The total passenger vehicle (PV) wholesales (dispatches to dealers) in the domestic market declined by 2.5 per cent year-on-year (YoY) to 3,41,510 units in July, as compared with 3,50,355 units in the corresponding month last year, the Society of Indian Automobile Manufacturers (SIAM) said on Wednesday.
However, total two-wheeler sales in the domestic market grew by 12.5 per cent YoY to 14,41,694 units during the month, as compared with 12,82,054 units in July 2023, it said.
Scooter sales grew by 29.2 per cent YoY to 5,53,642 units in July, against 4,28,640 units in July last year, while motorcycle sales grew by four per cent YoY to 8,50,489 units during the month, against 8,17,206 units in the same month last year.
Three-wheeler sales also grew by five per cent YoY to 59,073 units in July, as compared with 56,204 units in the same month last year, SIAM said in the monthly sales report.
“Though the three-wheeler and two-wheeler segments are performing well, there has been some de-growth of passenger vehicles and commercial vehicles in July 2024, compared to July 2023. The above-average rainfall, coupled with the upcoming festive season is likely to again propel growth in the short term,” Vinod Aggarwal, President, SIAM said.
In addition, enabling Budget announcements, which emphasise on overall economic growth with fiscal support for the infrastructure and rural sector, should augur well for the auto sector in the medium term, he added.