SIAM has released the motor vehicle data on production, domestic sales and exports for March 2024, Quarter 4 (January-March-24) and financial year 2023-24.
Monthly Performance: March 2024
Production: The total production of Passenger Vehicles, Three Wheelers, Two Wheelers and Quadricycle in March 2024 was 23,25,959 units.
Domestic Sales:
• Passenger Vehicles sales were 3,68,086 units in March 2024.
• Three-wheeler sales were 56,723 units in March 2024.
• Two-wheeler sales were 14,87,579 units in March 2024.
Quarterly Performance: January – March 2024
Production: The total production of Passenger Vehicles, Commercial Vehicles, Three-wheelers, Two-wheelers and quadricycles in January – March 2024 was 73,94,417 units.
Domestic Sales:
• Passenger Vehicle sales were 11,35,501 units in January– March 2024.
• Commercial Vehicle sales were 2,68,294 units in January – March 2024.
• Three-wheeler sales were 1,64,844 units in January – March 2024.
• Two-wheeler sales were 45,03,523 units in January – March 2024.
Financial Year Performance: April 2023 – March 2024
Production: Total production of Passenger Vehicles, Commercial Vehicles, Three Wheelers, Two Wheelers and Quadricycle in April 2023 – March 2024 was 2,84,34,742 units.
Domestic Sales:
• Passenger Vehicle sales were 42,18,746 units in April – March 2024.
• Commercial Vehicle sales were 9,67,878 units in April – March 2024.
• Three-wheeler sales were 6,91,749 units in April – March 2024.
• Two-wheeler sales were 1,79,74,365 units in April – March 2024.
Commenting on sales data of 2023-24, Vinod Aggarwal, President, SIAM said, “On the backdrop of robust economic growth of 7.6 per cent based on conducive policies of Government of India, the Indian Automobile Industry has posted a satisfactory performance with domestic industry growing by 12.5 per cent during the last Financial Year.
The passenger vehicle segment led the growth with overall sales touching almost 5 million units including 4.2 million domestic (growth of 8.4 per cent) and 0.7 million exports. The two-wheeler segment continued the recovery path with a handsome growth of over 13 per cent in domestic sales to almost 18 million units, even though still lower than the earlier peak of 21 million units in FY19.
The domestic commercial vehicle industry had a marginal growth to 0.97 million units and within that, some drop was experienced in LCVs and SCVs due to degrowth in the CNG segment. The growth in commercial vehicles was also impacted due to migration to higher tonnage trucks which created higher payload capacity, that is not reflected in the number of units. The three-wheeler industry is almost close to the earlier peak of 0.7 million units in FY 19.
Overall exports remained under stress during the last financial year with a sizeable drop in Commercial Vehicles, Two-Wheelers and Three-Wheelers, though Passenger vehicles grew marginally. However, a good recovery was seen in the last quarter, especially for two-wheelers, indicating better potential for the current year.
All in all, it has been a satisfactory performance for the Indian Automobile Industry. The year also demonstrated the sustainability commitments of the auto industry as it commenced producing vehicles which are material compliant with 20 per cent Ethanol and witnessed growth of 90 per cent in Electric Passenger Vehicles and 30 per cent in Electric Two-Wheelers.
The Industry remains optimistic as the macroeconomic outlook remains positive. Coupled with good monsoon outlook, we are expecting continued growth for the industry this year as well.”
Commenting on the Q4 performance of 2023-24, Rajesh Menon, Director General, SIAM said, “Two-Wheelers posted sales of 4.5 Mn units with a significant growth of 25 per cent, compared to Q4 of FY 2022-23. Passenger Vehicles registered a growth of 12 per cent and posted sales of more than 1.1 Mn units. Three-wheelers posted sales of 1.65 Lakh units with a growth of 7 per cent. Commercial Vehicles registered degrowth of (-) 4 per cent, by posting sales of more than 2.68 Lakh units.”
