Passenger Vehicle Sales Hit An All-Time High In January: SIAM

According to SIAM, passenger vehicle sales in January surged to 393,074 units, compared to 346,080 units in January of the previous year

In January, passenger vehicle (PV) sales reached an all-time high, displaying resilience despite various challenges in the automotive sector. Data released by the Society of Indian Automobile Manufacturers (SIAM) on Wednesday indicated robust growth not only in passenger vehicle sales but also in two-wheeler and three-wheeler segments. However, commercial vehicle sales remained stagnant during the same period, with expectations of improvement in the coming months.

According to SIAM, passenger vehicle sales in January surged to 393,074 units, compared to 346,080 units in January of the previous year. Three-wheeler sales also witnessed significant growth, reaching 53,537 units compared to 48,903 units in the same period last year.

Vinod Aggarwal, president, SIAM said, “Passenger Vehicle sales have remained resilient led by positive consumer sentiments, while Two-Wheeler Segment witnessed good growth in January as well, as the rural market continues to recover. Three-Wheeler segment has also performed better. Though the Commercial Vehicle Sector did not grow in January 2024, it is likely to see good offtake in next 2 months of this financial year.”

Two-wheeler sales experienced a notable increase as well, with 1,495,183 units sold in January 2024, compared to 1,184,376 units in January 2023. The cumulative production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles in January 2024 amounted to 2,328,329 units.

Rajesh Menon, director general, SIAM said, “Passenger Vehicles again saw highest ever sales in the month of January posting a growth of 14 per cent, as compared to the previous year. Three-wheeler sales grew by 9 per cent during January 2024 while two-wheelers posted a good growth of 26 per cent in January 2024, compared to January 2023. Passenger vehicles and three-wheelers continue to post their highest ever sales till date, in FY24, for the period April to January.”

Meanwhile, the Federation of Automobile Dealers Associations (FADA) reported an unprecedented surge in retail sales of passenger vehicles during January. The spike was primarily attributed to the growing demand for sports utility vehicles (SUVs).

According to FADA, retail sales of passenger vehicles soared to 393,250 units last month, marking a remarkable 13 percent increase from the 347,086 units recorded in January 2023.

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