Passenger vehicle sales soar to record high of 42 lakh units in FY24
Vijay C Roy
Chandigarh, April 12
The craze for utility vehicles (UVs) is intensifying in India as these contributed 60 per cent of the total passenger vehicle sales in 2023-24.
Registering a stupendous growth of about 26 per cent in the last fiscal, UVs drove the domestic passenger vehicle sales to a record high.
As per the latest data of the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales touched a record high of 42,18,746 units in 2023-24, registering a year-on-year growth of 8.4 per cent. The overall passenger vehicle dispatches stood at 38,90,114 units in 2022-23.
In the passenger vehicle segment, UVs and vans are the two categories which witnessed momentum in sales. Sales of cars, including entry-level to premium hatchbacks and sedans, dropped 11.4 per cent from 17,47,376 units in 2022-23 to 15,48,943 units in 2023-24. However, sales of UVs grew 25.8 per cent — from 20,03,718 units to 25,20,691 units during 2023-24. As many as 1,49,112 units of vans were sold in 2023-24 compared to 1,39,020 units in 2022-23.
Vinod Aggarwal, president, SIAM, said: “In the backdrop of a robust economic growth of 7.6 per cent, the automobile industry has posted a satisfactory performance with domestic industry growing by 12.5 per cent in the last fiscal.The PV segment led the growth with overall sales touching almost 50 lakh units, including seven lakh exports.”
The two-wheeler segment clocked a growth of over 13 per cent in domestic sales to almost 1.8 crore units, even though it’s still lower than the earlier peak of 2.1 crore units in FY19.
