Indian Auto Industry Performance in May 2024 | SIAM

Monthly Performance: May 2024

Production: The total production of Passenger Vehicles1 , Three Wheelers, Two Wheelers, and Quadricycle in May 2024 was 24,55,637 units

Domestic Sales:

  • Passenger Vehicles2 sales were 3,47,492 units in May 2024.
  • Three-wheeler sales were 55,763 units in May 2024
  • Two-wheeler sales were 16,20,084 units in May 2024.

Commenting on sales data of May 2024, Mr Vinod Aggarwal, President, SIAM said, “All the segments viz. Passenger Vehicles, Commercial Vehicles, Two-Wheelers and Three-Wheelers have posted growth in May 2024, compared to May 2023. Passenger Vehicles have only witnessed a moderate growth, primarily owing to a high base effect of the previous year. However, Two Wheelers and Three Wheelers posted growth in double digits. With expectations of above normal monsoon and continued emphasis on economic development by the new Government, as it pursues its goal of Viksit Bharat by 2047, the Auto Industry is optimistic of steady growth in 2024-25 as well”.

Commenting on May 2024 performance, Mr Rajesh Menon, Director General, SIAM said, “Sales of Passenger Vehicles of May 2024 has been the highest ever in May again, although returning a moderate growth of 3.9%, compared to May 2023. Two-Wheelers posted a growth of 10.1% in May 2024, compared to last year, but are still lower than 2017-18 levels of the month of May. Domestic sales of Three-Wheelers in May 2024 grew by 14.7% compared to May 2023, posting the highest ever sales of May, surpassing the previous peak of year 2018-19”.