Last year was reasonably good for the country’s automobile industry, stated Society of Indian Automobile Manufacturers (SIAM). In its latest data, SIAM said that automobile dispatches from companies to dealers rose 12 per cent, compared to the year before. This increase was thanks to positive consumer sentiments that drove the robust demand for two-wheelers.
Wholesales across categories saw a growth of 11.6 per cent, from 2,28,39,130 units in 2023 to 2,54,98,763 units in 2024.
SIAM President Shailesh Chandra said that positive consumer sentiments and the country's macroeconomic stability helped in propelling reasonable growth for the sector across vehicle segments.
The growth was primarily driven by the two-wheeler segment, which grew by 14.5 per cent in 2024 over a year ago. Dispatches of scooters, bikes and models rose 14.5 per cent from 1,70,75,432 units a year ago to 1,95,43,093 units in 2024. Motorcycle dispatches witnessed a growth of 12 per cent year-on-year to 1,23,52,712 units.
Passenger vehicles (PVs) and three-wheelers posted their highest-ever sales in a calendar year. PVs grew 4 per cent with sales of around 43 lakh units.
Three-wheelers posted a growth of 7 per cent in 2024 with sales of 7.3 lakh units.
On the other hand, commercial vehicles posted a slight dip of 3 per cent, posting sales of 9.5 lakh units. Chandra said there are signs of growth visible in Q3 of 2024-25.
Meanwhile, passenger vehicle dispatches to dealers rose 10 per cent to 3,14,934 units in December 2024 as against 2,86,390 units in December 2023. Two-wheeler dispatches declined 9 per cent at 11,05,565 units. Three-wheeler dispatches rose to 52,733 units last month from 50,947 units in December 2023, SIAM said.
In the October-December quarter, passenger vehicles, commercial vehicles, and three-wheelers recorded their highest-ever sales for the third quarter, according to SIAM Director General Rajesh Menon. Passenger vehicles experienced a growth of 4.5 per cent in Q3 of 2024-25, with sales reaching 1.06 million units compared to the previous year, he stated. Three-wheeler sales saw a marginal increase in the third quarter of 2024-25, with sales amounting to 1.89 lakh units. Two-wheeler dispatches grew by 3 per cent during the quarter, compared to the previous year, achieving sales of 4.9 million units, Menon said.