Domestic two-wheeler sales show a remarkable rise of 30.8%; three-wheeler sales rise by 14.5%: SIAM on auto sales in April 2024

The Society of Indian Automobile Manufacturers (SIAM) released its monthly performance report for April 2024, showcasing a positive trend in the Indian auto industry. According to the report, the total production of Passenger Vehicles, Three-wheelers, Two-wheelers, and Quadricycles in April 2024 stood at 23,58,041 units.   

Amongst all, the sales of Two-wheelers showed a remarkable increase of 30.8 percent in April 2024 from last year. The sales increased from 13,38,588 (April 2023) to 17,51,393.

This was followed by an increase in sales of the three-wheelers, with a remarkable rise of 14.5 percent. Sales of passenger vehicles also witnessed an overall rise of 1.3 percent, according to the SIAM report.

However, the report also shows a decline in the sales of quadricycles, with a fall nearing 70 percent.

Commenting on the sales data, Vinod Aggarwal, President of SIAM, expressed optimism about the industry's performance in the current fiscal year. He attributed the growth in April 2024 to positive consumer sentiments, ongoing festivities, favourable monsoon forecasts, policy stability post-elections, and the government's focus on manufacturing and infrastructure development.

Rajesh Menon, Director General of SIAM, highlighted the key trends in the April 2024 performance. He said, "Passenger Vehicles continue the highest ever monthly sales trend with 3.36 Lakh units, though with a marginal growth of 1.3%, in the month of April 2024, as compared to April 2023. Continuing with the trends of Q4 of 2023-24, Two-Wheelers reported significant growth of 30.8% in April 2024, compared to April 2023, posting sales of about 17.5 lakh units while the Three-Wheeler segment also reported sales of about 0.49 Lakh units, with a growth of 14.5% in April 2024, compared to April 2023."

The detailed breakdown of domestic sales for various segments in April 2024 revealed positive growth across categories. Passenger Carriers, Goods Carriers, Scooters, Motorcycles, and Mopeds all showed substantial increases, indicating a broad-based expansion in the market.