The Indian automobile industry has reported significant growth across all segments in the first quarter of the 2024-25 fiscal year. According to the Society of Indian Automobile Manufacturers (SIAM), the total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles in June 2024 reached 23,36,255 units.
Domestic Sales in June 2024:
- Passenger Vehicles: 3,37,757 units
- Three-wheelers: 59,544 units
- Two-wheelers: 16,14,154 units
Data for BMW, Mercedes, JLR, Tata Motors, and Volvo Auto were not included in specific calculations. However, excluding Tata Motors, the total passenger vehicle sales amounted to 2,94,233 units for June 2024.
Performance Overview: April-June 2024
During the April-June 2024 period, the total production of passenger vehicles, commercial vehicles, three-wheelers, two-wheelers, and quadricycles was recorded at 75,48,668 units.
Domestic Sales for Q1 2024-25:
- Passenger Vehicles: 10,26,006 units
- Commercial Vehicles: 2,24,209 units
- Three-wheelers: 1,65,081 units
- Two-wheelers: 49,85,631 units
While data for BMW, Mercedes, JLR, Volvo Auto, Daimler, JBM Auto, and Scania were not available, the sector still showcased impressive numbers.
Insights from SIAM Leaders
Commenting on the Q1 sales data for 2024-25, Mr Vinod Aggarwal, President of SIAM, highlighted the growth across all vehicle segments. He noted that while passenger and commercial vehicles saw moderate growth, two-wheelers and three-wheelers posted substantial double-digit growth. Scooters within the two-wheeler segment exhibited even higher growth, indicating a recovery in entry-level two-wheelers.
Mr Aggarwal expressed optimism for the remainder of the year, stating, “With a positive outlook on the monsoon and the upcoming festive season, the automotive sector is poised to perform better in the remaining part of the year.”
SIAM Director General, Mr Rajesh Menon, also provided insights, emphasizing that Q1 2024-25 saw the highest-ever sales for passenger vehicles in any first quarter, surpassing 1 million units for the first time with a 3% growth compared to the previous year. Three-wheeler sales grew by 14.2%, reaching 1.65 lakh units, the highest ever for Q1. Two-wheeler sales rose by 20.4% with 4.99 million units sold, while commercial vehicles posted a 3.5% growth with 2.24 lakh units.
The positive trends in the Indian auto sector reflect the industry’s resilience and potential for continued growth in the coming months.
