Record-Breaking Sales in May 2024: Passenger Vehicles and Two-Wheelers Surge Ahead
May 2024 marked a notable achievement in the Indian automotive industry, with passenger vehicles (PVs) registering the highest sales in the domestic market and two-wheelers experiencing double-digit growth. The PV segment saw sales of 3,47,492 units, maintaining levels similar to May 2023, but with a moderate year-on-year (YoY) growth of 3.9%.
Two-wheelers, on the other hand, recorded substantial growth with 16,20,084 units sold in May 2024, representing a 10.1% YoY increase. This robust performance underscores the positive trend across all automotive segments, including passenger vehicles, commercial vehicles, two-wheelers, and three-wheelers, all of which showed growth compared to May 2023.
Passenger Vehicles
The sales of passenger vehicles in May 2024 have been the highest ever for this month, although the growth was moderate at 3.9% compared to May 2023. This moderate growth can be attributed to the high base effect of the previous year. Despite this, the consistent sales figures highlight a sustained demand in the domestic market.
Two-Wheelers
Two-wheelers saw a notable YoY growth of 10.1% in May 2024, with 16,20,084 units sold. This growth, although significant, still falls short of the levels seen in May 2017-18. The resurgence in two-wheeler sales points to increasing consumer confidence and a positive economic outlook.
Three-Wheelers
Three-wheelers also demonstrated impressive performance with a 14.7% YoY growth in May 2024, achieving the highest ever sales for the month of May. This segment surpassed the previous peak seen in 2018-19, indicating a strong recovery and rising demand for three-wheelers in the domestic market.
Industry Outlook
The overall growth in the automotive sector is buoyed by expectations of an above-normal monsoon and continued emphasis on economic development by the new government, which is committed to achieving its goal of Viksit Bharat by 2047. These factors contribute to the optimistic outlook for steady growth in the auto industry for 2024-25.
Industry leaders express confidence that the combination of favourable weather conditions and proactive government policies will continue to support the momentum in vehicle sales. The moderate but steady growth in passenger vehicles, along with the significant gains in two-wheelers and three-wheelers, positions the automotive sector for a promising future.
May 2024 has been a remarkable month for the Indian automotive industry, with passenger vehicles achieving the highest sales ever for the month and two-wheelers registering double-digit growth. The positive performance across all segments reflects the industry’s resilience and the growing consumer demand, setting a strong foundation for continued growth in the coming years.
