India's Passenger Vehicle sales surge 14% to a record 3,93,074 units in January 2024, with a robust demand for utility vehicles.
Passenger Vehicles (PV) sales in India kicked off on a strong note in 2024 with wholesales rising 14 per cent year-on-year to 3,93,074 units last month, the best-ever figure for January driven by robust demand for utility vehicles, industry body SIAM said on Wednesday.
As per the data issued by the Society of Indian Automobile Manufacturers (SIAM), dispatches of passenger vehicles from manufacturers to dealers stood at 3,46,080 units in January 2023.
Two-wheeler wholesales rose 26 per cent to 14,95,183 units last month as compared with 11,84,376 units in January last year.
"Passenger vehicle sales have remained resilient led by positive consumer sentiments, while the two-wheeler segment witnessed good growth in January as well as the rural market continues to recover," Society of Indian Automobile Manufacturers (SIAM) President Vinod Aggarwal said.
Though the commercial vehicle sector did not grow in January 2024, it is likely to see good offtake in the next two months of this financial year, he added.
Three-wheeler wholesales witnessed a growth of 9 per cent at 53,537 units as against 48,903 units in January 2023.
"Passenger vehicles and three-wheelers continue to post their highest-ever sales till date, in FY 24, for the period April to January," SIAM Director General Rajesh Menon said.
According to SIAM, market leader Maruti Suzuki India posted wholesales of 1,66,802 units last month, up from 1,47,348 units in January last year.
Rival Hyundai Motor India sold 57,115 units as compared to 50,106 units in the same month a year ago.
Mahindra & Mahindra's wholesales were at 43,068 units as against 33,040 units in the same month last year, it added.
In the motorcycle segment, Hero MotoCorp sold 3,89,752 units last month in the domestic market as against 3,26,467 units in the year-ago period, while Honda Motorcycle & Scooter India posted wholesales of 1,83,638 units as compared to 1,27,912 units in January 2023.
Bajaj Auto Ltd sold 1,78,056 units of motorcycles last month as compared to 1,38,860 units in January 2023, SIAM said.
Scooters also saw strong traction with market leader Honda Motorcycle & Scooter India posting 1,98,874 units, up from 1,50,243 units in January last year.
TVS Motor company also had robust growth posting 1,24,664 units as against 1,00,354 units in the same month last year, while Suzuki Motorcycle India also saw its wholesales rising to 78,477 units as compared to 65,991 units in the year-ago month.
On the outlook, Aggarwal said, "Government's strategic focus on mobility in Budget 2024, including strengthening the electric vehicle ecosystem, especially the charging infra and public transport, should help in continuing with the overall growth momentum for the auto sector."