Delhi– IANS According to data released by the Society of Indian Automobile Manufacturers (SIAM) on Wednesday, total sales of two-wheelers in the country increased by 14.2 per cent to 21.64 lakh units in October this year, while there will be 18.96 lakh units in October 2023. .
Sales of passenger vehicles, including cars and SUVs, also rose to their highest monthly level of 3.93 lakh units in October, showing a growth of 0.9 per cent from the highest base figure of 3, 9 lakh units by October 2023.
SIAM CEO Rajesh Menon said, “October 2024 will see the two key festivals of Dussehra and Diwali, both in the same month, which traditionally drive high consumer demand, which would provide a significant boost to the performance of the automotive industry. .
Passenger vehicles (PVs) recorded their highest ever sales of 3.93 lakh units in October 2024, up 0.9 per cent from last October’s high.
This higher growth was also reflected in the vehicle registration data, which recorded an increase of over 30 per cent in registrations of both passenger vehicles and two-wheelers in October 2024 compared to October 2023.
However, according to the data, sales of three-wheelers declined marginally by 0.7 per cent compared to October last year, putting sales at 0.77 lakh units in October 2024, although registrations increased by 11 percent compared to last October.
Market analysts believe that the growth in two-wheeler sales can be attributed to rising rural incomes as this year’s normal monsoon led to better crop yields, resulting in increased income. in the agricultural sector.
The increase in minimum support price of various crops by the government has also helped increase farmers’ incomes, leading to higher spending on consumer goods by rural households.
This was also evident in India’s fast-moving consumer goods (FMCG) sector, where consumption in rural areas grew at a faster rate than in urban areas. According to the NielsenIQ survey, sales of FMCG goods grew 5.7 percent in value terms and 4.1 percent in volume terms in the July-September quarter of this year, driven by the rural demand that surpassed urban markets for the third consecutive quarter. quickly.
