Passenger Vehicle Wholesales Cross 3.93 Lakh Units In January 2024; Grows 14 Per Cent

SIAM reported a 14 per cent growth in passenger vehicle sales in January 2024 reporting a new all-time high for the month.

By Jaiveer Mehra

1 mins read

Published on February 14, 2024

Highlights

Passenger Vehicles wholesales touch a new high for month of January
Two-wheeler wholesales up 24 per cent
Passenger Vehicle segment sees growing demand for utility vehicles

The Society of Indian Automobile Manufacturers (SIAM) released industry wholesale figures for January 2024 reporting notable growth in passenger vehicle and two-wheeler segments year-on-year. The passenger vehicle segment posted a 14 per cent growth in the month, with 3,93,074 units sold in the domestic market – the highest-ever sales for January. In comparison, SIAM had reported wholesales of 3,46,080 units in 2023.

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Compared to the wholesale numbers for January 2023, sales of Passenger Cars were down year-on-year to 1,26,505 units from 1,36,931 units. This was however offset by a notable gain in sales of utility vehicles with sales climbing from 1,49,328 in January 2023 to 2,00,917 units last month. Van wholesales too were up from 11,834 units last year to 12,019 units. Do note that these numbers do not include BMW, Mercedes-Benz, JLR, Volvo and Tata Motors.

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Passenger vehicle wholesales reached a new high for the month of January in 2024.

Two-wheeler wholesales meanwhile grew by 26 per cent with 14,95,183 units sold in the domestic market – up from 11,84,376 units last year. The two-wheeler segment posted growth across all sub-categories with

sales of scooters, motorcycles and mopeds reporting a year-on-year growth. Scooter wholesale increased from 3,76,032 units in January 2023 to 4,87,534 units last month while motorcycles grew from 7,71,621 units to 9,65,613 units.

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Commenting on the January 2024 performance, Rajesh Menon, Director General, SIAM said, “Passenger Vehicles again saw highest ever sales in the month of January posting a growth of 14 per cent, as compared to the previous year. Three-Wheeler sales grew by 9 per cent during January 2024 while Two-Wheelers posted a good growth of 26 per cent in January 2024, compared to January 2023. Passenger Vehicles and Three-Wheelers continue to post their highest ever sales till date, in FY24, for the period April to January.”

Two-wheeler wholesales grew 26 per cent year-on-year with exports also up as compared to January 2023.

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Shifting to exports, the industry performance was a bit of a mixed bag with passenger vehicle exports down year-on-year. SIAM reported total PV exports of 49,245 units in January 2024 – down from 55,609 units in the same period last year. Two-wheeler exports however grew to 2,60,308 units in January 2024 – up from 2,20,103 units last year.