Passenger vehicle domestic sales grew 8.4% year-over-year to over 42 lakh units in FY24: SIAM
Upstox
2 min read • Updated: April 12, 2024, 5:13 PM
Summary
According to SIAM, that two-wheeler segment continued the recovery path with a handsome growth of over 13% in domestic sales to almost 1.8 crore units, even though it was lower than the earlier peak of 2.1 crore units in FY19. Domestic commercial vehicle industry had a marginal growth to 97 lakh units and within that, some drop was experienced in light commercial vehicle (LCVs) and small commercial vehicle (SCVs) due to de-growth in the CNG segment.
Passenger vehicle domestic sales for the fiscal year 2024 grew 8.4% year-over-year to over 42 lakh units, according to a release issued by the Society of Indian Automobile Manufacturers (SIAM).
The industry body said that the two-wheeler segment continued the recovery path with a handsome growth of over 13% in domestic sales to almost 1.8 crore units, even though it was lower than the earlier peak of 2.1 crore units in FY19.
Domestic commercial vehicle industry had a marginal growth to 97 lakh units and within that, some drop was experienced in light commercial vehicle (LCVs) and small commercial vehicle (SCVs) due to de-growth in the CNG segment, it said.
SIAM pointed out that the growth in commercial vehicles was also impacted due to migration to higher tonnage trucks which created higher payload capacity, which is not reflected in the number of units. Three-wheeler industry is almost close to the earlier peak of 7 lakh units in FY19.
Vinod Aggarwal, President, SIAM said that on the backdrop of a robust economic growth of 7.6% based on conducive policies of government of India, the Indian auto-mobile industry has posted a satisfactory performance with domestic industry growing by 12.5% during the last financial year.
“The year also demonstrated the sustainability commitments of the auto industry as it commenced producing vehicles which are material compliant to 20% Ethanol and witnessed growth of 90% in electric passenger vehicles and 30% in electric two-wheelers. The industry remains optimistic as the macroeconomic outlook remains positive. Coupled with good monsoon outlook, we are expecting continued growth for the industry this year as well,” he added.
Auto-maker stocks have posted decent gains this year. Shares of Tata Motors have gained over 29% since the beginning of the year and have registered a growth of over 117% in the last one year. Similarly, Maruti Suzuki shares have risen over 19% since the beginning of the year while have recorded gains of over 41% in the last one year.