The Society of Indian Automobile Manufacturers (SIAM) has released the performance data for the Indian automotive sector for the month of January 2024, revealing robust growth across various segments.
The total production of Passenger Vehicles, Three Wheelers, Two Wheelers, and Quadricycles in January 2024 reached an impressive 23,28,329 units, showcasing the industry's manufacturing growth.
Passenger Vehicles (PV): January witnessed a resilient performance with 3,93,074 units sold, marking a 14% growth compared to the same month in 2023.
Three Wheelers: The segment experienced a healthy growth of 9%, with 53,537 units sold in January 2024. Passenger Carrier sales stood at 41,837 units, Goods Carrier at 10,000 units, E-Rickshaw at 1,262 units, and E-Cart at 438 units.
Two Wheelers: January 2024 recorded robust sales of 14,95,183 units, marking a substantial 26% growth from the same period last year. The Scooter/Scooterette segment contributed significantly with 4,87,534 units sold, while Motorcycle/Step-Throughs reached 9,65,613 units, and Mopeds accounted for 42,036 units.
Quadricycle segment recorded 33 units sold in January 2024.
Vinod Aggarwal, President of SIAM, commented on the positive trends, emphasising the resilience in Passenger Vehicle sales and the continuous growth in the Two-Wheeler segment, particularly in rural markets. He also highlighted the anticipated growth in the Commercial Vehicle sector in the coming months, attributing it to the government's focus on mobility and electric vehicles in Budget 2024.
Rajesh Menon, Director General of SIAM, echoed Aggarwal's sentiments, highlighting the growth in Passenger Vehicle and Three-Wheeler sales. Menon noted that these segments have consistently achieved their highest-ever sales from April 2023 to January 2024.
The January 2024 performance data indicates a positive trajectory for the Indian automotive industry, with increasing consumer confidence and strategic government initiatives driving growth across various segments.
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