The passenger vehicle wholesale in India rose by 8.4 per cent year-on-year to 42,18,746 units in the financial year 2023-24, industry body SIAM said on Friday.
As per the data, the overall passenger vehicle dispatches stood at 38,90,114 units in fiscal year 2022-23.
Further, the two-wheeler sales were up 13.3% last fiscal at 1,79,74,365 units, as compared to 1,58,62,771 units in the financial year 2022-23.
The Siam data said the vehicle sales across categories rose by 12.5% to 23,853,463 units in the period under review, as against 21,204,846 units in fiscal year 2022-23.
The overall exports of vehicles dipped 5.5%, with all categories witnessing a decrease, with the exception of passenger vehicles. PV exports increased 1.4% from the previous year.
Commercial vehicles, three-wheelers and two-wheelers exports dropped 16.3%, 17.9% and 5.3% respectively, the data said.
In March, the PV sales went up 8.9%, three-wheelers 4.3%, and two-wheelers 15.3%, with the overall sales of these three categories going up 13.8%.
In a separate report, the Federation of Automobile Dealers Associations (Fada) also said that for the first time in India, SUVs now hold a market share of 50%. The year also witnessed high demand for sports utility vehicles (SUVs).
The PV retail sales witnessed a milestone year due to improved vehicle availability, a compelling model mix, and the launch of new models. The association added that the sales also rose due to enhanced supply dynamics, strategic marketing efforts, and expansion in road infrastructure.
However in March 2024, the PV sales dipped by 6% compared to March 2023 due to heavy discounting and selective financing. It was further impacted by economic worries and the electoral climate. A total of 3,22,345 PVs were sold in the month compared to 3,43,527 units last year.
Compared to 3,30,107 units in February 2024, the PV sales were down by 2.35%.