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Total vehicle wholesales across all categories reached 25.49 million units in 2024, compared to 22.83 million units in 2023, reflecting an 11.6% year-on-year increase.
Shailesh Chandra, President of SIAM, noted that 2024 was a promising year for the auto sector and said, “Positive consumer sentiments and the country’s macroeconomic stability helped in propelling reasonable growth for the sector across vehicle segments.”
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The growth was largely attributed to the two-wheeler segment, which witnessed a 14.5% increase, with total dispatches rising to 19.54 million units from 17.08 million units in 2023. Scooter sales saw a significant year-on-year increase of 20%, reaching 6.67 million units, while motorcycle dispatches grew by 12% to 12.35 million units during the year.
Passenger vehicles and three-wheelers achieved record sales in 2024. Passenger vehicle wholesales increased by 4% year-on-year to 4.3 million units, while three-wheeler dispatches grew by 7%, reaching 730,000 units.
In contrast, commercial vehicles experienced a slight decline of 3% compared to 2023, with sales falling to 950,000 units. However, SIAM pointed out signs of recovery in the commercial vehicle segment during the October-December quarter of the fiscal year 2024–25.
Chandra added, “The stable policy ecosystem of the Government of India in 2024, carrying on from previous years, has helped the industry. As the new year commences with a positive sentiment being created through the Bharat Mobility Global Expo, this momentum would further propel growth in 2025.”
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In December 2024, passenger vehicle dispatches rose 10% year-on-year to 314,934 units, while two-wheeler dispatches declined by 9% to 1.11 million units. Three-wheeler dispatches registered a modest increase, reaching 52,733 units compared to 50,947 units in December 2023.
The October-December quarter also recorded its highest-ever sales for passenger vehicles (1.06 million units), commercial vehicles (238,000 units), and three-wheelers (189,000 units).
For November 2024, domestic passenger vehicle wholesales grew by 4.1% to 348,000 units, achieving the highest sales for the month in the segment’s history.
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Two-wheeler dispatches for the month declined by 1.1% to 1.61 million units due to a 7.5% drop in motorcycle sales, which stood at 990,000 units. However, scooter dispatches increased by 11.7% to 569,000 units. Three-wheeler wholesales for November declined slightly by 1.3% to 59,350 units.
Production and export figures also saw significant variations. Passenger vehicle production rose by 6.5% in November 2024 to 351,000 units, while two-wheeler production grew 8.8% to 1.98 million units.
Three-wheeler production, however, decreased by 5.5%, reaching 76,997 units. Exports of passenger vehicles increased by 11.8% to 60,551 units, while two-wheeler exports surged by 30.2% to 362,000 units. In contrast, three-wheeler exports fell by 10.4% to 23,439 units.
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