Wholesale passenger vehicle sales grow marginally in October despite festival demand
- Festival demand drove retail passenger vehicle sales in October, but dealer inventory levels continue to remain high
Mumbai: India’s wholesale passenger vehicle sales grew marginally year-on-year to 3.93 lakh units in October despite two major festivals celebrated during the month.
According to data released by the Society of Indian Automobile Manufacturers (Siam) on Wednesday passenger vehicle sales grew 0.9% in October 2024, compared to the same period last year. These were the highest ever sales in October, it added.
“October 2024 saw two major festivals, Dussehra and Diwali, both occurring in the same month, which traditionally drive higher consumer demand, providing a significant boost to the auto industry’s performance,” Rajesh Menon, director general, Siam said in a release.
Passenger vehicle sales grew 10% sequentially from the 3.57 lakh units sold in September 2024.
The festival demand drove retail passenger vehicle sales in October, which grew 32% year-on-year and 75% month-on-month, the Federation of Automobile Dealers Associations said last week. Despite this, dealer inventory levels continue to remain high at 75-80 days, decreasing by only five days compared to the previous months.
Siam's data doesn’t include sales of BMW, Mercedes, JLR and Volvo Auto due to unavailability of data.
Overall, production of passenger vehicles, two-wheelers, three-wheelers and quadricycles grew 10% year-on-year in October to 2.88 million units.
Also Read: Flex-fuel vehicles are here. Well, almost.
The two-wheeler segment also saw record high sales for the month of October at 21.64 lakh units , up 14.2% from the previous year.
“This high growth was also reflected in the Vahan vehicle registration data, wherein more than 30% growth in registration was witnessed for both passenger vehicles and two-wheelers in October 2024, compared to October 2023,” Menon said.
Two-wheeler sales grew 6.8% sequentially from 2.02 lakh units sold in September 2024.
Meanwhile, three-wheeler sales declined 0.7% year-on-year, with 0.77 lakh units sold. Sales in this category fell 3.6% month-on-month. However, vehicle registrations grew by 11% compared to October last year.
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Business NewsIndustryWholesale passenger vehicle sales grow marginally in October despite festival demand
First Published:13 Nov 2024, 03:46 PM IST
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