The Society of Indian Automobile Manufacturers (SIAM) released the monthly performance data for January 2024, showcasing the vibrancy and resilience of the Indian auto industry.
Production Statistics:
In January 2024, the total production of Passenger Vehicles, Three-wheelers, Two-Wheelers, and Quadricycle reached an impressive 23,28,329 units, reflecting the industry’s manufacturing prowess.
Domestic Sales Breakdown:
- Passenger Vehicles (PV): The Passenger Vehicle segment exhibited robust sales, reaching 3,93,074 units in January 2024.
- Three Wheelers: Three-wheeler sales witnessed a substantial growth, reaching 53,537 units during the same period.
- Two Wheelers: The Two-Wheeler segment recorded commendable sales, with 14,95,183 units sold in January 2024.
Note: The sales figures exclude data from BMW, Mercedes, JLR, Tata Motors, and Volvo Auto.
Insights and Comments:
Mr. Vinod Aggarwal, President, of SIAM, remarked on the positive consumer sentiments driving Passenger Vehicle sales and the recovery in the rural market supporting Two-Wheeler growth. He expressed optimism for the Commercial Vehicle sector, anticipating growth in the next two months.
Mr. Rajesh Menon, Director General, SIAM, highlighted the exceptional performance of Passenger Vehicles and Three-Wheelers, achieving their highest-ever sales in FY 24 from April to January. The Two-Wheeler segment demonstrated substantial growth, posting a 26% increase compared to January 2023.
In response to the government’s strategic focus on mobility in Budget 2024, including support for the electric vehicle ecosystem and public transport infrastructure, industry leaders foresee continued overall growth momentum for the Auto Sector.
The January 2024 performance reflects the industry’s resilience and sets a positive tone for the Indian automotive landscape in the coming months.
