Auto Industry records strong growth in 2024; SIAM reports key sales data across segments

The Society of Indian Automobile Manufacturers (SIAM) released its sales and production data for December 2024, Q3 FY 2024-25, and the full calendar year 2024, showcasing a steady growth trajectory in the Indian automotive industry. Positive consumer sentiment and macroeconomic stability significantly boosted performance across vehicle categories, except for slight setbacks in specific segments.

December 2024: Monthly Performance

Production:

The total production of Passenger Vehicles, Three-Wheelers, Two-Wheelers, and Quadricycles in December 2024 stood at 19,21,268 units.

Domestic Sales:

• Passenger Vehicles (PV): 3,14,934 units, up by 10% compared to December 2023.
• Three-Wheelers (TW): 52,733 units, marking a 3.5% increase year-on-year.
• Passenger Carriers: 42,376 units (+7.5%)
• Goods Carriers: 9,083 units (-0.4%)
• E-Rickshaws: 1,098 units (-48.9%)
• E-Carts: 176 units (-36%)
• Two-Wheelers: 11,05,565 units, showing an 8.8% decline.
• Scooters: 4,18,665 units (+3.2%)
• Motorcycles: 6,53,808 units (-14.9%)
• Mopeds: 33,092 units (-13.6%)
• Quadricycles: 5 units (-77.3%).

Q3 FY 2024-25: October to December Performance

Production:

Total production across categories reached 75,92,011 units.

Domestic Sales:

Passenger Vehicles: 10,58,145 units (+4.5%).
Commercial Vehicles: 2,38,050 units (+1.2%).
Three-Wheelers: 1,88,853 units (+0.2%).
Two-Wheelers: 48,74,590 units (+3%).

FY 2024-25: April to December Performance

Production:

The auto sector recorded a total production of 2,32,14,969 units for the nine-month period.

Domestic Sales:

Passenger Vehicles: 31,39,288 units.
Commercial Vehicles: 6,83,471 units.
Three-Wheelers: 5,62,652 units.
Two-Wheelers: 1,50,39,570 units.
Calendar Year 2024: January to December Performance

Production:

The total production hit 3,06,10,778 units for the year.

Domestic Sales:

• Passenger Vehicles: 42,74,793 units (+4.2%)
• Commercial Vehicles: 9,51,991 units (-2.7%)
• Three-Wheelers: 7,28,670 units (+6.8%)
• Two-Wheelers: 1,95,43,093 units (+14.5%)

Industry Insights and Outlook

Commenting on the sales figures, Shailesh Chandra, President, SIAM, noted, "2024 has been reasonably good for the auto industry. Two-Wheelers were the growth driver with a 14.5% increase, posting sales of 1.95 crore units. Passenger vehicles and three-wheelers also achieved their highest-ever sales, growing by 4.2% and 6.8%, respectively. However, Commercial Vehicles saw a slight decline of 2.7%. We expect this momentum to carry into 2025, supported by positive consumer sentiment and events like the Bharat Mobility Global Expo."

Rajesh Menon, Director General, SIAM, added, "Q3 performance was remarkable, with Passenger Vehicles, Commercial Vehicles, and Three-Wheelers posting record sales. Two-Wheelers recorded their second-highest Q3 sales, demonstrating the industry's resilience."