Indian Automobile Industry registered 12.5% growth in FY24, slight decline in exports
Sales of passenger vehicles have increased by 8.4% in three-wheelers, 41.5% in two-wheelers, 13.3% in commercial vehicles and a marginal increase of 0.6% in commercial vehicles. The passenger vehicle segment led the growth with total sales of nearly 5 million units, including 4.2 million domestic (growth of 8.4%) and 0.7 million exports. Let us know about the sales report.
The Indian automobile industry has recorded a satisfactory performance with a growth of 12.5% in the financial year 2023-24. Total domestic sales during 2023-24 rose to 2.38 million units from 2.12 million units, according to data released by the Society of Indian Automobile Manufacturers (SIAM) on Friday.
Talking about different segments, there has been an increase of 8.4% in the sales of passenger vehicles, 41.5% in three-wheelers, 13.3% in two-wheelers and a marginal increase of 0.6% in commercial vehicles.
Almost 5 million units were sold, of which 4.2 million were sold domestically (an 8.4% growth) and 0.7 million were exported. The passenger vehicle segment led the growth.
Despite still being below the previous peak of 21 million units in 2018–19, the two-wheeler segment has recovered nicely, with domestic sales growing by over 13% to approximately 18 million units.
A decrease in the CNG segment caused some light commercial vehicles to decline within the 9.7 million units domestic commercial vehicle industry. About 0.7 million units were produced in 2018–19, which was the previous peak for the three-wheeler industry.
Talking about vehicle exports, overall exports remained under pressure during the last financial year with a sharp decline in commercial vehicles, two-wheelers and three-wheelers, although there has been a marginal increase in passenger vehicles. The last quarter saw a good recovery, especially for two-wheelers, indicating better prospects for the current year.
