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During 2023-24, total
Passenger vehicle segment led the growth with overall sales touching almost 5-million units including 4.2 million domestic (growth of 8.4 per cent) and 0.7 million exports.
Domestic
Accordig to SIAM, the growth in commercial vehicles was impacted due to migration to higher tonnage trucks which created higher payload capacity, that it asserted is not reflected in the number of units.
Coming to three wheeler industry, it is almost close to the earlier peak of 0.7 million units in 2018-19.
Moving on to exports of vehicles, overall exports remained under stress during the last financial year with sizeable drop in commercial vehicles, two-wheelers and three-wheelers, though passenger vehicles grew marginally.
However, good recovery was seen in the last quarter, especially for two-wheelers, indicating better potential for the current year, it said.
The year also demonstrated the sustainability commitments of the auto Industry as it commenced producing vehicles which are material compliant to 20 per cent Ethanol blending and witnessed growth of 90 per cent in electric passenger vehicles and 30 per cent in electric two-wheelers.
Vinod Aggarwal, President, SIAM, said, “The Industry remains optimistic as the macroeconomic outlook remains positive. Coupled with good monsoon outlook, we are expecting continued growth for the industry this year as well.”