SUVs and two-wheelers power auto sales in February

The Society of Indian Automobile Manufacturers (SIAM), the apex body representing automakers in India has released the wholesales data for February 2024.

The overall wholesales of the month grew by 29 percent, with a total of 19,56,346 vehicles sold across segments, compared to 15,14,940 units for the same period last year.

Interestingly, passenger vehicle segment, three-wheeler segment and two-wheelers all posted strong double-digit growth of 11 percent, 29 percent, and 35 percent respectively.

In the passenger vehicle space, SUVs continue to drive record performance, with a total of 191,435 units sold, which was 38 percent higher YoY. It was able to counter the slowdown seen in demand for passenger cars, which reported a degrowth of 18 percent at 115,937 units.

Vinod Aggarwal, President, SIAM said, “Passenger vehicles, two-wheelers, and three-wheelers have posted growth in February 2024 compared to the previous year, while commercial vehicles have witnessed a slight de-growth. Overall robust GDP growth of the country in Q3 of 2023-24 has helped the Auto Sector. The Bharat Mobility Global Expo 2024 held in February 2024, graced by the Prime Minister, has also created a strong positive sentiment for the consumers and therefore the Industry expects the growth momentum to continue.”

Rajesh Menon, Director General, SIAM said, “Passenger vehicles again reported its highest-ever sales of February posting sales of 3.7 lakh units with a growth of 10.8 percent, compared to February 2023. Three-Wheelers also reported moderate growth of 8.3 percent posting sales of about 55,000 units in February 2024. Two wheelers posted an appreciable growth of 34.6 percent compared to February 2023 posting sales of 15.2 lakh units.”