The Indian automotive industry witnessed a mixed bag of results as it posted a growth of 13.1 per cent in terms of domestic sales in September 2024. The data revealed by the Society of Indian Automobile Manufacturers (SIAM) revealed that the industry saw dometic sales of 24,21,368 units in the month of September 2024 as compared to 21,41,461 units domestically sold in the same period last year. 

Meanwhile, during the second quarter of financial year 2024-25, the industry saw a growth of 8.9 per cent in terms of domestic sales to 66,63,875 units. In contrast, the industry saw domestic sales of 61,16,773 units during the same period last year.

Passenger vehicle: Still in red

While the industry saw growth during the month of September 2024, the passenger vehicle segment saw a degrowth of 0.4 per cent to 3,15,689 units. The segment saw domestic retails of 3,16,908 units during the same period last year. 

Meanwhile during Q2 FY 24-25, domestic sales of passenger vehicles dropped by 1.8 per cent to 10,55,137 units as compared to 10,74,395 units sold in the same period last year.

Shailesh Chandra, President, SIAM said, “Heavy rainfall in key states and almost the entire ‘Shradh’ period falling in the month of September, did impact the sales numbers of some of the segments." Despite the degrowth, the passenger vehicle sales segment still seems to be high with it crossing the 10 lakh mark for the third time, stated Rajesh Menon, Director General, SIAM. 

Chandra added that with the rains easing and continued infrastructure spending, and the arrival of the festive season boosting consumption, we anticipate healthy demand in the next quarter.

Two Wheelers: Riding strong

In comparison, the two wheeler segment did pretty well. During the month of September 2024, a total of 20,25,993 two wheelers were sold, translating to a 15.8 per cent growth over the previous September’s 17,49,794 units sales mark. Meanwhile during Q2 of FY25, the segment saw domestic retails of 51,79,349 units, a 12.6 per cent increase over Q2 FY24’s 45,98,442 units sold in the domestic market. 

Exports soaring high

Unlike dometic sales, in terms of exports both the passenger vehicle segment and the two wheeler segment have done well. The SIAM report suggests that a total of 67,379 passenger vehicles were exported in September 2024, marking a 12.2 per cent increase. Meanwhile, during the Q2 of FY25, a total of 1,96,196 passenger vehicles were exported, an increase of 6.3 per cent.

The two wheeler segment also saw a growth in terms of exports with 3,72,481 two wheelers being exported in September 2024 and 10,35,997 units exported in Q2 FY25. This marked a growth of 23.2 per cent and 15.8 per cent in the respective period. 

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