Passenger Vehicle, Two-Wheeler Sales Hit New High In October 2024: SIAM

The Society of Indian Automobile Manufacturers (SIAM) released its vehicle sales data for October 2024 with both passenger vehicles and two-wheelers climbing to a new high in the month. Passenger vehicle sales stood at 3,93,238 units - up 0.9 per cent from 3,89,714 units, the best ever in the month. Two-wheeler sales meanwhile grew a stronger 14.2 per cent from 18,95,799 units to 21,64,276 units - again a best ever for the month.

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Two-wheeler sales grew a notable 14.2 per cent in the festive month of October 2024.

Commenting on the performance, Rajesh Menon, Director General, SIAM said, “October 2024 saw two major festivals Dussehra and Diwali, both occurring in the same month, which traditionally drive higher consumer demand providing a significant boost to Auto industry’s performance. Passenger Vehicles posted its highest ever sales of October in 2024 of 3.93 Lakh units, with a growth of 0.9 per cent, albeit on a high base of last October. The two-wheeler segment also posted the highest ever sales of October in 2024 with 21.64 Lakh units, with a good growth of 14.2 per cent, compared to October 2023.”

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In the four-wheeler segments, passenger car sales shrunk by over 17 per cent year-on-year to 1,07,520 units in the month. The segment had reported sales of 1,30,046 units last year. Similarly, sales of vans was also down by 10.2 per cent from 12,975 units in October 2023 to 11,653 in 2024. Utility Vehicles remained the main growth driver for the segment with a 13.9 per cent gain over October 2023. Total UV sales stood at 2,25,934 units up from 1,98,356 units. Do note that these segment figures do not include the sales of BMW, Mercedes, Tata, Volvo and JLR.

Passenger Vehicle segment reported flattish sales with a 0.9 per cent growth year-on-year.

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In the two-wheeler segment, sales for both scooters and motorcycles posted double-digit growth in October 2024. Scooter sales were up 22.3 per cent year-on-year from 5,89,802 units to 7,21,200 units. Motorcycle sales meanwhile grew from 12,52,835 units in October 2023 to 13,90,696 units in 2024 - a growth of 11 per cent.

Moving to year to date figures for the financial year, passenger vehicle sales grew by 0.6 per cent from 24,12,337 units to 24,26,250 units as of October 2024. Two-wheelers meanwhile grew from 1,06,35,205 units to 1,23,29,256 units.