July Sales Data Reflects A Positive Outlook For Indian Automobile Industry: SIAM

Passenger vehicle sales in July stood at 3,41,510 units, according to data released by the Society of Indian Automobile Manufacturers (SIAM) on Wednesday. Three-wheeler sales in the same month were 59,073 units, while two-wheeler sales totalled 14,41,694 units, the data showed.

Commenting on the July 2024 sales data, Vinod Aggarwal, President of SIAM, said, "Though the Three-Wheeler and Two-Wheeler segments are performing well, there has been some degrowth in Passenger Vehicles and Commercial Vehicles in July 2024 compared to July 2023."

"The above-average rainfall, coupled with the upcoming festive season, is likely to propel growth in the short term. Additionally, enabling budget announcements that emphasise overall economic growth with fiscal support for infrastructure and the rural sector should augur well for the auto sector in the medium term," he added.

Interestingly, passenger vehicle sales are moving up after witnessing a drop of over 11 per cent in May of the current year, as shown by SIAM data.

Commenting on the July 2024 performance, Rajesh Menon, Director General of SIAM, said, "In July 2024, the Passenger Vehicle segment de-grew by 2.5 per cent compared to July 2023, posting sales of about 3.42 lakh units. The Three-Wheeler segment posted a growth of 5.1 per cent compared to July last year, with sales of 0.59 lakh units in July 2024, which is close to the peak of 2018-19. The Two-Wheeler segment also posted a decent growth of 12.5 per cent in July 2024 compared to July 2023, with sales of 14.42 lakh units."

The passenger vehicle sales registered a growth of 3 per cent Y-o-Y in June this year. The total sales of two-wheelers in June reached 16,14,154 units, marking a 21.3 per cent increase from the 13,30,826 units sold in June 2023. Passenger vehicle sales also registered a 3 per cent year-on-year growth in June.

The sales data for July demonstrates a positive outlook for the Indian automobile industry.