India’s Sold More Than 2.38 Crore Vehicles In FY 2023-24, Witnessing A 12% Growth YoY

India’s Sold More Than 2.38 Crore Vehicles In FY 2023-24, Witnessing A 12% Growth YoY

The Indian auto industry collectively sold more than 2.38 crore vehicles in the country in the Financial Year 2023-24. According to the data shared by the Society of Indian Automobile Manufacturers (SIAM), the total vehicle sales between April 2023 and March 2024 stood at 2,38,53,463 units, witnessing a year-on-year growth of 12.5 per cent, compared to 2,12,04,846 units sold during the same period in FY 2023.

During FY2024, total Passenger Vehicle sales stood at 42,18,746 units, a YoY growth of 8.4 per cent compared to 38,90,114 vehicles sold between April 2022 and March 2023. The same period was a little better for the two-wheeler sector. Total two-wheeler sales stood at 1,79,74,365 units, a growth of over 13 per cent, compared to 1,58,62,771 vehicles sold in FY2023.

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Commenting on the industry’s performance, Vinod Aggarwal, President, SIAM said, “Passenger Vehicle segment led the growth with overall sales touching almost 5 million units including 4.2 million domestic (growth of 8.4 per cent) and 0.7 million exports. The two-wheeler segment continued the recovery path with a handsome growth of over 13 per cent in domestic sales to almost 18 million units, even though still lower than the earlier peak of 21 million units in FY19.”

In FY2024, total three-wheeler sales grew nearly 42 per cent, at 6,91,749 units, while commercial vehicle sales saw a marginal 0.6 per cent rise, at 9,67,878 vehicles. The sale of quadricycles remained stagnant at 725 units, the same as last fiscal year.

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“Overall exports remained under stress during the last financial year with a 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,” Agarwal added.

Auto sales during the last quarter of FY2024 stood at 60,72,262 units, a growth of over 20 per cent compared to 50,55,752 vehicles sold between January and March 2023. As for the month of March 2024, total vehicle sales stood at 19,12,419 units, a growth of almost 14 per cent compared to March 2023.