+
Passenger Vehicle Wholesale Surges in FY24
ECONOMY & POLICY

Passenger Vehicle Wholesale Surges in FY24

The passenger vehicle segment in India witnessed a significant surge in wholesale numbers during the fiscal year 2023-24 (FY24), according to data released by the Society of Indian Automobile Manufacturers (SIAM). The data indicates an 8.4% increase in wholesale volumes, reflecting a positive trajectory for the automotive industry.

The surge in wholesale figures signals a promising recovery for the passenger vehicle market, which faced challenges in the previous fiscal year due to the COVID-19 pandemic and associated disruptions. The growth in FY24 is a testament to the resilience and adaptability of the automotive sector in navigating through uncertainties and driving towards recovery.

Key factors contributing to the growth include increased consumer demand, improved economic conditions, and favourable government policies aimed at boosting the automotive industry. Additionally, the introduction of new models and enhanced features by automakers has also played a significant role in stimulating demand and driving sales.

The passenger vehicle segment comprises a diverse range of vehicles, including hatchbacks, sedans, SUVs, and electric vehicles (EVs). The positive growth trend observed across these categories reflects a broad-based recovery in the market, with consumers showing interest in various vehicle segments.

The surge in wholesale volumes is indicative of a revival in consumer confidence and purchasing power, as individuals and families look to invest in personal mobility solutions. Moreover, factors such as urbanisation, changing lifestyles, and increasing disposable incomes are expected to further fuel the demand for passenger vehicles in the coming years.

As the automotive industry continues to evolve, manufacturers are likely to focus on innovation, sustainability, and digitalisation to meet evolving consumer preferences and regulatory requirements. The shift towards electric and connected vehicles is expected to gain momentum, presenting new opportunities for growth and investment in the sector.

In conclusion, the significant increase in passenger vehicle wholesale volumes in FY24 reflects a positive outlook for the automotive industry in India. With continued efforts towards innovation and sustainability, the sector is poised to sustain its growth trajectory and contribute to the country's economic development.

The passenger vehicle segment in India witnessed a significant surge in wholesale numbers during the fiscal year 2023-24 (FY24), according to data released by the Society of Indian Automobile Manufacturers (SIAM). The data indicates an 8.4% increase in wholesale volumes, reflecting a positive trajectory for the automotive industry. The surge in wholesale figures signals a promising recovery for the passenger vehicle market, which faced challenges in the previous fiscal year due to the COVID-19 pandemic and associated disruptions. The growth in FY24 is a testament to the resilience and adaptability of the automotive sector in navigating through uncertainties and driving towards recovery. Key factors contributing to the growth include increased consumer demand, improved economic conditions, and favourable government policies aimed at boosting the automotive industry. Additionally, the introduction of new models and enhanced features by automakers has also played a significant role in stimulating demand and driving sales. The passenger vehicle segment comprises a diverse range of vehicles, including hatchbacks, sedans, SUVs, and electric vehicles (EVs). The positive growth trend observed across these categories reflects a broad-based recovery in the market, with consumers showing interest in various vehicle segments. The surge in wholesale volumes is indicative of a revival in consumer confidence and purchasing power, as individuals and families look to invest in personal mobility solutions. Moreover, factors such as urbanisation, changing lifestyles, and increasing disposable incomes are expected to further fuel the demand for passenger vehicles in the coming years. As the automotive industry continues to evolve, manufacturers are likely to focus on innovation, sustainability, and digitalisation to meet evolving consumer preferences and regulatory requirements. The shift towards electric and connected vehicles is expected to gain momentum, presenting new opportunities for growth and investment in the sector. In conclusion, the significant increase in passenger vehicle wholesale volumes in FY24 reflects a positive outlook for the automotive industry in India. With continued efforts towards innovation and sustainability, the sector is poised to sustain its growth trajectory and contribute to the country's economic development.

Next Story
Infrastructure Transport

Railways Opens First Section of Bullet Train Tunnel in Maharashtra

The Mumbai–Ahmedabad bullet train project has achieved a key milestone with the opening of the first section of a 21-km undersea tunnel between Ghansoli and Shilphata in Maharashtra. The high-speed rail corridor, powered entirely by Japanese Shinkansen technology, has seen 310 km of viaducts completed, alongside rapid progress in track laying, electrical works, and station construction. Five of the 12 stations are complete, with three more nearing completion. The BKC station, located 32.5 metres underground, is designed to support a 95-metre structure above. The next-generation E10 Shin..

Next Story
Infrastructure Urban

Mahindra, Osaka Ink Pact to Boost Japanese Investment

Mahindra Industrial Park Chennai (MIPCL), along with its Japanese stakeholder Sumitomo Corporation, has signed a strategic cooperation agreement with the Osaka Prefecture and Osaka Industrial Development Bureau to support Osaka-based businesses entering India.The partnership aims to streamline entry for Japanese manufacturers, providing support such as business visits, regulatory guidance, and market insights. MIPCL and Sumitomo will act as local facilitators, while Osaka authorities will identify and recommend companies for expansion.With India’s projected GDP growth of 6.3 per cent in FY25..

Next Story
Building Material

Govt Plans Mandatory Public Procurement of Green Steel

The Ministry of Steel is working on modalities to mandate public procurement of green steel, as part of its efforts to decarbonise the industry. A Rs 150 billion Green Steel Mission is being formulated to support emission reduction and move towards net-zero targets.The mission will include a PLI scheme, incentives for renewable energy use, and mandates for government agencies to buy green steel. Green steel is produced with significantly lower carbon emissions compared to conventional methods.Speaking at the India Steel Conclave 2025, a senior official said procurement mandates are under consi..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?