India's passenger vehicle (PV) segment posts record sales of 4.3 million units in 2024: Society of Indian Automobile Manufacturers (SIAM)

India's passenger vehicle (PV) segment saw impressive growth in 2024, with total sales reaching 4.3 million units, marking a 4.2% increase from the previous year. The growth was primarily driven by utility vehicle sales, which surged by nearly 17% to 2.7 million units, while passenger car sales experienced a decline of 14.4%, falling to 1.37 million units. In December 2024, PV wholesales saw a notable 10% increase, spurred by original equipment manufacturers (OEMs) offering discounts to clear inventory ahead of the new year. Despite the challenges in some sub-segments, such as commercial vehicles, which posted a slight 2.7% decline, the year overall witnessed a solid performance across various vehicle categories.

Mr. Shailesh Chandra, President of the Society of Indian Automobile Manufacturers (SIAM), highlighted that India's positive consumer sentiment and macroeconomic stability played a crucial role in the industry’s growth. The two-wheeler segment led the charge, registering a growth of 14.5%, while three-wheelers also saw record sales with a 6.8% increase. In the Q3 FY25, the passenger vehicle, commercial, and three-wheeler segments achieved their highest-ever sales, with passenger vehicles growing by 4.5% to 1.06 million units. Despite a dip in two-wheeler sales in December, the overall performance for Q3 of FY25 demonstrated resilient growth, signalling a promising outlook for the auto industry moving forward.

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