Festive Demand Boosts Auto Sales: October Sees Record Growth

Domestic passenger vehicle and two-wheeler wholesales in India witnessed significant growth in October 2024, spurred by festive demand during Dussehra and Diwali. Passenger vehicle sales hit a new October record with 3.93 lakh units, while two-wheeler sales also reached new heights. Moped and three-wheeler dispatches saw a slight decline.

Domestic passenger vehicle sales in India slightly rose year-on-year to 3,93,238 units in October, according to data released by the Society of Indian Automobile Manufacturers (SIAM). The increase reflects a strong festival season demand, highlighted by Dussehra and Diwali occurring in the same month.

Passenger vehicles reached record October sales levels, despite a mere 0.9% growth on a challenging high base from the previous year. The two-wheeler segment, encompassing scooters and motorcycles, also achieved its highest-ever October sales, with a 14% growth compared to last year.

Moped sales witnessed a slight dip, descending to 52,380 units, while three-wheeler sales marginally dropped to 76,770 units compared to the year prior. SIAM's data highlighted more than 30% growth in Vahan vehicle registrations, further supporting the industry's strong performance in October 2024.

(With inputs from agencies.)