Passenger Vehicle Sales Have Remained Resilient Led By Positive Consumer Sentiments, Says SIAM

According to the report released by the Society of Indian Automobile Manufacturers (SIAM), the total production of Passenger Vehicles, Three Wheelers, Two Wheelers, and Quadricycle in January 2024 was 23,28,329 units.

In January 2024, sales in the Passenger vehicle segment stood at 3,93,074 units, in Two-wheeler segment at 14,95,183 units and in Three-wheeler segment 53,537 units were sold.

According to Mr. Vinod Aggarwal, President, SIAM, Passenger Vehicle sales have remained resilient led by positive consumer sentiments, while Two-Wheeler Segment witnessed good growth in January as well, as the rural market continues to recover. Three-Wheeler segment has also performed better. Though the Commercial Vehicle Sector did not grow in January 2024, it is likely to see good offtake in next 2 months of this financial year. Governments 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.

Commenting on January 2024 performance, Mr. Rajesh Menon, Director General, SIAM said, 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 FY 24, for the period April to January.

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