Passenger car sales in the domestic market dropped from 1,20,364 units in May 2023 to 1,06,952 units in May 2024, an 11 percent decrease. Production also fell by 13 percent, from 1,63,619 units in May 2023 to 1,42,367 units in May 2024.Export figures for passenger cars declined by 20 percent, from 35,806 units in May 2023 to 28,802 units in May 2024.
In contrast, two-wheeler sales surged by over 10 percent, rising from 14,71,550 units in May 2023 to 16,20,084 units in May 2024. Two-wheeler exports also increased significantly by over 20 percent, from 2,59,945 units in May 2023 to 3,12,418 units in May 2024.
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Overall, passenger vehicle (PV) sales saw a 9.3 percent increase in May 2024 compared to the same period last year. The total domestic sales of PVs reached 19,76,674 units, with exports at 3,89,805 units and total production at 24,55,637 units in May 2024.
The Indian automobile industry, buoyed by strong economic growth and favorable government policies, reported a 12.5 percent sales increase in the recent financial year, as previously noted by SIAM.
Vinod Aggarwal, President of SIAM, commented on the May 2024 sales data: “All segments, including Passenger Vehicles, Commercial Vehicles, Two-Wheelers, and Three-Wheelers, posted growth compared to May 2023. Passenger Vehicles saw moderate growth due to the high base effect of the previous year, while two-wheelers and three-wheelers achieved double-digit growth.”
Experts anticipate that favorable monsoon conditions and ongoing economic development efforts by the government will further boost sales in the coming months.