Indian Auto Sales Climb in July: A Mixed Performance Across Segments

The Society of Indian Automobile Manufacturers (SIAM) reported that passenger vehicle sales in July stood at 3,41,510 units. Despite challenges, three-wheeler, and two-wheeler segments show growth. Industry leaders cite favorable conditions such as above-average rainfall and the upcoming festive season as key growth drivers.

Passenger vehicle sales in July reached 3,41,510 units, as per data from the Society of Indian Automobile Manufacturers (SIAM). The three-wheeler segment sold 59,073 units, while two-wheelers recorded 14,41,694 units in sales for the same month.

Comparatively, passenger vehicle sales in June were 3,37,757 units, up from 3,27,788 units in June 2023. Two-wheeler sales saw a significant increase to 16,14,154 units in June, a 21.3 percent rise from 13,30,826 units sold in June 2023. The passenger vehicle segment also experienced a 3 percent year-on-year growth in the same period.

Commenting on July's data, SIAM President Vinod Aggarwal noted that while three-wheeler and two-wheeler segments performed well, there was a dip in passenger and commercial vehicles compared to July 2023. Aggarwal attributed the growth potential to factors like above-average rainfall and the upcoming festive season, alongside budget announcements focusing on economic growth and infrastructure.

Rajesh Menon, SIAM's Director General, elaborated that passenger vehicle sales in July 2024 de-grew by 2.5 percent year-on-year, totaling around 3.42 lakh units. The three-wheeler segment grew by 5.1 percent, reaching close to peak sales levels seen in 2018-19. Two-wheeler sales increased by 12.5 percent year-on-year, amounting to 14.42 lakh units.

Overall, July's sales data signals a positive outlook for the Indian automobile industry, despite some sectoral declines.

(With inputs from agencies.)