The Indian automobile industry kicked off the financial year 2024-25 on a positive note, witnessing a remarkable 31% growth in two-wheeler sales in April compared to the same period last year. According to data released by the Society of Indian Automobile Manufacturers (SIAM) on Tuesday, April 2024 saw sales of 17.5 lakh units of two-wheelers, continuing the upward trend observed in the last quarter of 2023-24.
In addition to the impressive performance of the two-wheeler segment, the three-wheeler segment also reported a growth of 14.5%, with sales reaching approximately 0.49 lakh units in April 2024.
However, the overall passenger vehicles segment exhibited a subdued growth, recording a marginal increase of 1.3% in April 2024 compared to April 2023, with total sales reaching 3.36 lakh units.
Commenting on the industry’s performance, Vinod Aggarwal, President of SIAM, expressed optimism, stating that the positive growth across all segments in April 2024 can be attributed to favorable consumer sentiments and festive celebrations during the month.
Aggarwal further highlighted factors contributing to the industry’s growth, including above-normal monsoon rainfall, policy continuity post-elections, and the government’s focus on manufacturing and infrastructure development, which are expected to drive overall economic growth and sustain the momentum in the auto sector.
Looking back at the just-concluded financial year 2023-24, the Indian automobile industry posted a satisfactory performance, with total domestic sales witnessing a growth of 12.5%. Passenger vehicle sales increased by 8.4%, three-wheelers by 41.5%, and two-wheelers by 13.3%. Commercial vehicles, however, experienced a marginal growth of 0.6%.
Analyzing the performance of major automakers, it is evident that while some companies experienced a decline in passenger vehicle sales in April compared to March, others showcased growth. Maruti Suzuki and Tata Motors witnessed a decline of 10% and 5%, respectively, in April sales compared to March. In contrast, Mahindra registered a marginal growth of 3% during the same period.
In the two-wheeler segment, companies like Bajaj, Hero, TVS, and Eicher demonstrated growth ranging from 6% to 9% in April 2024 compared to March.
However, the commercial vehicles segment witnessed a decline in sales across major companies in April compared to March. Tata Motors and Ashok Leyland stood out with impressive growth of 31% and 10% in the financial year 2023-24, while Eicher experienced a negative growth of 18%.
