In January, the Society of Indian Automobile Manufacturers (SIAM) reported a significant increase in domestic passenger vehicle and two-wheeler wholesales, indicating a promising start to the year for the Indian automotive industry.
Domestic passenger vehicle wholesales saw a notable rise of 14% year-on-year, reaching an all-time high of 3,93,074 units. This surge was primarily fuelled by robust demand for utility vehicles, showcasing the resilience of the market despite ongoing challenges.
Two-wheeler wholesales experienced an impressive growth of 26%, with dispatches reaching 14,95,183 units compared to 11,84,376 units in January of the previous year. This growth is driven by various factors including economic recovery and changing consumer preferences.
While the commercial vehicle sector did not witness growth in January 2024, industry experts remain optimistic about a potential uptick in the coming months, citing anticipated good offtake in the next two months of the financial year.
Three-wheeler wholesales witnessed a growth of 9% compared to January 2023, with dispatches reaching 53,537 units. This steady growth indicates continued demand in the segment.