Festive Demand Drives Record Sales for Indian Auto Industry in October 2024

In October 2024, the Indian auto industry experienced record-breaking sales driven by festive demand. Passenger vehicles and two-wheelers achieved their highest-ever October sales, while utility vehicles also posted significant growth. Despite a dip in three-wheelers, overall vehicle registrations increased, reflecting a strong market performance during the festive season.

In October 2024, festive demand during Dussehra and Diwali propelled the Indian auto industry to achieve record-breaking sales, according to the Society of Indian Automobile Manufacturers (SIAM). The month saw the highest-ever sales for passenger vehicles with 393,238 units sold, marking a slight 0.9% increase from October 2023. However, sales for passenger cars recorded a notable 17% decline, with 107,520 units sold compared to the previous year's 130,046.

Data from BMW, Mercedes, JLR Tata Motors and Volvo Motors were unavailable, but utility vehicle sales improved by 13.9% with 225,935 units sold. In an impressive feat, the two-wheeler segment recorded its best-ever October sales with 2,164,276 units, a robust 14.2% year-on-year increase.

Reflecting a broader trend, vehicle registrations for both passenger vehicles and two-wheelers surged by over 30% year-on-year. While three-wheelers saw a minor 0.7% decline to 76,770 units, the electric segment of the market showed mixed fortunes. Electric rickshaws plunged by almost 50%, while electric carts soared by an impressive 129.5%.

SIAM's Director General Rajesh Menon noted the impact of the coinciding festivals on consumer demand, leading to significant gains for the industry. The Vahan vehicle registration data further confirmed a thriving market during the festive month, providing an optimistic outlook for future growth.

(With inputs from agencies.)