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Passenger Vehicle Sales Up 8.4% In FY24: SIAM The vehicle sales across categories rose by 12.5 per cent to 23,853,463 units in the period under review, as against 21,204,846 units in fiscal year 2022-23

By Entrepreneur Staff

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Passenger vehicle sales in India witnessed an 8.4 per cent increase, standing at 42,18,746 units in the financial year 2023-24, compared with 38,90,114 in 2022-23 as per SIAM data released on Friday. Two-wheeler sales were up 13.3 per cent last fiscal at 17,974,365 units, as compared with 15,862,771 units in the financial year 2022-23. The vehicle sales across categories rose by 12.5 per cent to 23,853,463 units in the period under review, as against 21,204,846 units in fiscal year 2022-23.

Commenting on sales data of 2023-24, Vinod Aggarwal, President, SIAM said, "On the backdrop of a robust economic growth of 7.6 per cent based on conducive policies of Government of India, the Indian Automobile Industry has posted a satisfactory performance with domestic industry growing by 12.5 per cent during the last FY."

Passenger vehicle segment led the growth with overall sales touching almost 5-million units including 4.2 million domestic (growth of 8.4 per cent) and 0.7 million exports. Two-wheeler segment continued the recovery path with a handsome growth of over 13 per cent in domestic sales to almost 18 million units, even though still lower than the earlier peak of 21 million units in FY19. Domestic Commercial Vehicle industry had a marginal growth to 9.7 million units and within that, some drop was experienced in LCVs and SCVs due to degrowth in the CNG segment. The growth in Commercial vehicles was also impacted due to migration to higher tonnage trucks which created higher payload capacity, that is not reflected in the number of units. The Three-Wheeler industry is almost close to the earlier peak of 0.7 million units in FY 19. Overall exports remained under stress during the last financial year with a sizable drop in commercial Vehicles, two-wheelers and three-wheelers, though passenger vehicles grew marginally. However, good recovery was seen in the last quarter, especially for two-wheelers, indicating better potential for the current year.

"The year also demonstrated the sustainability commitments of the auto industry as it commenced producing vehicles which are material compliant to 20 per cent Ethanol and witnessed growth of 90 per cent in electric passenger vehicles and 30 per cent in electric two-wheelers. The Industry remains optimistic as the macroeconomic outlook remains positive. Coupled with a good monsoon outlook, we are expecting continued growth for the industry this year as well," he added.

Entrepreneur Staff

Entrepreneur Staff

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