The Society of Indian Automobile Manufacturers (Siam) released its auto sales data for August 2024, revealing that the passenger vehicle (PV) segment witnessed a decline for the second consecutive month, falling by 1.8 per cent year-on-year, reaching 3,52,921 units. This follows a 2.5 per cent drop in July 2024, marking a slowdown after the segment grew by 3 per cent in the first quarter (April-June) of FY24.
In contrast, the two-wheeler segment posted a 9.3 per cent growth in August 2024 compared to the same month last year, with sales reaching 17,11,662 units. This comes after a 20.4 per cent growth in Q1 and a 12.5 per cent increase in July 2024, reflecting strong demand in the domestic market.
The three-wheeler segment also showed positive momentum, recording a 7.7 per cent growth in August 2024 compared to its peak in August 2023, with sales hitting 69,962 units. In Q1, the sales grew by 14.2 per cent, followed by a 5.1 per cent growth in July.
According to Siam, total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles in August 2024 stood at 2.49 million units. The industry anticipates a surge in vehicle demand as India enters its festive season, driven by the recent introduction of the PM E-DRIVE and PM-eBus Sewa schemes by the Government of India.
Commenting on the performance, Siam Director General Rajesh Menon said, “In August 2024, the passenger vehicle segment de-grew by 1.8 per cent compared to August 2023, the two-wheeler segment posted a growth of 9.3 per cent, while three-wheeler sales grew 7.7 per cent year-on-year. Looking ahead, the festive season and government initiatives like PM E-DRIVE and PM-eBus Sewa are expected to boost demand.”
First Published: Sep 13 2024 | 4:53 PM IST
