The Indian auto industry ended the calendar year (CY) 2024 with a cumulative 9.11 per cent growth with 2,61,07,579 units sold, the Federation of Automobile Dealers Associations reported. The apex dealer body reported a growth in sales across all segments for the calendar year with the two-wheeler and passenger vehicle segments growing by 10.78 per cent and 5.18 per cent respectively over CY 2023. Three-wheeler sales meanwhile were up by 10.49 per cent while tractor and commercial vehicle sales grew by 2.55 per cent and 0.07 per cent respectively.
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The two-wheeler segment ended 2024 with cumulative sales of 1,89,12,959 units - up from 1,70,72,932 in the previous calendar year. FADA reported that two-wheeler sales were almost on level with their peak in CY 2018. Passenger vehicle sales meanwhile stood at 40,73,843 units - a new all-time high and up from 38,73,381 in CY 2023.
Tractor and three-wheeler sales also reached new all-time highs with 8,94,112 units and 12,21,909 units sold respectively in the calendar year. Meanwhile, Commercial vehicle sales were still below its peak in CY2018 with 10,04,856 units sold.
Passenger vehicle sales touched a new all-time high in CY 2024 though sales were down 1.97 per cent year-on-year in December 2024.
Commenting on the industry’s sales performance, FADA President, C S Vigneshwar, said, “Despite multiple headwinds in CY24—including heatwaves, elections at both central and state levels and uneven monsoons—the auto retail industry remained resilient, closing the year with a 9% YoY growth. While 2W, 3W, PV and Tractor segments grew by 10.78%, 10%, 5% and 2.5% YoY respectively, CV retails stayed nearly flat at 0.07% YoY. Notably, 3W, PV and Tractor segments touched new all-time highs and 2W barely missed surpassing its CY18 peak. CV is also yet to reach its CY18 peak, a year which saw the introduction of axle load norms.”
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However, while overall numbers for the year were positive, sales for December 2024 witnessed a notable slump across almost all segments. FADA reported a year-on-year sales decline of 12.49 per cent in the month with 17,56,419 units sold compared to 20,07,042 units sold in December 2023. Sales were also almost halved compared to November 2024 with the dealer body reporting a month-on-month decline of 45.26 per cent. Only the tractor segment remained in the positive with a 25.78 per cent growth year-on-year with all other segments in the red.
FADA reported two-wheeler sales to be near peak CY 2018 levels in 2024 though sales in December 2024 witnessed a notable decline.
Two-wheeler sales declined 17.64 per cent year-on-year in December 2024 with sales of 11,97,742 units as compared to 14,54,353 units in 2023. Month-on-month sales were down by a significant 54.21 per cent from November 2024 (26,15,953 units).
Passenger vehicle sales meanwhile were down 1.97 per cent compared to December 2023. Total sales in the month stood at 2,93,465 units - down 8.85 per cent compared to November 2024.
Three-wheeler sales meanwhile were down 4.57 per cent year-on-year with 93,892 units sold in December 2024 while commercial vehicle sales slid 5.24 per cent year-on-year with 72,028 units sold. The tractor segment was the only one to report positive growth with a sales growth of 25.78 per cent year-on-year with 99,292 units sold.
