In the recently concluded financial year 2023-24, there was a notable growth in vehicle sales in India according to data released by the Society of Indian Automobile Manufacturers (SIAM). Passenger vehicle sales saw a significant 8.4% increase compared to the previous year, marking a rise to 42,18,746 units. This growth, however, was overshadowed by the remarkable increase in three-wheeler sales, which surged by 41.5%, and two-wheeler sales, which saw a 13.3% uptick.
The overall vehicle sales, encompassing all categories, displayed a positive trend, increasing by 12.5% to reach 2,38,53,463 units in the fiscal year 2023-24. Specifically, three-wheeler sales escalated to 6,91,749 units from 4,88,768 units in the year-ago period, while two-wheeler sales spiked to 1,79,74,365 units, reflecting a healthy growth compared to the previous financial year. Commercial vehicles witnessed a modest uptick of 0.6% in sales, totaling at 9,67,878 units, showcasing a stable performance in this category.
On the contrary, there was a setback in the overall exports of vehicles, declining by 5.5% across all categories except for passenger vehicles. Despite a 1.4% growth in passenger vehicle exports, commercial vehicles, three-wheelers, and two-wheelers exports plummeted by 16.3%, 17.9%, and 5.3% respectively. In the month of March alone, there was a positive sales trajectory, with passenger vehicle sales rising by 8.9%, three-wheelers by 4.3%, and two-wheelers by 15.3%. However, the Federation of Automobile Dealers Associations (FADA) reported a growth of 3.14% year-on-year in overall auto sales for March, with two-wheeler and three-wheeler segments recording significant growth, while passenger vehicle sales faced a slight decline.