Festive season stabilises passenger vehicle (PV) sales, two-wheeler (2Ws) jumps 14%; over 393,000 vehicles sold

The automobile industry saw a boost in sales during October 2024, aided by festivals like Dussehra and Diwali. The passenger vehicle (PV) segment reported its highest-ever October domestic sales, reaching 393,238 units, marking a modest 0.9% increase compared to October 2023. Despite a higher base, the rise in sales signals a stabilisation in the PV market. Meanwhile, the two-wheeler (2W) segment witnessed a robust growth of 14.2% YoY, with domestic sales touching 2,164,276 units. Scooters and motorcycles were the key drivers, showing increases of 22.3% and 11%, respectively, indicating strong consumer interest in personal mobility solutions.

However, the three-wheeler segment experienced a slight decline, with domestic sales falling by 0.7% to 76,770 units in October 2024, compared to 77,344 units in the same month last year. Director General of the Society of Indian Automobile Manufacturers (SIAM), Mr. Rajesh Menon, attributed the growth in PVs and 2Ws to the festive season, which traditionally boosts demand. Data from VAHAN, India’s national vehicle registration portal, showed over 30% growth in registrations for PVs and 2Ws compared to October 2023. The three-wheeler segment also saw an 11% increase in registrations. This growth reflects sustained consumer demand despite challenges in certain vehicle categories.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.