The Society of Indian Automobile Manufacturers (SIAM) released industry wholesale figures for February 2024 reporting notable growth in the passenger vehicle and two-wheeler segments. The two-wheeler segment grew by 34.6 per cent over the same period last year, with total sales amounting to 15.2 lakh units, while PV sales in the month of February 2024 stood at 3,70,786 units, representing a 10.8 per cent year-over-year growth.
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Utility vehicle wholesales went up from 1,38,238 units in February 2023 to 1,91,435 units last month
Within the passenger vehicle segment, passenger car wholesales continue to decrease. Car wholesales in February 2024 stood at 1,15,937 units, down by 18.46 per cent over February 2023 when sales amounted to 1,42,201 units. However, utility vehicle wholesales continue to be on the rise, going up from 1,38,238 units in February 2023 to 1,91,435 units last month, a year-over-year increase of 38.48 per cent. Van wholesales also saw a slight increase, from 11,489 units to 12,147 units. Do note that these numbers do not include sales figures from BMW, Mercedes-Benz, Jaguar India, Land Rover India, Volvo and Tata Motors.
Also Read: Maharashtra Sees Highest PV Sales In Q3 FY2024; UP Leads In Two-Wheeler & Overall Sales
Motorcycle sales in February 2024, stood at 9,64,362 units
The two-wheeler segment on the other hand saw an increase in the wholesales of scooters, motorcycles and mopeds. Motorcycle wholesales saw the highest increase, up from 7,03,261 units in February 2023 to 9,64,362 units in February 2024, an overall increase of 37.12 per cent. Scooter sales saw a year-over-year increase of almost 32 per cent, from 7,03,261 units in February 2023 to 9,64,362 units in February 2024. Moped wholesales on the other hand stood at 41,059 units, a marginal increase over February 2023, when the numbers amounted to 35,346 units.
Commenting on February 2024 sales performance, Rajesh Menon, Director General, SIAM said, “Passenger vehicles again reported its highest ever sales of February posting sales of 3.7 lakh units with a growth of 10.8 per cent, compared to February 2023. Three-wheelers also reported moderate growth of 8.3 per cent posting sales of about 0.55 lakh units in February 2024. Two wheelers posted an appreciable growth of 34.6 per cent compared to February 2023 posting sales of 15.2 lakh units.”
Also Read: SIAM: Passenger Vehicle Wholesales Crossed 4 Million Units in 2023
SIAM reported 54,043 passenger vehicle exports in February 2024
Shifting to exports, SIAM reported 54,043 passenger vehicle exports in February 2024, up from 44,859 units in the same month last year. Two-wheelers exports, meanwhile, saw a significant increase of 39.55 per cent and amounted to 3,28,082 units in February 2024, up from 2,35,087 units.
