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.
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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.)