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Auto industry sales performance of March 2024, Q4 (Jan– March 2024) and FY (April 2023 - March 2024)

Auto industry sales performance of March 2024, Q4 (Jan– March 2024) and FY (April 2023 - March 2024)

Monthly Performance: March 2024 

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

Domestic Sales: 

  • Passenger Vehicles 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. 

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

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 Vehicles, Commercial Vehicles, Three Wheelers,  Two Wheelers and Quadricycle in January - March 2024 was 73,94,417 units. 

Domestic Sales: 

  • Passenger Vehicles sales were 11,35,501 units in January– March 2024.

  • Commercial Vehicles 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 Vehicles, Commercial Vehicles, Three Wheelers,  Two Wheelers and Quadricycle in April 2023 - March 2024 was 2,84,34,742 units. 

Domestic Sales: 

  • Passenger Vehicles sales were 42,18,746 units in April – March 2024.

  • Commercial Vehicles 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. 

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

Daimler, 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 9.7 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.”


Domestic Sales: Monthly (March 2024)

Segment/ Subsegment 

2023

2024

% Change

Total Passenger Vehicles (PVs)

3,36,074 

3,68,086 

9.5%

Three Wheelers




Passenger Carrier 

40,131 

42,913 

6.9%

Goods Carrier 

10,861 

11,655 

7.3%

E-Rickshaw 

2,718 

1,695 

-37.6%

E-Cart 

650 

460 

-29.2%

Total Three Wheelers 

54,360 

56,723 

4.3%

Two Wheelers




Scooter/ Scooterettee 

4,37,617 

4,66,612 

6.6%

Motorcycle/Step-Throughs 

8,16,122 

9,80,100 

20.1%

Mopeds 

36,814 

40,867 

11.0%

Total Two Wheelers 

12,90,553 

14,87,579 

15.3%

Quadricycle 

105 

31 

-70.5%

BMW, Mercedes, JLR & Volvo Auto data are not available, Tata Motors Domestic Sales data for March included only in ‘Total PV’, detailed break-up is not  available. However, without Tata Motors, ‘Total PV’ would be 2,92,030 units for March 2023 and 3,17,976 units for March 2024

 

Domestic Sales: Q4 – January-March 2024 

Segment/ Subsegment 

2022-23

2023-24

% Change

Passenger Vehicles (PVs)




Passenger Cars

 4,47,479 

3,94,549 

-11.8%

Utility Vehicles (UVs)

 5,34,126 

7,01,212 

31.3%

Vans

 36,750 

39,740 

8.1%

Total Passenger Vehicles (PVs)

 10,18,355 

11,35,501 

11.5%

Commercial Vehicles (CVs)




M&HCVs




Passenger Carrier

 14,385 

19,971 

38.8%

Goods Carrier

 1,03,325 

90,044 

-12.9%

Total M&HCVs

 1,17,710 

1,10,015 

-6.5%

LCVs




Passenger Carrier

 14,037 

15,333 

9.2%

Goods Carrier

 1,47,131 

1,42,946 

-2.8%

Total LCVs

 1,61,168 

1,58,279 

-1.8%

Total Commercial Vehicles (CVs)

 2,78,878 

2,68,294 

-3.8%

Three Wheelers




Passenger Carrier

 1,15,969 

1,27,332 

9.8%

Goods Carrier

 27,918 

31,668 

13.4%

E-Rickshaw

 8,521 

4,466 

-47.6%

E-Cart

 1,237 

1,378 

11.4%

Total Three Wheelers

 1,53,645 

1,64,844 

7.3%

Two Wheelers




Scooter/ Scooterettee

 12,04,703 

14,69,486 

22.0%

Motorcycle/Step-Throughs

 22,91,004 

29,10,075 

27.0%

Mopeds

 1,08,883 

1,23,962 

13.8%

Total Two Wheelers

 36,04,590 

45,03,523 

24.9%

Quadricycle

 284 

100 

-64.8%

Grand Total

 50,55,752 

60,72,262 

20.1%

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

Daimler, JBM Auto & Scania data are not available.


Domestic Sales: April 2023 - March 2024 

Segment/ Subsegment 

2022-23

2023-24

% Change

Passenger Vehicles (PVs)




Passenger Cars

 17,47,376 

15,48,943 

-11.4%

Utility Vehicles (UVs)

 20,03,718 

25,20,691 

25.8%

Vans

 1,39,020 

1,49,112 

7.3%

Total Passenger Vehicles (PVs)

 38,90,114 

42,18,746 

8.4%

Commercial Vehicles (CVs)




M&HCVs




Passenger Carrier

 38,410 

53,136 

38.3%

Goods Carrier

 3,20,593 

3,20,058 

-0.2%

Total M&HCVs

 3,59,003 

3,73,194 

4.0%

LCVs




Passenger Carrier

 44,315 

51,750 

16.8%

Goods Carrier

 5,59,150 

5,42,934 

-2.9%

Total LCVs

 6,03,465 

5,94,684 

-1.5%

Total Commercial Vehicles (CVs)

 9,62,468 

9,67,878 

0.6%

Three Wheelers




Passenger Carrier

 3,61,094 

5,45,038 

50.9%

Goods Carrier

 97,540 

1,11,519 

14.3%

E-Rickshaw

 26,654 

31,290 

17.4%

E-Cart

 3,480 

3,902 

12.1%

Total Three Wheelers

 4,88,768 

6,91,749 

41.5%

Two Wheelers




Scooter/ Scooterettee

 51,90,702 

58,39,325 

12.5%

Motorcycle/Step-Throughs 

1,02,30,502 

1,16,53,237 

13.9%

Mopeds

 4,41,567 

4,81,803 

9.1%

Total Two Wheelers 

1,58,62,771 

1,79,74,365 

13.3%

Quadricycle

 725 

725 

0.0%

Grand Total 

2,12,04,846 

2,38,53,463 

12.5%

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

Daimler, JBM Auto & Scania data are not available.


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