According to data released by the Society of Indian Automobile Manufacturers ( SIAM), the country’s two-wheeler sales witnessed a 26 percent increase in January 2024, compared to January 2023.
During January 2024, the total number of two-wheeler units sold in India was 1.49 million, up from 1.18 million units sold during the same month in 2023. The increase in sales was driven by a 14 percent growth in passenger vehicle sales, which rose to 393,074 units in January 2024, compared to 346,080 units sold during the same month of the previous year.
According to the report, the three-wheeler segment also witnessed good growth in January 2024, posting a 9 percent increase in sales compared to January 2023. The total number of three-wheeler units sold in India during the month of January 2024 was 53,537, up from 48,903 units sold during the same month of the previous year.
According to the report, the commercial vehicle sector did not witness growth in January 2024. However, it is expected to post good growth in the next two months of the current financial year. The strong emphasis laid by the government on mobility in the budget 2024, including strengthening the electric vehicle ecosystem, especially the charging infrastructure and public transportation, is expected to help in maintaining the overall growth momentum for the auto sector.
According to Vinod Aggarwal, president of SIAM, “Passenger vehicle sales have remained resilient led by positive consumer sentiments, while the Two-Wheeler Segment witnessed good growth in January as well, as the rural market continues to recover.”
According to the report, the three-wheeler segment performed better in January 2024. Passenger vehicles saw the highest-ever sales in January, growing by 14 percent compared to the previous year.
According to SIAM, three-wheeler sales grew by 9 percent in January 2024. Two-wheelers posted a good growth of 26 percent in January 2024.
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