SIAM Reports Growth Across All Segments In May 2024

Abhijeet Singh
11 Jun 2024
02:02 PM
1 Min Read

The total production of passenger vehicles, three-wheelers, two-wheelers, and quads in May 2024 was 2,455,637 units indicating strong manufacturing output.

SIAM Reports Growth Across All Segments In May 2024 mobility outlook

The Society of Indian Automobile Manufacturers (SIAM) has released its performance report for May 2024 showing notable growth across all major automotive segments. This marks a positive trend for the industry, buoyed by favourable economic conditions and government initiatives.

In terms of domestic sales, passenger vehicle sales reached 347,492 units which is the highest ever recorded for May. The two-wheeler segment saw sales of 1,620,084 units, while three-wheeler sales were 55,763 units.

Despite a high base effect from the previous year, passenger vehicles managed a moderate growth of 3.9% compared to May 2023. This was highlighted by SIAM President Vinod Aggarwal, who pointed out that while growth was modest, it was still significant given the high comparison point. He noted that the segment is poised for steady growth, driven by the new government's focus on economic development and infrastructure projects.

The two-wheeler segment posted a robust growth of 10.1% compared to the same period last year. However, it remains below the levels seen in 2017-18 for the month of May. SIAM's Director General, Rajesh Menon, mentioned that this indicates a gradual recovery as the market continues to rebound from previous years' lows.

Three-wheeler sales grew by 14.7%, reaching the highest sales figures for May since 2018-19. This segment's strong performance reflects increasing urban mobility needs and the rising popularity of electric three-wheelers in the business market.

The overall positive outlook for the auto industry is supported by expectations of an above-normal monsoon and the new government's commitment to economic development. These factors are anticipated to drive demand further, especially in rural areas where good monsoon rains can significantly impact purchasing power and vehicle sales.

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