Auto sales July 2024: PVs see a 2.5% decline while two-wheeler sales up 12%

Automotive sales in July saw mixed results as most big carmakers such as Maruti Suzuki, Tata Motors, and Hyundai amongst others saw a decline in sales, while Mahindra, Bajaj, and TVS saw a YoY growth. That said, total passenger vehicle sales in July saw a 2.5 percent decline while two-wheelers did better, registering a 12.5 percent growth.

In July 2024, total domestic passenger vehicle sales stood at 3,41,510 units, while two-wheeler sales stood at 14,41,694 units. During the same period last year, passenger vehicle sales accounted for 3,50,355 units and two-wheelers registered sales of 12,82,054 units.

Commenting on sales performance, Vinod Aggarwal, President, SIAM said, “Though Three-Wheeler and Two-Wheeler segments are performing well, there has been some de growth of Passenger Vehicles and Commercial Vehicles in July 2024, compared to July 2023.  The above-average rainfall coupled with the upcoming festive season is likely to again propel growth in the short term. In addition, enabling budget announcements which emphasizes overall economic growth with fiscal support for infrastructure and the rural sector should augur well  for the Auto sector in the medium term.” 

Commenting on July-2024 performance, Rajesh Menon, Director General, SIAM said, “In  July 2024, the Passenger vehicle segment de-grew by negative 2.5% compared to July 2023, posting a  sales of about 3.42 lakh units. Three Wheelers posted a growth of 5.1% compared to July last year, with sales of 0.59 Lakh units in July 2024, close to the peak of 2018-19. The two-wheeler segment also posted a decent growth of 12.5% in July 2024 as compared to July 2023, with sales of 14.42 Lakh units”.