The Indian automobile industry demonstrated strong performance in March 2024, wrapping up the quarter and financial year with notable figures across various segments as per SIAM.
Monthly Performance: March 2024
Total production of Passenger Vehicles, Three-Wheelers, Two-Wheelers, and Quadricycles in March 2024 reached 23,25,959 units.
Domestic sales for March 2024 stood at:
- Passenger Vehicles: 3,68,086 units
- Three-wheelers: 56,723 units
- Two-wheelers: 14,87,579 units
Quarterly Performance: January – March 2024
During the period of January to March 2024, the total production of vehicles amounted to 73,94,417 units.
Domestic sales for the same period were reported as follows:
- Passenger Vehicles: 11,35,501 units
- Commercial Vehicles: 2,68,294 units
- Three-wheelers: 1,64,844 units
- Two-wheelers: 45,03,523 units
Financial Year Performance: April 2023 – March 2024
For the entire financial year spanning April 2023 to March 2024, the total production reached 2,84,34,742 units.
Domestic sales for the financial year were as follows:
- Passenger Vehicles: 42,18,746 units
- Commercial Vehicles: 9,67,878 units
- Three-wheelers: 6,91,749 units
- Two-wheelers: 1,79,74,365 units
Commenting on the sales data, Mr. Vinod Aggarwal, President of SIAM, expressed satisfaction with the industry’s performance, citing a robust economic growth of 7.6%. He highlighted the significant growth in the Passenger Vehicle segment, with overall sales nearing 5 million units, and the recovery of the Two-wheeler segment. He also noted the industry’s commitment to sustainability, with the production of vehicles compliant with 20% Ethanol and significant growth in Electric Passenger Vehicles and Two-wheelers.
Mr. Rajesh Menon, Director General of SIAM, provided insights into the Q4 performance, emphasizing the substantial growth in Two-wheelers and Passenger Vehicles, while also acknowledging the challenges faced by the Commercial Vehicle segment.
Overall, the Indian automobile industry demonstrated resilience and optimism, with positive macroeconomic outlook and expectations of continued growth in the coming year.
