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Passenger vehicles sales jump 14 pc in January on strong demand
Photo Courtesy: Unsplash

Passenger vehicles sales jump 14 pc in January on strong demand

| @indiablooms | 14 Feb 2024, 05:56 pm

Passenger vehicles sales comprising cars, SUVs and vans started on a strong note in the new year with total domestic sales rising 13.57% year-on-year to 3,93,074 units in January 2024, as per data released by Society of Indian Automobile Manufacturers (SIAM) on Wednesday.

The auto companies had clocked a total sales of 3,46,080 units in January 2023 in the domestic market.

The SIAM data showed three-wheeler sales grew 9.47% in January this year to 53,537 units as against 48,903 in the same month previous year.
The three-wheelers comprise passenger carriers, goods carriers, E-rickshaw and E-carts.

Total domestic two-wheeler sales including scooters, motorcycles and mopeds posted a 26% year-on-year rise at 14,95,183 units in January this year.

“Passenger vehicle sales have remained resilient led by positive consumer sentiments, while the two-wheeler segment witnessed good growth in January as well, as the rural market continues to recover. Three-wheeler segment has also performed better," said Vinod Aggarwal, President, SIAM.

The total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles in January 2024 was 23,28,329 units.

Commenting on auto industry performance in January, Rajesh Menon, Director General, SIAM said that passenger vehicles again saw highest ever sales in the month of January posting a growth of 14%, as compared to the previous year.

"Three-wheeler sales grew by 9% during January 2024 while two-wheelers posted a good growth of 26% in January 2024, compared to January 2023. Passenger vehicles and three-wheelers continue to post their highest ever sales till date, in FY24, for the period April to January," he said.

Though the commercial vehicle sector did not grow in January 2024, SIAM expects the segment to see good offtake in the next two months of this financial year.

"Government’s strategic focus on mobility in Budget 2024, including strengthening the electric vehicle ecosystem, especially the charging infra and public transport, should help in continuing with the overall growth momentum for the auto sector,” said SIAM President Vinod Aggarwal.

(With UNI Inputs)

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