Auto Industry Achieves 11.6% YoY Growth in Domestic Sales for CY 2024: SIAM
Demonstrating resilience and growth, the domestic automobile sales recorded a surge of 11.6 per cent, standing at over 2.54 crore units in calandar year (CY) 2024, compared to about 2.28 crore, as per the data released by Society of Indian Automobile Manufacturers (SIAM) on Tuesday. As per the data released by the industry body, in December 2024, the sales of Total Passenger Vehicles recorded an increase of 10 per cent from the same period the previous year at 3,14,934 units. According to the data, sales of Total Three Wheelers in December saw an increase of 3.5 per cent at 52,733 units, however, the sales of Total Two Wheelers saw a dip of 8.8 per cent, at 11,05,565 units in the same month
SIAM data suggests, the October to December 2024 quarter saw impressive overall production figures, with a total of 75,92,011 units of Passenger Vehicles, Commercial Vehicles, Three Wheelers, Two Wheelers, and Quadricycles produced.
The passenger vehicle sales in the Oct-Dec quarter stood at 10,58,145 units, commercial vehicles sales were 2,38,050 units, Three-wheeler sales were 1,88,853 units, and two-wheeler sales were 48,74,590 units.
From April to December 2024, the passenger vehicles sales were 31,39,288 units, Commercial Vehicles sales were 6,83,471 units, three-wheeler sales were 5,62,652 units, and Two-wheeler sales were 1,50,39,570 units.
Commenting on sales data for 2024 calendar year, Shailesh Chandra, President, SIAM said, "2024 has been reasonably good for the Auto industry. Positive consumer sentiments and the country's macroeconomic stability helped in propelling reasonable growth for the sector across vehicle segments."
He added, "This year growth has been primarily driven by the two-wheeler segment which grew by 14.5 per cent in 2024 as compared to previous year, posting sales of 1.95 Crore units. In addition, passenger vehicles and three-wheelers posted their highest ever sales in a calendar year."
The Passenger vehicles grew by 4.2 per cent in 2024 as compared to last year, with sales of around 43 Lakh units.
Three Wheelers posted a growth of 6.8 per cent in 2024 as compared to the previous year, with sales of 7.3 Lakh units. However, Commercial Vehicles posted a slight degrowth of (-) 2.7% in 2024 as compared to last year, posting sales of 9.5 Lakh units, though signs of growth are visible in Q3 of 2024-25.
"The stable policy ecosystem of Government of India in 2024, carrying on from the previous years, has helped the industry. As the new year commences with a positive sentiment being created through the Bharat Mobility Global Expo, this momentum would further propel growth in 2025," Chandra stated.
