May 2024 saw passenger vehicles (PVs) register the highest sales in the domestic market, at 3,47,492 units, similar to May 2023, but growth was marginal at 3.9 percent. During the same period, two-wheeler sales stood at 16,20,084 units in May 2024, registering a YoY growth of 10.1 percent. Both, PVs and two-wheelers recorded positive YoY growth in May 2024.
Commenting on sales data of May 2024, Vinod Aggarwal, President, SIAM said, “All the segments viz. Passenger Vehicles, Commercial Vehicles, Two-Wheelers and three-wheelers have posted growth in May 2024, compared to May 2023. Passenger Vehicles have only witnessed a moderate growth, primarily owing to a high base effect of the previous year.”
He added, “However, two-wheelers and three-wheelers posted growth in double digits. With expectations of above normal monsoon and continued emphasis on economic development by the new Government, as it pursues its goal of Viksit Bharat by 2047, the Auto Industry is optimistic of steady growth in 2024-25 as well”.
Commenting on May 2024 performance, Rajesh Menon, Director General, SIAM said, “Sales of Passenger Vehicles of May 2024 has been the highest ever in May again, although returning a moderate growth of 3.9%, compared to May 2023.”
He further stated, “Two-wheelers posted a growth of 10.1% in May 2024, compared to last year, but are still lower than 2017-18 levels of the month of May. Domestic sales of Three-Wheelers in May 2024 grew by 14.7% compared to May 2023, posting the highest ever sales of May, surpassing the previous peak of year 2018- 19”.
