New Delhi, January 14 (IANS). Wholesale sales of India’s automobile industry are expected to increase by 11.6 percent year-on-year to 25 million units in 2024. Last year this figure was 2.3 crore units. This information was given by the Society of Indian Automobile Manufacturers (SIAM) on Tuesday.
With these figures, India was the third largest car market in the world last year.
SIAM Chairman K Shailesh Chandra said positive consumer sentiment and the country’s macroeconomic stability helped drive reasonable growth for the automobile sector in the vehicle segment.
He further said that the two-wheeler segment will lead the growth in 2024. Compared to 2023, there has been a growth of 14.5 percent in the two-wheeler segment last year and sales of 1.95 crore units. Apart from this, the highest sales till date have been recorded in passenger vehicles and three-wheeler segments last year.
The passenger vehicles segment grew by 4.2 percent in 2024 compared to the previous year and sales stood at around 43 lakh units. Three-wheelers registered a growth of 6.8 percent in 2024 compared to the previous year and sales stood at 7.3 lakh units.
According to the data, deliveries of passenger vehicles to dealers have increased by 10 percent to 3,14,934 units in December 2024 as against 2,86,390 units in December 2023.
However, two-wheeler deliveries declined by 9 percent to 11,05,565 units in December 2024 from 12,12,238 units in December 2023.
SIAM said deliveries of three-wheelers have increased from 50,947 units in December 2023 to 52,733 units in December 2024.
Passenger vehicles, commercial vehicles and three-wheelers recorded their highest ever growth in the October-December quarter.
In the third quarter of the financial year 2024-25, sales of passenger vehicles have increased by 4.5 percent on an annual basis to 10.6 lakh units.
–IANS
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