Robust demand for two-wheelers and upbeat consumer sentiments lifted wholesale sales of vehicles by 11.6% in 2024. Total wholesale sales across all categories went up to 2,54,98,763 units in 2024 against 2,28,39,130 units in 2023. According to Society of Indian Automobile Manufacturers (SIAM) President Shailesh Chandra, the year was very good regarding the auto industry. Driven by positive consumer sentiments and macroeconomic stability in the country, the sector saw reasonable growth across all segments of the industry.
He further added that the sales of mainly the two-wheeler segment recorded a strong growth of 14.5% last year. Accordingly, wholesale sales of scooters, bikes, and other two-wheelers rose by 14.5% to 1,95,43,093 units in 2024 as compared with 1,70,75,432 units a year ago. Scooter sales jumped 20% year-on-year to 66,75,231 units in 2023. Motorcycle sales, on the other hand, witnessed a growth of 12% year-on-year from 2023 and settled at 1,23,52,712 units.
Chandra said, "Passenger vehicles and three-wheelers recorded their highest-ever sales in a calendar year." He said passenger vehicle sales grew 4% in 2024 over 2023 to about 43 lakh units. Similarly, three-wheelers registered a growth of 7% with sales of 7.3 lakh units in 2024. However, commercial vehicle sales declined by 3% compared to 2023 and stood at 9.5 lakh units.