"Sales of Passenger Vehicles in Q1 of 2024 Has Been the Highest Ever of Q1," says SIAM Report The total production of Passenger Vehicles, Three Wheelers, Two Wheelers, and Quadricycle in June 2024 was 23,36,255 units
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The automobile industry had a positive growth in June of 2024 compared to the same month the previous year. The Society of Indian Automobile Manufacturers (SIAM) released its performance report for April to June 2024, highlighting remarkable achievements and setting an optimistic tone for the remainder of the year.
Monthly performance: June 2024
The output for passenger vehicles, three-wheelers, two-wheelers, and quadricycles in June 2024 was 23,36,255 units. This number indicates the industry's ability to cater to growing consumer demand. The domestic sales numbers in this month are similarly healthy. Sales volumes for passenger vehicles stood at 3,37,757 units, up by three per cent last year. Three-wheelers jumped by 12.3 per cent to 59,544 units, and two-wheelers 16,14,154 units bolstering a 21.3 per cent increase from the previous year.
Quarterly performance: April-June 2024
The quarterly cumulative production reached a massive 75,48,668 units for passenger vehicles, commercial vehicles, three-wheelers, two-wheelers, and quadricycles. This high production stature spells out that the industry can sustain high output levels and meet market demands efficiently.
On the domestic sales front, the first quarter was equally encouraging in its numbers where passenger vehicles sold 10,26,006 units, while commercial vehicles moved 2,24,209 units, three-wheelers 1,65,081 units, and two-wheelers 49,85,631 units. The figures not only indicate a healthy market but also point toward a stable economic environment that has sustained such growth.
"All segments viz., passenger vehicle, commercial vehicle, three-wheeler and two-wheelers posted growth in Q1 of 2024-25 over the Q1 of last year. While passenger vehicles and commercial vehicles have witnessed moderate growth, the two wheelers and three wheelers have posted very handsome growth in double digits. Within two-wheelers, scooters have posted even higher growth based on some green shoots of recovery in entry level two-wheelers.
With a positive outlook on monsoon and the coming festive season, the automotive sector is poised to perform better in the balance part of the year," said Vinod Aggarwal, president, SIAM.
According to Rajesh Menon, Director General of SIAM, Q1 2024 has seen the best-ever sales of passenger vehicles, exceeding 1 million units for the first time. Three-wheelers also recorded their best Q1 sales ever, with 14.2 per cent growth over last year. Two-wheelers clocked strong growth of 20.4 per cent with almost 5 million units sold, while commercial vehicles posted a 3.5 per cent rise. These milestones prove the resilience of an industry able to make record-breaking indicators in the midst of all sorts of challenges.
