Record-breaking January: Passenger Vehicle sales surge 14% in India

16 Feb 2024 CW Team

According to data from the Society of Indian Automobile Manufacturers (SIAM), January 2023 witnessed passenger vehicle sales at 346,080 units, with the previous peak recorded in October 2023 at 391,811 units. It is worth noting that automotive companies in India typically report wholesale dispatches from factories to dealerships rather than retail sales to consumers.

The outstanding performance in industry volumes can be attributed to leading players such as Maruti Suzuki, Hyundai Motor India, and Tata Motors, all of which reported robust sales in the preceding month. Vinod Aggarwal, President of SIAM, attributed the resilience in passenger vehicle sales to positive consumer sentiments, while also highlighting growth in the two-wheeler segment, particularly in rural markets.

Two-wheeler sales soared to 1,495,183 units in the past month, reflecting a substantial 26% increase compared to the same period in the previous financial year. Additionally, three-wheeler sales experienced a 9.5% uptick, reaching 53,537 units in January. While the three-wheeler segment exhibited positive performance, the commercial vehicle segment did not witness growth in January 2024. However, Aggarwal expressed optimism, stating that commercial vehicles are expected to see increased demand in the next two months of the financial year. He emphasised the government's strategic focus on mobility, especially in Budget 2024, highlighting efforts to strengthen the electric vehicle ecosystem, including charging infrastructure and public transport.

Rajesh Menon, Director General of SIAM, provided further insights into the performance of January 2024, confirming that passenger vehicles achieved their highest-ever sales in the month, recording a remarkable 14% growth compared to the previous year. Additionally, three-wheeler sales grew by 9%, and two-wheelers posted a substantial 26% growth in January 2024 compared to the same period in 2023. Notably, both passenger vehicles and three-wheelers continued to achieve their highest-ever sales in the fiscal year 2024, spanning from April to January.

In January, manufacturers of passenger vehicles reported a historic surge in sales, reaching a new record of 393,074 units, marking a 14% increase from the previous year. This noteworthy upturn followed the depletion of inventories during year-end sales promotions, prompting dealers to restock. According to data from the Society of Indian Automobile Manufacturers (SIAM), January 2023 witnessed passenger vehicle sales at 346,080 units, with the previous peak recorded in October 2023 at 391,811 units. It is worth noting that automotive companies in India typically report wholesale dispatches from factories to dealerships rather than retail sales to consumers. The outstanding performance in industry volumes can be attributed to leading players such as Maruti Suzuki, Hyundai Motor India, and Tata Motors, all of which reported robust sales in the preceding month. Vinod Aggarwal, President of SIAM, attributed the resilience in passenger vehicle sales to positive consumer sentiments, while also highlighting growth in the two-wheeler segment, particularly in rural markets. Two-wheeler sales soared to 1,495,183 units in the past month, reflecting a substantial 26% increase compared to the same period in the previous financial year. Additionally, three-wheeler sales experienced a 9.5% uptick, reaching 53,537 units in January. While the three-wheeler segment exhibited positive performance, the commercial vehicle segment did not witness growth in January 2024. However, Aggarwal expressed optimism, stating that commercial vehicles are expected to see increased demand in the next two months of the financial year. He emphasised the government's strategic focus on mobility, especially in Budget 2024, highlighting efforts to strengthen the electric vehicle ecosystem, including charging infrastructure and public transport. Rajesh Menon, Director General of SIAM, provided further insights into the performance of January 2024, confirming that passenger vehicles achieved their highest-ever sales in the month, recording a remarkable 14% growth compared to the previous year. Additionally, three-wheeler sales grew by 9%, and two-wheelers posted a substantial 26% growth in January 2024 compared to the same period in 2023. Notably, both passenger vehicles and three-wheelers continued to achieve their highest-ever sales in the fiscal year 2024, spanning from April to January.