The Indian automobile industry showed a mixed performance in terms of sales in October 2024. Amid the festive season with Diwali and Dusshera in the same month, the passenger vehicle sales along with the two-wheeler segment reflected growth when compared to the same period in the previous year. As per the data released by the Society of Indian Automobile Manufacturers (SIAM), the domestic sales across all segments reached 25,86,157 units. This translates to a growth of 11.7 per cent compared to 23,14,601 units sold in October 2023.
Taking forward the 'Make In India' initiative, the industry recorded export of 4,54,054 units reflecting a growth of 22.4 per cent when compared to 3,71,030 units exported last year during the same period. Similarly, the production of vehicles increased by 10 per cent from 26,21,660 units in Oct 2023 to 28,28,996 units in Oct 2024.
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The passenger vehicles (PVs) segment contributed to the growth by achieving the highest-ever sales of 3,93,238 units in October 2024. This shows a growth of 0.9 per cent when compared to the previous year. The increase in demand for utility vehicles made a major contribution to the growth with the domestic sales standing at 2,25,934 units which translates to a growth of 13.9 per cent. In addition, PVs showed promising growth in terms of exports with a significant increase of 61 percent. In contrast, domestic sales of production cars saw a decline of 18 per cent reflecting a shift in industry dynamics.
At the same time, the two-wheeler industry showed a promising year-on-year (y-o-y) growth of 14.2 per cent achieving a new high with dispatch of 21,64,276 units. Scooters contributed to this growth with an increase of 22.3 percent in domestic sales while touching the mark of 7,21,200 units. Following this were the motorcycles with sales of 13,90,696 units. It is to be noted that the two-wheeler exports also showed a growth of 25.4 per cent.
Meanwhile, the three-wheeler industry reported a decline of 0.7 per cent in Oct 2024, with the dispatches limited to 76,770 units. Diving into the details, the passenger carriers saw a growth of 2 per cent. Sales of goods carriers dropped by 1 per cent. It is to be noted that the domestic sales of e-rickshaw saw a significant decline of 49.4 per cent. However, e-carts experienced a growth of 129.5 per cent.
Commenting on October-2024 performance, Mr Rajesh Menon, Director General, 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 the 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%, albeit on a high base of last October. 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%, compared to October 2024."
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