SIAM June 2024: Auto Industry Shows Strong Growth In Q1 2024-25

The Society of Indian Automobile Manufacturers (SIAM) has released its latest report, revealing robust growth across various segments both for June 2024 and the first quarter (April-June) of the fiscal year 2024-25.

In June 2024, the industry saw a total production of 23,36,255 units of passenger vehicles, three-wheelers, two-wheelers, and quadricycles. Domestic sales for the month were encouraging, with passenger vehicles registering sales of 3,37,757 units, three-wheelers at 59,544 units, and two-wheeler sales stood at 16,14,154 units. 

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The quarterly figures were even more impressive. Between April-June 2024 a total production of 75,48,668 units was produced across all vehicle categories. Domestic sales showed significant growth in all segments, with passenger vehicles reaching 10,26,006 units (3 per cent growth), commercial vehicles at 2,24,209 units (3.5 per cent growth), three-wheelers at 1,65,081 units (14.2 per cent growth), and two-wheelers leading with 49,85,631 units (20.4 per cent growth).

Particularly noteworthy is the performance of the passenger vehicle segment, which achieved its highest-ever Q1 sales, crossing the 1 million mark for the first time. Three-wheelers also set a Q1 record with 1.65 lakh units sold. The two-wheeler segment also showed impressive growth, with scooters performing exceptionally well, showing a 40.1 per cent increase in June 2024 compared to the previous year.

(Also Read: Mercedes-Benz India Rules The Roost In Luxury Car Sales In H1 2024)

Within the Passenger Vehicle category, utility vehicles continued their upward trend with an 18% growth in Q1, while passenger cars saw a decline of 17.5 per cent. The commercial vehicle segment maintained steady growth at 3.5 per cent.

Overall, the Indian auto industry showed a robust growth of 16.4% in domestic sales across all categories in Q1 2024-25 compared to the same period last year. This strong performance indicates a solid recovery and positive momentum in the sector, despite sales of some segments like e-rickshaws and e-carts showing a decline.