Mixed Trends in Indian Vehicle Sales: July 2024 Report

Passenger vehicle wholesales in India saw a 2.5% decline year-on-year in July 2024, influenced by a high base effect and moderated demand. Despite this, utility vehicles and two-wheelers showed growth. SIAM data revealed increases in motorcycle and scooter sales, though passenger cars and commercial vehicles recorded drops.

Passenger vehicle wholesales in India fell by 2.5 per cent year-on-year to 3,41,510 units in July, influenced by a high base effect and companies reducing vehicle dispatches amid moderated demand.

The Society of Indian Automobile Manufacturers (SIAM) reported that overall passenger vehicle dispatches to dealers were 3,50,355 units in July 2023. Utility vehicles contributed to the sales drive, registering 1,88,217 units last month—a 4.1 per cent growth compared to the same period last year.

Passenger cars, however, experienced a 12 per cent drop, totaling 96,652 units, down from 1,09,859 units in July 2023. Industry experts note that after rapid growth in recent years, there is now a visible moderation in demand. Additionally, OEMs undertook stock corrections in July, aiming to reduce network inventory.

(With inputs from agencies.)