Auto Sales May 2024 SIAM: Indian Auto Industry Grows With Robust Sales

India's auto sector revved up in May 2024, producing a staggering 24,55,637 units across all segments.

The Indian auto industry witnessed a robust performance in May 2024, with strong production and sales figures across segments. Total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles reached an impressive 24,55,637 units during the month.

In the domestic market, passenger vehicle sales stood at 3,47,492 units, reflecting a moderate growth of 3.9 per cent compared to May 2023. This moderate growth can be attributed to a high base effect from the previous year. However, the two-wheeler and three-wheeler segments recorded double-digit growth, indicating a rising demand.

Two-wheeler sales soared to 16,20,084 units, marking a 10.1 per cent increase over the same period last year, although still lower than May's 2017-18 levels. The three-wheeler segment also witnessed a remarkable 14.7 per cent surge, with 55,763 units sold domestically, the highest ever for May, surpassing the previous peak in 2018-19.

Commenting on the industry's performance, Vinod Aggarwal, President of SIAM (Society of Indian Automobile Manufacturers), expressed optimism for steady growth in the 2024-25 fiscal year. He cited the expectations of a favourable monsoon and the government's continued emphasis on economic development as key drivers for the auto industry's growth prospects.

Rajesh Menon, Director General of SIAM, highlighted the record-breaking passenger vehicle sales in May 2024, the highest ever for the month. He also noted that while two-wheeler sales grew, they still lagged behind the 2017-18 levels for the same period.