Auto Sales in India Hit New Highs in 2023-24 Fiscal Year
The Indian automobile industry recorded strong growth in passenger and commercial vehicle sales during the 2023-24 financial year, according to data released by the Society of Indian Automobile Manufacturers (SIAM).
Passenger vehicle wholesales witnessed an 8.4% increase from the previous fiscal, with over 42 lakh units dispatched to dealers nationwide. This marked a new high for passenger car sales in a single year. Two-wheeler sales, which dominate the country’s vehicle market, gained 13.3% to surpass 1.79 crore units.
Total automobile sales from April 2023 to March 2024 jumped 12.5% in comparison to the last financial period. More than 2.38 crore vehicles of all types were sold over the 12 month stretch.
The robust sales growth signals continued recovery of the auto sector from the pandemic-induced slowdown of the last few years. All major vehicle segments saw strong consumer demand and improved buying sentiment across both urban and rural areas of the country.
Leading carmakers ramped up production to cater to the rise in vehicle demand. Their dealers also managed better inventories to ensure timely deliveries to customers. Lower interest rates on vehicle loans additionally boosted retail sales in recent months.
With strong macroeconomic fundamentals and positive consumer outlook, industry insiders expect the positive sales momentum to continue in the near future. Upcoming new model launches are also likely to attract more buyers in the highly competitive Indian auto market.
