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.
Currently, India exports around 14.6% of the PVs produced here and 16.34% of two- wheelers manufactured between January and November.
As per the data released by the Society of Indian Automobile Manufacturers (SIAM), this follows a 2.5 pc decline in July 2024, marking a slowdown after the segment grew by 3% in the first quarter (April-June) of FY24.
Speaking at the 64th annual Automotive Component Manufacturers Association (ACMA) session, the President said the auto sector also contributes significantly to the direct and indirect employment generation in the country.
Union Minister of Road Transport & Highways Nitin Gadkari said several commercial and passenger vehicle manufacturers will offer discounts for buying new vehicles against the scrapping of older vehicles with a valid Certificate of Deposit.
The export of cars from India registered 18.6 per cent year-on-year (Y-o-Y) growth amid strong demand in key markets.
The demand for three-wheelers is yet to revive and sales in December plunged nearly 59 per cent to 22,126 units, showed the SIAM data.
In the October-December quarter this fiscal, passenger vehicle sales increased 14.44 per cent to 8,97,908 units from 7,84,616 units in the year-ago period.
Total sales of passenger vehicles, two-wheelers, three-wheelers and the quadricycles during last month stood at 18,88,903 units, up 9.83 per cent from 17,19,874 units in November 2019.
In terms of utility vehicles, sales grew by 20.45 per cent to 113,990, while vans' offtake went up by 29.24 per cent to 13,612 units against the same month a year ago.
Motorcycle sales were at 12,24,117 units as against 10,43,621 units in September 2019, up 17.3 per cent.
