Car sales: The Indian automobile industry performed well in terms of sales in October 2024. During the festive season with Diwali and Dussehra, sales of passenger vehicles and two-wheelers have been higher this year compared to last year. According to data released by the Society of Indian Automobile Manufacturers (SIAM), domestic sales across all segments reached 25,86,157 units. This represents an increase of 11.7 percent compared to the 23,14,601 units sold in October 2023.
‘Make in India’
Taking forward the ‘Make in India’ initiative, the industry recorded exports of 4,54,054 units, registering a growth of 22.4 per cent as compared to 3,71,030 units exported during the same period last year. Similarly, vehicle production will increase by 10 percent from 26,21,660 units in October 2023 to 28,28,996 units in October 2024.
Increase of 0.9 percent compared to last year.
Passenger vehicles reached 3,93,238 in October 2024. This is the highest sales ever. This year there has been an increase of 0.9 percent compared to last year. Rising demand for utility vehicles was a major contributor to the growth, with domestic sales of 2,25,934 units, registering a growth of 13.9 per cent.
Promising export growth
Furthermore, passenger vehicles showed promising growth in terms of exports with a significant growth of 61 percent. By contrast, domestic sales of production cars saw a decline of 18 percent, reflecting the change in industry dynamics.
14.2 percent year-on-year increase
At the same time, the two-wheeler industry recorded a promising growth of 14.2 per cent year-on-year and hit a new record with the shipment of 21,64,276 units. Scooters contributed to this growth and domestic sales recorded a growth of 22.3 per cent to 7,21,200 units, followed by motorcycles at 13,90,696 units.
1 percent drop in freight carrier sales
Notably, the export of two-wheelers also saw an increase of 25.4 percent. Meanwhile, the three-wheeler industry recorded a decline of 0.7 percent in October 2024, with shipments limited to 76,770 units. Going into details, passenger carriers experienced 2 percent growth. Sales of freight vehicles decreased by 1 percent. Domestic sales of electric vehicles decreased by 49.4 percent.
