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The Indian auto industry saw a modest month in October 2024, driven by festive demand during Dussehra and Diwali, which boosted consumer interest and vehicle purchases, according to the data from the Society of Indian Automobile Manufacturers (SIAM).
In domestic sales, passenger vehicles (PVs) saw their highest-ever sales for October with 3,93,238 units sold--a 0.9 per cent increase compared to October 2023. However passenger car sales in October has registered a de-growth of 17 per cent. A total 1,07, 520 units were sold in October 2024 as against 1,30,046 units sold in October 2023. This sales data however excludes sales of BMW, Mercedes, JLR Tata Motors and Volvo Motors as their data was not available. Utility vehicle sales has registered a growth of 13.9 per cent in October. A total 2,25,935 units of Utility vehicles sold in October 2024 as against 1,98, 356 units sold in October 2023. The two-wheeler segment however recorded its best-ever October sales, with 21,64,276 units sold, marking a strong 14.2 per cent growth year-on-year. This growth reflects a broader trend, with Vahan vehicle registration data showing over 30 per cent more registrations for both passenger vehicles and two-wheelers compared to last year. The three-wheelers segment saw a slight dip, with total sales at 76,770 units, down 0.7 per cent from October 2023. Within this category, passenger carriers rose by 2 per cent, while goods carriers decreased by 1 per cent. Notably the electric rickshaw segment dropped by nearly 50 per cent, though electric carts saw a significant 129.5 per cent growth. Rajesh Menon, Director General of SIAM, said, "October 2024 saw two major festivals Dussehra and Diwali, both occurring in the same month, which traditionally drive higher consumer demand providing a significant boost to Auto industry's performance. Passenger Vehicles posted its highest ever sales of October in 2024 of 3.93 Lakh units, with a growth of 0.9 per cent, albeit on a high base of last October." He added, "Two-Wheeler segment also posted the highest ever sales of October in 2024 with 21.64 Lakh units, with a good growth of 14.2 per cent, compared to October 2023. This high growth was also reflected in the Vahan vehicle registration data, wherein more than 30 per cent growth in registration was witnessed for both Passenger Vehicles and Two-Wheelers in October 2024, compared to October 2023. However, Three-Wheelers marginally de-grew by (-)0.7 per cent compared to October of previous year, with sales of 0.77 lakh units in October 2024, although there was growth of 11 per cent in registration, compared to last October." (ANI)
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