Festivals in October gave some leg-up to the struggling automobile industry as sales of passenger vehicles (PVs) stabilised and saw a flat 0.9 per cent rise, while the two-wheeler segment witnessed over 14 per cent jump in sales.
The Society of Indian Automobile Manufacturers (SIAM) reported that PVs recorded its highest-ever October domestic sales reaching 393,238 units, marking a modest 0.9 per cent increase over the same period last year despite a higher base.
On the other hand, the domestic sales of two-wheelers (2Ws) rose to 2,164,276 units, growing 14.2 per cent year-on-year (Y-o-Y).
Scooters and motorcycles led the charge within this segment, growing by 22.3 per cent and 11.0 per cent, respectively, compared to October 2023. This growth highlights a sustained consumer interest in personal mobility solutions.
Women have taken a hit, especially over the past two years, as their share in the number of loan accounts dried down to 63.63 per cent in FY24 (chart 4).
However, the three-wheeler segment faced a slight decline in domestic sales, dropping by 0.7 per cent to 76,770 units in October 2024 from 77,344 units in October 2023.
Commenting on the performance, Rajesh Menon, Director General of SIAM, said, “October 2024 saw two major festivals, Dussehra and Diwali, both occurring in the same month, which traditionally drive higher consumer demand. This boost was clearly reflected in the automotive industry’s sales performance, with passenger vehicles and two-wheelers recording their highest-ever October sales.”
Data from VAHAN, India’s national vehicle registration portal, further solidified this trend as it showed that registrations for both passenger vehicles and two-wheelers showed over 30 per cent growth compared to October 2023.
Meanwhile, the registration for the three-wheeler segment showed an 11 per cent increase on the VAHAN portal compared to last October.
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