In January, the Society of Indian Automobile Manufacturers (SIAM) reported a significant uptick in domestic passenger vehicle and two-wheeler wholesales, signaling a promising start to the year for the Indian automotive industry.
Domestic passenger vehicle wholesales surged by 14% year-on-year, hitting a record high of 393,074 units. This increase was primarily driven by strong demand for utility vehicles, demonstrating the market’s resilience amidst ongoing challenges.
Two-wheeler wholesales witnessed impressive growth of 26%, with dispatches reaching 1,495,183 units compared to 1,184,376 units in January of the previous year. This growth is attributed to factors such as economic recovery and evolving consumer preferences.
While the commercial vehicle sector did not experience growth in January 2024, industry experts remain hopeful about a potential uptick in the coming months, citing anticipated strong demand in the next two months of the financial year.
Three-wheeler wholesales recorded a 9% growth compared to January 2023, with dispatches reaching 53,537 units. This steady growth reflects sustained demand in the segment.