In July 2024, the total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles reached 2,437,138 units. The Society of Indian Automobile Manufacturers (SIAM) released the domestic sales figures for the month, revealing varied performance across different vehicle segments.
Domestic Sales Breakdown:
- Passenger vehicles sold 341,510 units.
- Three-wheelers recorded 59,073 units sold.
- Two-wheelers reached 1,441,694 units in sales.
It is noteworthy that sales data from BMW, Mercedes, Jaguar Land Rover (JLR), and Volvo Auto were not available. Tata Motors’ domestic sales data was included, and without it, the total passenger vehicle sales would have been 296,785 units for July 2024.
SIAM President, Mr. Vinod Aggarwal, commented on the data, stating, “Though the three-wheeler and two-wheeler segments are performing well, there has been some de-growth in passenger vehicles and commercial vehicles in July 2024 compared to July 2023. The above-average rainfall coupled with the upcoming festive season is likely to again propel growth in the short term. Additionally, enabling budget announcements emphasizing overall economic growth with fiscal support for infrastructure and the rural sector should augur well for the auto sector in the medium term.
SIAM Director General, Mr. Rajesh Menon, provided further insights, noting that the passenger vehicle segment de-grew by 2.5% compared to July 2023, with sales of approximately 342,000 units. In contrast, three-wheelers posted a growth of 5.1% compared to the previous year, with sales of 59,000 units, nearing the peak levels of 2018-19. The two-wheeler segment saw a significant increase of 12.5%, with sales of 1,442,000 units compared to July 2023.
The mixed performance highlights the evolving dynamics of the automotive market in India, with some segments experiencing growth while others face challenges. The industry remains optimistic about future growth, driven by favorable economic conditions and upcoming festive demand.
