The automotive industry demonstrated robust performance in May 2024, with substantial increases in production and domestic sales across various vehicle segments. According to the latest data, the total production of Passenger Vehicles, Three-wheelers, Two-wheelers, and Quadricycles reached 24,55,637 units for the month.
Domestic Sales Breakdown:
- Passenger Vehicles: 3,47,492 units
- Three Wheelers: 55,763 units
- Two Wheelers: 16,20,084 units
It is important to note that the data excludes BMW, Mercedes, JLR, and Volvo Auto figures. Tata Motors’ data is included in this report, and without it, the total Passenger Vehicle sales would be 3,00,795 units for May 2024.
Commenting on the sales data, Mr. Vinod Aggarwal, President of the Society of Indian Automobile Manufacturers (SIAM), highlighted the positive trends across all segments compared to May 2023. “All segments, including Passenger Vehicles, Commercial Vehicles, Two-Wheelers, and Three-Wheelers, have posted growth in May 2024. Passenger Vehicles saw moderate growth due to the high base effect from the previous year. However, Two-Wheelers and Three-Wheelers experienced double-digit growth. With expectations of an above-normal monsoon and continued economic development under the new government’s vision for ‘Viksit Bharat by 2047,’ the auto industry remains optimistic for steady growth in 2024-25,” said Aggarwal.
Mr. Rajesh Menon, Director General of SIAM, remarked on the record-breaking sales figures for May 2024. “Passenger Vehicle sales for May 2024 have reached an all-time high for the month, showing a moderate growth of 3.9% compared to May 2023. Two-Wheelers posted a 10.1% increase compared to last year, although still below the levels seen in 2017-18. Domestic sales of Three-Wheelers grew by 14.7% from May 2023, achieving the highest ever sales for May, surpassing the previous peak from 2018-19,” Menon explained.
The industry’s overall positive performance reflects the sector’s resilience and potential for continued growth, buoyed by favorable economic conditions and strategic initiatives.
