February sees record growth in passenger vehicle sales

Updated – March 12, 2024 at 12:40 PM.

Vehicles sales across categories grow 28-plus per cent year-on-year in February

Morris Garages’ (MG) ZS EV on display at Bharat Mobility Global Expo 2024 in New Delhi (file image)

Morris Garages’ (MG) ZS EV on display at Bharat Mobility Global Expo 2024 in New Delhi (file image)
| Photo Credit:
Ravi Choudhary

Total passenger vehicle (PV) domestic wholesale (dispatched to dealers) grew by around 11 per cent year-on-year (YoY) to 3,70,786 units in February, as compared with 3,34,790 units in the corresponding month last year.

According to the monthly sales report shared by the Society of Indian Automobile Manufacturers (SIAM), two-wheeler wholesale also rose by 34.62 per cent YoY to 15,20,761 units during the month as against 11,29,661 units in February 2023.

While motorcycle sales grew 37.12 per cent YoY to 9,64,362 units in February, against 7,03,261 units in February 2023, scooter sales grew by around 32 per cent YoY to 5,15,340 units as against 3,91,054 units in the corresponding month last year.

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In the three-wheeler segment, sales grew by 8.34 per cent YoY to 54,584 units during last month, as compared with 50,382 units in February 2023, the SIAM data indicated.

“Passenger vehicles, two-wheelers, and three-wheelers have posted growth in February 2024 compared to the previous year, while commercial vehicles have witnessed a slight de-growth. Overall robust GDP growth of the country in the third quarter of 2023-24 has helped the auto sector,” Vinod Aggarwal, President, SIAM, said.

The Bharat Mobility Global Expo 2024 held in February, which was attended by Prime Minister Narendra Modi, has also created a positive sentiment among consumers, and the industry expects the growth momentum to continue, he added.

All categories together grew by 28.47 per cent YoY to 19,46,131 units in February as against 15,14,833 units in the same month last year.

“Passenger vehicles again reported their highest ever sales of February at 3.7 lakh units, with a growth of 10.8 per cent compared to February 2023,” Rajesh Menon, Director General, SIAM said.

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