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The passenger vehicle (PV) domestic wholesale (dispatches to dealers) segment grew by 13.57% year-on-year (YoY) to 3,93,074 units in January as compared with 3,46,080 units in the same month last month, according to the monthly data shared by Society of Indian Automobile Manufacturers (SIAM) on Wednesday.
Two-wheeler sales also grew by 26.24% YoY to 14,95,183 units during the month as against 11,84,376 units in the same month last year.
While motorcycle sales grew by 25.14% YoY to 9,65,613 units (against 7,71,621 units), scooter sales grew by around 30% YoY to 4,87,534 units (against 3,76,032 units).
Similarly, three-wheeler sales grew by 9.47% YoY to 53,537 units in January as compared with 48,903 units in the corresponding month last year, the SIAM data indicated.
“Passenger vehicle sales have remained resilient, led by positive consumer sentiments, while the two-wheeler segment witnessed good growth in January as well, as the rural market continues to recover. Three-wheeler segment has also performed better. Though the commercial vehicle sector did not grow in January 2024, it is likely to see good offtake in the next two months of this financial year,” Vinod Aggarwal, President, SIAM, said.
The government’s focus on mobility in Budget 2024, including strengthening the electric vehicle ecosystem, especially charging infra and public transport, should help maintain the auto sector’s overall growth momentum, he said.
Rajesh Menon, Director General, SIAM, said, “Passenger vehicles again saw the highest ever sales in January, posting a growth of 14%, as compared to the previous year... Passenger vehicles and three-wheelers continue to post highest ever sales till date, in FY24, for the April to January period.”
Also Read : UP emerges as top state in total vehicle sales in Oct-Dec 2023; Maharashtra 2nd: SIAM Hyundai & Kia ties with Exide Energy Solutions to localise EV batteries in India
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