Passenger vehicle sales up 4%, two-wheelers 10% on-year in May: SIAM

Passenger vehicle sales were up 4 per cent to 3,47,492 units in the month of May as against the year-ago period, according to Society of Indian Automobile Manufacturers (SIAM). 

SIAM stated that 55,763 units of three-wheelers were sold in May, while the number was 16,20,084 units for two-wheelers. Three-wheeler sales in May were 14.7 per cent higher than the previous year’s 48,610 units in the same period. Two-wheeler sales were also up 10.1 per cent in May from 14,71,550 in the previous year.

Vinod Aggarwal, President, SIAM said, “All the segments viz. passenger vehicles, commercial vehicles, two-wheelers and three-wheelers have posted growth in May 2024, compared to May 2023. Passenger vehicles have only witnessed a moderate growth, primarily owing to a high base effect of the previous year.”

Aggarwal said that with expectations of above-normal monsoon and continued emphasis on economic development by the new government, the auto industry is optimistic of steady growth in 2024-25 as well. 

Rajesh Menon, Director General, SIAM said, “Sales of passenger vehicles of May 2024 has been the highest ever in May again, although returning a moderate growth of 3.9 per cent, compared to May 2023.” 

As per SIAM data, the total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycle in May 2024 was 24,55,637 units. 

Meanwhile, according to FADA, domestic passenger vehicle retail sales dipped 1 per cent year-on-year in May. FADA said that the blistering summer heat and elections impacted demand. Two-wheeler sales rose 2 per cent to 15,34,856 units, and three-wheeler sales rose 20 per cent year-on-year to 98,265 units in May. Commercial vehicle sales witnessed an increase of 4 per cent at 83,059 as compared to 79,807 units the previous year, said FADA.