Society of Indian Automobile Manufacturers (SIAM)’s performance report for November 2024 highlights mixed trends across vehicle segments. This report shows the ongoing recovery and challenges within the sector while showcasing specific areas of robust performance.
Passenger Vehicle Sales Reach New Heights
Passenger vehicles (PVs) registered their best-ever November sales with 3,47,522 units sold, marking a growth of 4.1% compared to November 2023. This growth is attributed to sustained demand momentum following the festive season. Among sub-segments, utility vehicles showed a strong performance with a 16.7% increase in production and a 10.1% rise in domestic sales. Vans demonstrated a moderate 8.4% growth in production and a 3.5% increase in sales.
Two-Wheelers Face Slight De-Growth
Two-wheelers crossed the 16-lakh mark for the first time in a non-Diwali November, recording domestic sales of 16,04,749 units. However, this represented a marginal decline of 1.1% compared to the same month last year. Within the segment, scooters grew by 11.7%, while motorcycles saw a notable 7.5% drop in domestic sales, indicating potential shifts in consumer preferences.
Three-Wheelers Decline Marginally
The three-wheeler category witnessed a 1.3% decrease in sales, totalling 59,350 units for November 2024. Sub-segments like passenger carriers and goods carriers showed mixed trends, with a slight 0.6% decline in passenger carriers and a 5.7% growth in goods carriers. However, the electric subcategories—e-rickshaws and e-carts—experienced significant declines, with e-rickshaw sales dropping by 40.4%.
Production & Export Highlights
Total production across all vehicle categories reached 24,07,351 units, reflecting an 8% increase compared to the previous year. Exports also displayed a robust performance, particularly for two-wheelers, which recorded a 30.2% growth, underscoring India’s role as a manufacturing and export hub.
Challenges & Opportunities
While the passenger vehicle segment demonstrates resilience, the slight declines in two-wheelers and three-wheelers highlight underlying market challenges. Consumer affordability, rural demand constraints, and shifts in fuel preferences could be contributing factors. Meanwhile, the strong export performance and strong utility vehicle growth reflect the industry's adaptability and its potential for further expansion.
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