Shailesh Chandra, President, SIAM, said, “2024 has been reasonably good for the auto industry. Positive consumer sentiments and the country’s macroeconomic stability helped in propelling reasonable growth for the sector across vehicle segments. This year, growth has been primarily driven by the two-wheeler segment”.
Sales of motorcycles, scooters and mopeds in the year under review increased by as much as 14.5% to 19.54 million units compared to 2023.
“In addition, passenger vehicles and three-wheelers posted their highest ever sales in a calendar year. Passenger vehicles grew by 4.2% in 2024 compared to last year, with sales of around 4.3 mn units. Three-wheelers posted a growth of 6.8% in 2024 compared to the previous year, with sales of 730,000 units”, he informed.
However, commercial vehicles makers posted a decline of 2.7% selling 950,000 units last year. Early signs of growth were visible in the segment in Q3 of FY 25, Chandra added.Last quarter, passenger vehicles, commercial vehicles and and three-wheelers posted record sales for Q3. Rajesh Menon, director general, SIAM, said, “Passenger vehicles, commercial vehicles, and three-wheelers posted their highest ever sales for Q3. Two-wheelers also posted their second-highest sales for Q3.”
While passenger vehicle sales grew by 4.5% to 1.06 million units in the third quarter of the fiscal year, three-wheeler sales rose by 0.2% to 189,000 units. Two-wheelers grew by 3% to 4.9 million units in the quarter under review, and commercial vehicles by 1.2% to 238,000 units.
In the month of December, passenger vehicle sales rose by 10% to 315,000 units. However, two-wheeler sales fell by 8.8% to 1.1 million units due to weak demand for motorcycles.
