In October 2024, the Indian auto industry experienced steady growth, driven by festive demand during Dussehra and Diwali, which boosted consumer interest and vehicle purchases, according to the Society of Indian Automobile Manufacturers (SIAM).
Domestic sales of passenger vehicles (PVs) reached an all-time high for October, with 3,93,238 units sold—a 0.9% increase compared to October 2023. However, passenger car sales declined by 17%, with 1,07,520 units sold in October 2024, down from 1,30,046 units in October 2023.
This data excludes sales figures from BMW, Mercedes, JLR Tata Motors, and Volvo Motors, as their information was unavailable.
Utility vehicle sales has registered a growth of 13.9 per cent in October. A total 2,25,935 units of Utility vehicles sold in October 2024 as against 1,98, 356 units sold in October 2023.
Meanwhile, the two-wheeler segment saw its best-ever October sales, with 21,64,276 units sold, reflecting a robust 14.2% year-on-year growth. This growth aligns with a broader trend, as Vahan vehicle registration data reveals more than 30% higher registrations for both passenger vehicles and two-wheelers compared to the previous year.
The three-wheelers segment saw a slight dip, with total sales at 76,770 units, down 0.7 per cent from October 2023. Within this category, passenger carriers rose by 2 per cent, while goods carriers decreased by 1 per cent. Notably the electric rickshaw segment dropped by nearly 50 per cent, though electric carts saw a significant 129.5 per cent growth.
Mr Rajesh Menon, Director General, SIAM said, “October 2024 saw two major festivals Dussehra and Diwali, both occurring in the same month, which traditionally drive higher consumer demand providing a significant boost to Auto industry’s performance. Passenger Vehicles posted its highest ever sales of October in 2024 of 3.93 Lakh units, with a growth of 0.9%, albeit on a high base of last October.”
“Two-Wheeler segment also posted the highest ever sales of October in 2024 with 21.64 Lakh units, with a good growth of 14.2%, compared to October 2023. This high growth was also reflected in the Vahan vehicle registration data, wherein more than 30% growth in registration was witnessed for both Passenger Vehicles and Two-Wheelers in October 2024, compared to October 2023. However, Three-Wheelers marginally de-grew by (-)0.7% compared to October of previous year, with sales of 0.77 lakh units in October 2024, although there was growth of 11% in registration, compared to last October,” he added.
