New Delhi, April 15, 2024: Society of Indian Automobile Manufacturers (SIAM) released the Auto Industry Sales Performance data for the month of March 2024 and overall FY performance. The total production of Passenger Vehicles1, Three Wheelers, Two Wheelers, a Quadricycle in February 2024 was 23,25,959 units
Domestic Sales:
Financial Year Performance: April 2023 - March 2024
Production: Total production of Passenger Vehicles3, Commercial Vehicles4, Three Wheelers, Two Wheelers and Quadricycle in April 2023 - March 2024 was 2,84,34,742 units.
Domestic Sales:
Commenting on sales data of 2023-24, Mr Vinod Aggarwal, President, SIAM said, “On the backdrop of a robust economic growth of 7.6% based on conducive policies of Government of India, the Indian Automobile Industry has posted a satisfactory performance with domestic industry growing by 12.5% during the last Financial Year.
Passenger Vehicle segment led the growth with overall sales touching almost 5-million units including 4.2 million domestic (growth of 8.4%) and 0.7 million exports. Two-wheeler segment continued the recovery path with a handsome growth of over 13% in domestic sales to almost 18 million units, even though still lower than the earlier peak of 21 million units in FY19. Domestic Commercial Vehicle industry had a marginal growth to 9.7 million units and within that, some drop was experienced in LCVs and SCVs due to degrowth in CNG segment. The growth in Commercial vehicles was also impacted due to migration to higher tonnage trucks which created higher payload capacity, that is not reflected in the number of units. Three-Wheeler industry is almost close to the earlier peak of 0.7 million units in FY 19. Overall exports remained under stress during the last financial year with sizeable drop in Commercial Vehicles, Two-Wheelers and Three-Wheelers, though Passenger vehicles grew marginally. However, good recovery was seen in the last quarter, especially for two-wheelers, indicating better potential for the current year.
All in all, it has been a satisfactory performance for the Indian Automobile Industry.
The year also demonstrated the sustainability commitments of the Auto Industry as it commenced producing vehicles which are material compliant to 20% Ethanol and witnessed growth of 90% in Electric Passenger Vehicles and 30% in Electric Two-Wheelers.
The Industry remains optimistic as the macroeconomic outlook remains positive. Coupled with good monsoon outlook, we are expecting continued growth for the industry this year as well.” Commenting on the Q4 performance of 2023-24, Mr Rajesh Menon, Director General, SIAM said, “Two-Wheelers posted sales of 4.5 Mn units with a significant growth of 25%, compared to Q4 of FY 2022-23. Passenger Vehicle registered growth of 12% and posted sales of more than 1.1 Mn units. Three-Wheelers posted sales of 1.65 Lakh units with a growth of 7%. Commercial Vehicles registered degrowth of (-) 4%, by posting sales of more than 2.68 Lakh units.”
Domestic Sales: April 2023 - March 2024
| Category | Domestic Sales (in Nos.) | ||
| Segment/Subsegment | April-March | ||
| 2022-23 | 2023-24 | % Change | |
| Passenger Vehicles (PVs)3 | |||
| Passenger Cars | 17,47,376 | 15,48,943 | -11.4% |
| Utility Vehicles (UVs) | 20,03,718 | 25,20,691 | 25.8% |
| Vans | 1,39,020 | 1,49,112 | 7.3% |
| Total Passenger Vehicles (PVs) | 38,90,114 | 42,18,746 | 8.4% |
| Commercial Vehicles (CVs)4 | |||
| M&HCVs | |||
| Passenger Carrier | 38,410 | 53,136 | 38.3% |
| Goods Carrier | 3,20,593 | 3,20,058 | -0.2% |
| Total M&HCVs | 3,59,003 | 3,73,194 | 4.0% |
| LCVs | |||
| Passenger Carrier | 44,315 | 51,750 | 16.8% |
| Goods Carrier | 5,59,150 | 5,42,934 | -2.9% |
| Total LCVs | 6,03,465 | 5,94,684 | -1.5% |
| Total Commercial Vehicles (CVs) | 9,62,468 | 9,67,878 | 0.6% |
| Three Wheelers | |||
| Passenger Carrier | 3,61,094 | 5,45,038 | 50.9% |
| Goods Carrier | 97,540 | 1,11,519 | 14.3% |
| E-Rickshaw | 26,654 | 31,290 | 17.4% |
| E-Cart | 3,480 | 3,902 | 12.1% |
| Total Three Wheelers | 4,88,768 | 6,91,749 | 41.5% |
| Two Wheelers | |||
| Scooter/ Scooterettee | 51,90,702 | 58,39,325 | 12.5% |
| Motorcycle/Step-Throughs | 1,02,30,502 | 1,16,53,237 | 13.9% |
| Mopeds | 4,41,567 | 4,81,803 | 9.1% |
| Total Two Wheelers | 1,58,62,771 | 1,79,74,365 | 13.3% |
| Quadricycle | 725 | 725 | 0.0% |
| Grand Total | 2,12,04,846 | 2,38,53,463 | 12.5% |
3BMW, Mercedes, JLR & Volvo Auto data are not available.
4Daimler, JBM Auto & Scania data are not available.
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