- While two-wheeler sales increased by 10 per cent, passenger car sales dropped by over 11 per cent in May.
While the sales of two-wheelers have seen a significant rise in the month of May 2024, sales of passenger cars have dropped by over 11 per cent, according to the data released by the Society of Indian Automobile Manufacturers (SIAM). The domestic sales of the passenger cars slipped 11 per cent from 1,20,364 units in May 2023 to 1,06,952 units in May 2024.
The auto companies have also reduced the production of passenger cars by 13 per cent, from 1,63,619 units in May 2023 to 1,42,367 units in 2024. Export of passenger cars too saw a drop of about 20 per cent from 35,806 units in May 2023 to 28,802 units in May 2024.
Two-wheeler sales, however, saw a significant hike in sales by over 10 per cent from 14,71,550 units in May 2023 to 16,20,084 units in May 2024. Exports of two-wheelers also saw a major growth of over 20 per cent from 2,59,945 units in May 2023 to 3,12,418 units in May 2024.
The total sales of passenger vehicles (PVs) witnessed a rise in the month of May 2024 as compared to the last year of the same period.
In May the total domestic sales of passenger vehicles increased by 9.3 per cent. Overall, the total domestic sales of PVs was 19,76,674 units and the total export in May registered at 3,89,805 units. While the total production of PVs stood at 24,55,637 units in May 2024.
Backed by robust economic growth and conducive government policies, the Indian automobile industry has posted a satisfactory performance, with sales growing by 12.5 per cent during the just-concluded financial year, the SIAM had earlier reported.” All the segments viz.
“Passenger vehicles, commercial vehicles, two-wheelers and three-wheelers have posted growth in May 2024, compared to May 2023. Passenger Vehicles have only witnessed moderate growth, primarily owing to a high base effect of the previous year. However, two-wheelers and three-wheelers posted growth in double digits,” said Vinod Aggarwal, President, SIAM commenting on the sales data of May 2024.
As per the experts, the expectations are higher than the normal monsoon and the continued emphasis on economic development by the new. The government is expected to boost sales in the upcoming months.
First Published Date: 11 Jun 2024, 20:19 PM IST
