Overall Auto Sales Grew By 12.5 Per Cent In FY 23-24: SIAM

The Society Of Indian Automobile Manufacturers (SIAM) discovered that the overall auto sales grew by 12.5 per cent last financial year with cumulatively 2,84,34,742 units of automobiles manufactured in FY23-24’.

Out of which 42,18,746 units of passenger vehicles, 9,67,878 units of commercial vehicles, 6,91,749 units of three-wheelers, and 1,79,74,365 units of two-wheelers were sold in the country from April 2023 to March 2024.

(Also Read: Auto Sales Grow By 3.14 Per Cent YoY In March 2024: FADA)

Only last month itself in March 2024, the Indian automobile industry manufactured a total of 23,25,959 units. Out of these, 3,68,086 units of passenger vehicles, 56,723 units of three-wheelers, and 14,87,579 units of two-wheelers sold. The two-wheeler segment posted a robust Year-on-Year (Yo-o-Y) growth last month at 15.3 per cent, followed by the passenger vehicle segment at 9.5 per cent. 

Commenting on the Q4 performance of 2023-24, Rajesh Menon, Director General, SIAM said, “Two-Wheelers posted sales of 4.5 Mn units with a significant growth of 25%, compared to Q4 of FY 2022-23. Passenger Vehicles registered a growth of 12% and posted sales of more than 1.1 Mn units. Three-wheelers posted sales of 1.65 Lakh units with a growth of 7%. Commercial Vehicles registered degrowth of 4%, by posting sales of more than 2.68 Lakh units.”

(Also Read: Sale Of Passenger Vehicles Highest Ever In Q1 2023: SIAM)

“The Industry remains optimistic as the macroeconomic outlook remains positive. Coupled with good monsoon outlook, we are expecting continued growth for the industry this year as well,” concluded Vinod Aggarwal, President, SIAM.