Two-wheeler sales yet to reach pre-Covid 19 levels, says auto industry body
Passenger vehicles wholesales in India have touched a record high of 42,18,746 units in the financial year 2023-24, registering a year-on-year growth of 8.4 per cent, industry body Society of Indian Automobile Manufacturers (SIAM) said.
On the other hand, the overall passenger vehicle dispatches stood at 38,90,114 units in fiscal year 2022-23, PTI quoted the SIAM data. The two wheeler sales stood at 13.3 per cent last fiscal at 1,79,74,365 units, as compared to 1,58,62,771 units in the financial year 2022-23.
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As per the report, the vehicle sales across the categories surged by 12.5 per cent to 2,38,53,463 units in the period under review, as against 2,12,04,846 units in fiscal year 2022-23.
SIAM president Vinod Aggarwal said that the Indian auto industry posted a ‘satisfactory’ performance with the domestic industry growing by
12.5 per cent during the last financial year.
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Adding further, Aggarwal said that this growth was led by passenger vehicles segment that had almost touched 50 lakh units in overall sales, including 42 lakh units of domestic sales and 7 lakh units of exports.
The utility vehicles including SUVs grew by 25.8 per cent in FY24 at 25,20,691 units, as against 20,03,718 units in FY23, the SIAM said.
However, the SIAM president said that the two-wheeler segment continued to recover with a growth of over 13 per cent in domestic sales to almost 1.8 crore units, even though it was still lower than the earlier peak of 2.1 crore units in FY19.
The entry-level categories of both passenger cars and two-wheelers continued to face challenges as the rural economy has not fully recovered.
“The domestic commercial vehicle industry had a marginal growth to 97 lakh units and within that, some drop was experienced in light commercial vehicles (LCVs) and small commercial vehicles (SCVs) due to degrowth in the CNG segment,” he added.
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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.
In the three-wheeler segment, he said the industry is almost close to the earlier peak of 7 lakh units in FY19.
(With PTI inputs)