India’s Automobile Sales Soar by 11.6% to Reach Record 2.5 Crore Units in 2024
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Synopsis
India's automobile industry achieved a historic milestone in 2024 with an 11.6% increase in sales, totaling 2.5 crore units. This growth, driven by positive consumer sentiment and macroeconomic stability, solidifies India's position as the world's third-largest car market. Significant contributions came from two-wheelers, passenger vehicles, and three-wheelers.
Key Takeaways
- 11.6% increase in automobile sales in 2024.
- Record sales of 2.5 crore units.
- Two-wheeler segment grew by 14.5%.
- Passenger vehicles sales reached 43 lakh units.
- Government policies positively impacting growth.
New Delhi, Jan 14 (NationPress) India’s automobile sales increased significantly by 11.6% in 2024, achieving an unprecedented total of 2.5 crore units compared to 2.3 crore units the previous year, as per the wholesale data published by the Society of Indian Automobile Manufacturers (SIAM) on Tuesday.
This achievement cements India’s position as the third largest car market worldwide last year.
According to SIAM president Shailesh Chandra, “Favorable consumer sentiments and the stable macroeconomic environment of the country contributed to a reasonable growth in the automobile sector across various vehicle categories.”
The primary growth driver has been the two-wheeler segment, which saw a 14.5% increase in 2024, reaching sales of 1.95 crore units. Additionally, both passenger vehicles and three-wheelers achieved record sales for the year.
Passenger vehicles (PV) experienced a 4.2% growth in 2024, with approximately 43 lakh units sold. Three-wheelers reported a 6.8% increase, totaling 7.3 lakh units in sales.
Data for December indicated a 10% rise in passenger vehicle dispatches to dealers, reaching 3,14,934 units compared to 2,86,390 units in December 2023.
In contrast, two-wheeler dispatches fell by 9% to 11,05,565 units, down from 12,12,238 units in December 2023. However, three-wheeler dispatches increased to 52,733 units in December from 50,947 units in December 2023, according to SIAM.
During the October-December quarter, the sales of passenger vehicles, commercial vehicles, and three-wheelers achieved their highest growth ever.
Chandra emphasized the significance of the stable policy framework established by the government in 2024, which has continued from previous years. He expressed optimism that the positive sentiment generated by the Bharat Mobility Global Expo would further boost growth into 2025.
SIAM director general Rajesh Menon noted that in the October-December quarter, passenger vehicles, commercial vehicles, and three-wheelers achieved record sales for Q3.
Passenger vehicles grew by 4.5% in Q3 of 2024-25, accounting for 10.6 lakh units in sales compared to the previous year.
PV wholesales saw a remarkable 10% growth in December, reaching 3.15 lakh units compared to 2.86 lakh units in December 2023, with manufacturers offering discounts to clear accumulated inventory before the onset of 2025.
