (CVs) as the segments witnessed de-growth compared with July 2023. Vinod Aggarwal, President, SIAM said, "Though three-wheeler and two-wheeler segments are performing well, there has been some de-growth of PVs and CVs in July 2024, compared to July 2023. The above average rainfall coupled with upcoming festive season is likely to again propel growth in the short term. In addition, enabling budget announcements which emphasize on overall economic growth with fiscal support for infrastructure and rural sector should augur well for the auto sector in the medium term."
Utility vehicles continued to perform well, with sales growing by 4.1 per cent to 1,88,217 units in July 2024, up from 1,80,831 units in July 2023. However, passenger cars saw a significant drop, with sales decreasing by 12 per cent to 96,652 units, compared to 1,09,859 units in the same month last year. In contrast to the decline in passenger vehicles, two-wheeler wholesales saw a notable increase, growing by 12.5 per cent to 14,41,694 units in July, up from 12,82,054 units in July 2023. Motorcycles posted a modest growth of 4.1 per cent with 8,50,489 units sold compared to 8,17,206 units in the previous year. Scooter sales surged by 29.2 per cent to 5,53,642 units from 4,28,640 units in July last year. Three-wheeler sales were 59,073 units in July 2024 compared with 56,204 units in July 2023, a growth of 5.1 per cent.
Rajesh Menon, director general, SIAM said, "In July 2024, PV segment de-grew by (-)2.5% compared to July 2023, posting a sales of about 3.42 lakh units. Three wheelers posted a growth of 5.1per cent compared to July last year, with sales of 0.59 Lakh units in July 2024, which is close to the peak of 2018-19. The two-wheeler segment also posted a decent growth of 12.5 per cent in July 2024 as compared to July 2023, with sales of 14.42 Lakh units."
