In February, India’s passenger vehicle sales surged to a record high, reaching 370,786 units, a 10.8% increase compared to the previous year, as reported by the Society of Indian Automobile Manufacturers (SIAM). Two-wheelers and three-wheelers also experienced robust sales growth, with two-wheeler sales rising by 34.6% to 1.52 million units and increasing by 8.3% to 54,584 units. The remarkable performance of the auto sector is attributed to the country’s impressive 8.4% GDP growth in the third quarter of FY23-24, exceeding earlier estimates.
Furthermore, SIAM’s data highlighted a notable uptick in total passenger vehicle exports, rising by 20.4% to 54,043 units in February. Three-wheeler and two-wheeler exports also saw substantial increases of 31.5% and 39.5%, respectively. For the fiscal year 2023-24 until February 29, domestic passenger vehicle sales grew by 8.1% to 3,742,205 units, while exports increased by 3.05% to 609,505 units. The dynamic growth in both domestic and export markets underscores the resilience of the Indian automotive industry amidst favourable economic conditions.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.