 "Domestic passenger vehicle sales rise 11% in February, shows Siam data")
Passenger vehicle makers have reported a sharp 11 percent year-on-year jump in dispatches to dealers in February, as sports utility vehicles (SUVs) continued to drive demand. It was the highest-ever February dispatch by car manufacturers.
SUVs now account for over 50% of the overall sales.
Total dispatches of passenger vehicles (PVs) to dealerships stood at 370,786 units in February, 10.8 per cent higher than 334,790 units sent in February last year, data from the Society of Indian Automobile Manufacturers (SIAM) revealed.
Three-wheeler sales in February were at 54,584 units, up 8.3 percent. Two-wheelers continued on their growth path selling 15,20,761 units in February, which was a sharp 34.6 percent jump.
But the sales of commercial vehicles (CVs) remained muted. It saw a 0.7% decline in the wholesale volumes in February.
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Vinod Aggarwal, President, SIAM said, “Passenger vehicles, two-wheelers, and three-wheelers have posted growth in February 2024 compared to the previous year, while commercial vehicles have witnessed a slight de-growth. Overall robust GDP growth of the country in Q3 of 2023-24 has helped the auto sector. The Bharat Mobility Global Expo 2024 held in February 2024, graced by the Hon’ble Prime Minister, has also created a strong positive sentiment for the consumers and therefore the Industry expects the growth momentum to continue.”
SUVs, meanwhile, remained the major growth driver. Mahindra and Mahindra said on Monday that its SUV sales in the domestic market jumped 40 percent in February.
Exports for the month have also grown.
PV exports have grown by 20.5 percent, while two wheeler exports have grown by 39.5 percent.
Honda Motorcycle & Scooter India’s (HMSI) scooter exports have more than doubled from 13,365 units in February 2023 to 28,008 units in February 2024. Hero MotoCorp’s motorcycle exports have also nearly doubled to 22052 units this February from 11689 units last February.