Domestic Passenger Vehicle sales rise 4% to 347,492 units in May 2024: SIAM

As per SIAM data, the total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycle was 24,55,637 units in May 2024.

Domestic passenger vehicle sales rose 4% year-on-year in May 2024 to 3,47,492 units as compared to 3,34,537 in the same month of the previous year, according to data released by Society of Indian Automobile Manufacturers (SIAM).

Total two-wheeler sales in May this year jumped 14.7% year-on-year to 55,763 units. Two-wheeler sales, comprising scooters, mopeds, and motorcycles, increased 10% year-on-year during May 2024 to 16,20,084 units.

Commenting on sales data of May 2024, Mr Vinod Aggarwal, President, SIAM said, “All the segments viz. Passenger Vehicles, Commercial Vehicles, Two-Wheelers and Three-Wheelers have posted growth in May 2024, compared to May 2023. Passenger Vehicles have only witnessed a moderate growth, primarily owing to a high base effect of the previous year. However, Two Wheelers and Three Wheelers posted growth in double digits. With expectations of above normal monsoon and continued emphasis on economic development by the new Government, as it pursues its goal of Viksit Bharat by 2047, the Auto Industry is optimistic of steady growth in 2024-25 as well”.

Mr Rajesh Menon, Director General, SIAM said, “Sales of Passenger Vehicles of May 2024 has been the highest ever in May again, although returning a moderate growth of 3.9%, compared to May 2023. Two-Wheelers posted a growth of 10.1% in May 2024, compared to last year, but are still lower than 2017-18 levels of the month of May. Domestic sales of Three-Wheelers in May 2024 grew by 14.7% compared to May 2023, posting the highest ever sales of May, surpassing the previous peak of year 2018-19”.

As per SIAM data, the total production of Passenger Vehicles, Three Wheelers, Two Wheelers, and Quadricycles in May 2024 was 24,55,637 units.