India’s automobile sales recorded an 11.6% increase in 2024, reaching an all-time high of 2.5 crore units compared to 2.3 crore units in 2023, as per data from the Society of Indian Automobile Manufacturers (SIAM). The surge consolidates India’s position as the third-largest car market globally.

“Stable macroeconomic conditions and positive consumer sentiment drove growth across all vehicle segments,” said SIAM president Shailesh Chandra.

The two-wheeler segment was the primary driver, growing by 14.5% to 1.95 crore units in 2024. Passenger vehicles (PV) posted sales of 43 lakh units, a 4.2% rise, while three-wheeler sales increased by 6.8% to 7.3 lakh units.

Passenger vehicle dispatches to dealers in December 2024 rose 10% to 3,14,934 units from 2,86,390 units in December 2023. In contrast, two-wheeler dispatches fell by 9%, with 11,05,565 units in December compared to 12,12,238 units the previous year. Meanwhile, three-wheeler dispatches saw an increase to 52,733 units in December, up from 50,947 units in December 2023.

Commenting on the quarterly performance, Chandra emphasized that passenger vehicles, commercial vehicles, and three-wheelers recorded their highest-ever sales during the October-December quarter of 2024. Passenger vehicle sales in Q3 2024-25 grew by 4.5%, reaching 10.6 lakh units compared to the same period last year.

SIAM director general Rajesh Menon also noted the positive impact of government policies in creating a favorable ecosystem for the industry. “The stable policy environment in 2024, continuing from previous years, provided a conducive foundation for growth,” Menon said.

As 2025 begins, industry representatives expect the positive momentum to continue, buoyed by initiatives like the Bharat Mobility Global Expo. Manufacturers are optimistic about leveraging this momentum for sustained growth in the coming year.

– IANS