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        SIAM is the Apex National Body representing Indian Automobile Industry

        Press Releases

        • Auto Industry Sales Performance of March 2024, Q4(Jan– March 2024) and April March 2024

          12/04/2024 | New Delhi

          Monthly Performance: March 2024

          Production: The total production of Passenger Vehicles1, Three Wheelers, Two Wheelers and Quadricycle in the month of March 2024 was 23,25,959 units

          Domestic Sales:

          • Passenger Vehicles2 sales were 3,68,086 units in March 2024.
          • Three-wheeler sales were 56,723 units in March 2024.
          • Two-wheeler sales were 14,87,579 units in March 2024.

          1 BMW, Mercedes, JLR, Tata Motors & Volvo Auto data are not available.

          2 BMW, Mercedes, JLR & Volvo Auto data are not available. Tata Motors Domestic Sales data for March included only in this document.

          Quarterly Performance: January - March 2024

          Production: Total production of Passenger Vehicles3, Commercial Vehicles4, Three Wheelers, Two Wheelers and Quadricycle in January - March 2024 was 73,94,417 units.

           

          Domestic Sales:

          • Passenger Vehicles3 sales were 11,35,501 units in January– March 2024.
          • Commercial Vehicles4 sales were 2,68,294 units in January – March 2024.
          • Three-wheeler sales were 1,64,844 units in January – March 2024.
          • Two-wheeler sales were 45,03,523 units in January – March 2024.

           

          Financial Year Performance: April 2023 - March 2024

          Production: Total production of Passenger Vehicles3, Commercial Vehicles4, Three Wheelers, Two Wheelers and Quadricycle in April 2023 - March 2024 was 2,84,34,742 units.

           

          Domestic Sales:

          • Passenger Vehicles3 sales were 42,18,746 units in April – March 2024.
          • Commercial Vehicles4 sales were 9,67,878 units in April – March 2024.
          • Three-wheeler sales were 6,91,749 units in April – March 2024.
          • Two-wheeler sales were 1,79,74,365 units in April – March 2024.

           

          3BMW, Mercedes, JLR & Volvo Auto data are not available.

          4Daimler, JBM Auto & Scania data are not available.

           

          Commenting on sales data of 2023-24, Mr Vinod Aggarwal, President, SIAM said, “On the backdrop of a robust economic growth of 7.6% based on conducive policies of Government of India, the Indian Automobile Industry has posted a satisfactory performance with domestic industry growing by 12.5% during the last Financial Year.

          Passenger Vehicle segment led the growth with overall sales touching almost 5-million units including 4.2 million domestic (growth of 8.4%) and 0.7 million exports. Two-wheeler segment continued the recovery path with a handsome growth of over 13% in domestic sales to almost 18 million units, even though still lower than the earlier peak of 21 million units in FY19. Domestic Commercial Vehicle industry had a marginal growth to 0.97 million units and within that, some drop was experienced in LCVs and SCVs due to degrowth in CNG segment. The growth in Commercial vehicles was also impacted due to migration to higher tonnage trucks which created higher payload capacity, that is not reflected in the number of units. Three-Wheeler industry is almost close to the earlier peak of 0.7 million units in FY 19.

          Overall exports remained under stress during the last financial year with sizeable drop in Commercial Vehicles, Two-Wheelers and Three-Wheelers, though Passenger vehicles grew marginally. However, good recovery was seen in the last quarter, especially for two-wheelers, indicating better potential for the current year.

          All in all, it has been a satisfactory performance for the Indian Automobile Industry.

           

          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.”

           

          Commenting on the Q4 performance of 2023-24, Mr Rajesh Menon, Director General, SIAM said, “Two-Wheelers posted sales of 4.5 Mn units with a significant growth of 25%, compared to Q4 of FY 2022-23. Passenger Vehicle registered growth of 12% and posted sales of more than 1.1 Mn units. Three-Wheelers posted sales of 1.65 Lakh units with a growth of 7%. Commercial Vehicles registered degrowth of (-) 4%, by posting sales of more than 2.68 Lakh units.”

           

           

          Rajesh Menon, Director General, SIAM

          rajesh.menon@siam.in

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