The total number of passenger cars, three-wheelers, two-wheelers, and quadricycles produced in July was 24,37,138 units, according to data released on Wednesday by the Society of Indian Automobile Manufacturers (SIAM).
Sales of passenger cars totaled 3,41,510, sales of three-wheelers were 59,073, and sales of two-wheelers were 14,41,694.
In July, the two-wheeler segment saw a respectable 12.5% gain over the same month the previous year.
The impending holiday season and above-average rains are expected to spark growth in the near future.
Furthermore, encouraging budget announcements that prioritize overall economic growth along with financial support for rural and infrastructure projects should bode well for the auto industry in the medium run, according to SIAM President Vinod Aggarwal.
The passenger vehicle market saw sales of over 3.42 lakh units in July 2024, a decrease from July 2023.
According to Rajesh Menon, Director General of SIAM, “Three Wheelers posted a growth of 5.1% compared to July last year, with sales of 0.59 Lakh units in July 2024, which is close to the peak of 2018-19.”
According to a different industry report released last week, India is expected to overtake China this year to take the top spot in the global two-wheeler (2W) market. This rise is attributed to the country’s strong economic growth, consumers’ preference for 2Ws for short commutes, and rising 2W demand in the shared mobility area.
According to Counterpoint Research, the market for electric E2W vehicles is expanding at a rapid pace and is predicted to reach 1.5 times the sales penetration of four-wheeler passenger EVs by 2024. The 2W industry is maturing, although electrification adoption is anticipated to increase dramatically, especially after 2025.
Three Indian brands—Ola Electric, TVS Motor, and Ather Energy—are included in the top 10, indicating the country’s growing influence in the E2W industry. According to the research, Ola and Ather are two other greenfield “EV-first” 2W firms that are competing with established players like TVS, Hero, and Bajaj.
