The report further suggested that the exports for the industry witnessed a 25.1 per cent YoY increase during Q3 of FY25, with 14,02,545 units exported during the period as opposed to 11,21,020 units exported during the same period last year. Rajesh Menon, Director General, SIAM, stated that passenger vehicles, commercial vehicles and three wheelers posted their highest ever sales of Q3. Two wheelers also posted their second highest sales of Q3.
Also Read : SIAM Report: November sees a 4.1% growth in passenger vehicle sales
Interestingly, during the month of December 2024, the Indian auto industry saw domestic retails going down by 5.1 per cent YoY, primarily due to the low retails in the two wheeler sector. The industry saw domestic retails of 14,29,007 units across segments in the month as compared to 15,06,127 units retails in the same period last year. Meanwhile the exports for the month stood at 4,79,426 units, representing a 29 per cent increase over the 3,71,640 units exported during December 2023. The total production for the month was marginally higher by 1.3 per cent as compared to the same period last. year.
Indian auto industry: 2024 performance
The data released by SIAM stated that the auto industry witnessed a massive 11.6 per cent YoY increase in domestic sales in the calendar year 2024. During the year, the industry saw total domestic retails of 2,54,98,763 units as compared to 2,28. ₹39,130 units retailed in 2023.
Shailesh Chandra, President, SIAM, stated that 2024 has been reasonably good for the auto industry. Positive consumer sentiments and the country’s macroeconomic stability, helped in propelling reasonable growth for the sector across vehicle segments. This year growth has been primarily driven by the two-wheeler segment which grew by 14.5 per cent in 2024 as compared to previous year, posting sales of 1.95 Crore units. Meanwhile, the exports for the industry during 2024 grew by 19 per cent to 50,98,810 units.
Passenger vehicles: Positive sentiments throughout the year
The passenger vehicle segment saw its highest ever sales in 2024 with total domestic retails of 42,74,793 units, representing a 4.2 per cent YoY increase. Interestingly, while during the year, utility vehicles saw a growth of 16.8 per cent, the passenger cars segment which includes sedans and hatchbacks, saw a downfall of 14.4 per cent YoY.
A similar story can be seen during the third quarter of FY25, where the passenger vehicles segment posted a growth of 4.5 per cent to 10,58,145 units. Much like the annual results, the utility vehicle segment grew by 11.5 per cent while the passenger cars segment saw a downfall by 8.1 per cent during the quarter.
Also Read : List of car and two-wheeler manufacturers to participate in Bharat Mobility Expo
Meanwhile in December 2024, a total of 2,70,704 units of passenger vehicles were retailed, representing an 11.4 per cent YoY growth for the segment. Utility vehicles in the month grew by 9.2 per cent. Interestingly, unlike the calendar year and quarterly performance, in December 2024, the passenger cars segment saw a growth of 15.5 per cent as compared to the same period last year.
Meanwhile, in terms of exports, the passenger vehicles segment saw a growth of 9.7 per cent during calendar year 2024 with a total of 7,43,976 units exported, while during the third quarter of FY25, the segment’s exports rose by 18.9 per cent to 2. ,01,409 units. In December 2024, a total of 78,870 passenger vehicles were exported, representing a 29.8 per cent increase.
Two-wheelers: Primary growth driver for 2024
The SIAM data revealed that a total of 1,95,43,093 units of two wheelers were retailed domestically in 2024, marking a 14.5 per cent growth over 2023. The data revealed that a total of 1,23,52,712 units of motorcycles were retailed in 2024 while 66,75,231 units of scooters and 5,15,150 mopeds were retailed during the same time. In terms of exports, the two wheeler segment witnessed a 22.6 per cent growth in 2024 with 39,77,162 units exported during the calendar.
In the third quarter of FY25, the segment witnessed a growth of 3 per cent with total retails of 48,74,590 units in the quarter. During the quarter 30,34,750 motorcycles were retailed with 17,08,445 units of scooters and 1,31,395 units of mopeds were retailed. In terms of exports, the two wheeler segment witnessed a 28.6 per cent increase in the quarter.
Meanwhile in December 2024, the two wheeler segment saw domestic retails dropping by 8.8 per cent to 11,05,565 units. Apart from the scooters sub segment, which saw retails of 4,18,665 units with a 3.2 per cent YoY increase, the motorcycle segment and the moped segment saw domestic retails drop to 6,53,808 units and 33,092 units respectively, marking a fall of 14.9 per cent. cent and 13.6 per cent respectively. The exports for the month however, were positive with a growth rate of 30.4 per cent.
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First Published Date: 14 Jan 2025, 14:49 PM IST
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