Export of passenger vehicles grow by 7.79%, two-wheelers by 22% in CY24: Data
Currently, India exports around 14.6% of the PVs produced here and 16.34% of two- wheelers manufactured between January and November.
In October, amid the festival season, sales of passenger vehicles stabilized and saw a flat 0.9% rise, while the two-wheeler segment witnessed over 14% jump.
The Society of Indian Automobile Manufacturers (SIAM) reported that PVs recorded its highest-ever October domestic sales reaching 393,238 units, marking a modest 0.9% increase over the same period last year despite a higher base.
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The domestic sales of two-wheelers (2Ws) rose to 2,164,276 units, growing 14.2% year-on-year (Y-o-Y).
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In October, the scooters and motorcycles led the charge within this segment, growing by 22.3% and 11%, respectively, compared to last year.
Three-wheeler segment faced a slight decline in domestic sales, dropping by 0.7% to 76,770 units in October 2024 from 77,344 units in October 2023.
Rajesh Menon, Director General of 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.”
Utility vehicle sales registered a growth of 13.9% in October. A total of 2,25,935 units of Utility vehicles sold in October 2024 as against 1,98, 356 units sold in October 2023.
Sales in the electric rickshaw segment dropped by nearly 50%, though electric carts saw a significant 129.5% growth.
Further, the data from VAHAN, India’s national vehicle registration portal, showed that registrations for both passenger vehicles and two-wheelers showed over 30% growth compared to October 2023.
Meanwhile, the registration for the three-wheeler segment showed an 11% increase on the VAHAN portal compared to last October.
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