The passenger vehicle sales driven by SUVs, three-wheelers and commercial vehicle segments have posted robust growth in Q2 FY2024 for the automotive industry reveals Society of Indian Automobile Manufacturers (SIAM) data.
In fact, sales of PVs and three-wheelers have seen the best-ever performance in Q2. As per the data, the overall wholesales for Q2 FY2024 came at 6,116,091 units, which is a flat growth compared to 6,052,739 units sold last year. The decline in sales of passenger cars (-15% YoY), two-wheeler sales in the red (-2% YoY) pulled the overall numbers. On the other hand, SUVs with 639,552 units, three-wheelers with 195,215 units, and commercial vehicles with 247,929 units saw a healthy growth of 23 percent, 62 percent and 7 percent respectively.
Vinod Aggarwal, President, SIAM said, “Passenger vehicle, three-wheelers, and commercial vehicle segments continue to witness growth in Q2 of 2023-24, although two-wheelers wholesale numbers have posted a marginal de-growth, compared to Q2 of last year, the retails have been encouraging. As we get into the festival season, all segments of the industry are optimistic and look towards posting good numbers in Q3 as well. This growth in the automobile sectors can be attributed to the all-round economic growth of the country, which is also enabled through the conducive government policies.”
| Q2 FY’24 | Q2 FY’23 | Change (in units) | Change (in %) | |
| Passenger vehicles | ||||
| Cars | 396,499 | 468,513 | -72,014 | -15% |
| SUVs | 639,552 | 517,898 | 121,654 | 23% |
| Vans | 38,138 | 39,898 | -1,760 | -4% |
| Total PVs | 1,074,189 | 1,026,309 | 47,880 | 5% |
| Commercial Vehicles | ||||
| M&HCVs | ||||
| Passenger carrier | 11,262 | 7,762 | 3,500 | 45% |
| Goods carrier | 82,534 | 71,999 | 10,535 | 15% |
| Total M&HCVs | 93,796 | 79,761 | 14,035 | 18% |
| LCVs | ||||
| Passenger Carrier | 13,142 | 10,595 | 2,547 | 24% |
| Goods Carrier | 140,991 | 141,635 | -644 | 0% |
| Total LCVs | 154,133 | 152,230 | 1,903 | 1% |
| Total Commercial Vehicles | 247,929 | 231,991 | 15,938 | 7% |
| Three-Wheelers | ||||
| Passenger Carrier | 156,128 | 90,895 | 65,233 | 72% |
| Goods Carrier | 28,061 | 21,647 | 6,414 | 30% |
| E-Rickshaw | 10,430 | 6,859 | 3,571 | 52% |
| E-Cart | 596 | 918 | -322 | -35% |
| Total Three-wheelers | 195,215 | 120,319 | 74,896 | 62% |
| Two-Wheelers | ||||
| Scooter | 1,567,017 | 1,556,224 | 10,793 | 1% |
| Motorcycle | 2,913,779 | 3,001,489 | -87,710 | -3% |
| Mopeds | 117,646 | 116,218 | 1,428 | 1% |
| Total Two-wheelers | 4,598,442 | 4,673,931 | -75,489 | -2% |
| Quadricycle | 316 | 189 | 127 | 67% |
| Grand Total | 6,116,091 | 6,052,739 | 63,352 | 1% |
Rajesh Menon, Director General, SIAM said, “Sales of both passenger vehicles and three-wheelers in Q2 of FY2023-24 has been the highest ever in Q2. Passenger vehicles have posted a growth of 4.7% and three-wheelers have posted a growth of 62.2%, compared to Q2 of last year. The passenger vehicle segment crossed 2 million units in sales for the first time, in the first half of current financial year. Commercial vehicles also posted a decent growth of 6.9% in this quarter, compared to Q2 of last financial year, driven by good growth in Medium and Heavy Commercial Vehicles. Two-wheelers segment have declined by 1.6% in this quarter, as compared to last year.”
In terms of sales in September, the overall volumes came at 2,141,208 units, which was 2 percent higher compared to the same period last year. The sales of PV segment came at 3 percent YoY, three-wheeler wholesales grew 47 percent, while two-wheelers saw a flat growth.
| Sept ’23 | Sept ’22 | Change (in units) | Change (in %) | |
| Passenger vehicles | ||||
| Cars | 111,889 | 142,727 | -30,838 | -22% |
| SUVs | 193,872 | 151,759 | 42,113 | 28% |
| Vans | 11,147 | 12,903 | -1,756 | -14% |
| Total PVs | 316,908 | 307,389 | 9,519 | 3% |
| Three-Wheelers | ||||
| Passenger Carrier | 59,501 | 39,363 | 20,138 | 51% |
| Goods Carrier | 10,093 | 7,977 | 2,116 | 27% |
| E-Rickshaw | 4,569 | 2,950 | 1,619 | 55% |
| E-Cart | 255 | 336 | -81 | -24% |
| Total Three-wheelers | 74,418 | 50,626 | 23,792 | 47% |
| Two-Wheelers | ||||
| Scooter | 589,087 | 572,919 | 16,168 | 3% |
| Motorcycle | 1,115,764 | 1,114,667 | 1,097 | 0% |
| Mopeds | 44,943 | 47,613 | -2,670 | -6% |
| Total Two-wheelers | 1,749,794 | 1,735,199 | 14,595 | 1% |
| Quadricycle | 88 | 72 | 16 | 22% |
| Grand Total | 2,141,208 | 2,093,286 | 47,922 | 2% |
