Indian auto sector posts highest-ever October sales, two-wheelers and SUVs take charge
The Indian auto industry reported its highest-ever October sales in 2024 in the passenger vehicles and two-wheeler categories, according to the latest data by the Society of Indian Automobile Manufacturers (SIAM). The two-wheeler sector garnered record domestic sales of 21.64 lakh units in October 2024, reflecting a robust year-on-year (YoY) growth of 14.2 per cent. Similarly, the passenger vehicles sector clocked in its highest-ever October sales with 3.93 lakh units sold, marking a 0.9 per cent YoY growth despite a high base from the previous year.
Rajesh Menon, Director General at SIAM, attributed the auto industry’s October sales performance to the Indian festive season boost with Dussehra and Diwali occurring in the same month. These two major festivals “traditionally drive higher consumer demand providing a significant boost to [the] auto industry’s performance."
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This growth in sales was further reflected in the Vahan vehicle registration data, “wherein more than 30 per cent growth in registration was witnessed for both Passenger Vehicles and Two-Wheelers in October 2024, compared to October 2023." This indicates a rise in consumer confidence and a positive market sentiment.
Two-wheeler go strong, Honda trails Hero:
October 2024 showcases strong consumer interest in the domestic two-wheeler sector, with a total of 21,64,276 units sold compared to 18,95,799 units sold in the same period last year. The first half of the fiscal year starting from April 2024 observed total domestic sales of 1.23 crore units, with a 15.9 per cent increase over the same period last year.
SIAM data shows Hero MotoCorp taking the lead, having sold 6,56,484 units in October 2024. This means the leading two-wheeler manufacturer in India marked a 17.2 per cent YoY increase in its domestic sales, with robust demand for products such as the Xtreme 125R and its broad range of commuter motorcycles. Honda Motorcycles and Scooter India trails right behind with total domestic sales of 5,53,120 units, fuelled by demand for its popular Activa and Shine models.
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The TVS Motor Company achieved a 13.20 per cent YoY increase in domestic two-wheeler sales, with a total of 3,90,489 units sold in October 2024. This performance was fuelled by recent revamps of popular models such as the Jupiter 110 and a strong demand for motorcycles such as the Raider 125 which crossed the one million sales mark last month.
Bajaj Auto slumps with a 6.9 per cent YoY decline. It sold 2,55,909 units in October 2024 compared to 2,74,911 units in the same period last year. The launch of new and much-awaited models such as the Freedom 125 CNG is expected to boost demand in the near future.
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SUVs charge ahead, best month-to-date for Mahindra:
SUVs and MPVs remain the name of the game, fuelling sales growth for the passenger vehicles sector with strong segment-wise demand. While passenger car sales observed a YoY decline of 17.3 per cent in October 2024, utility vehicles marked a 13.9 per cent YoY increase with a total of 2,25,934 units sold. This means the utility vehicles segment alone accounts for approximately 57.4 per cent of all passenger vehicles sold in India in October 2024.
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Despite posting a 5.04 per cent decline in overall domestic sales, Maruti Suzuki India remains at the top of the table with 1,59,591 units sold in October 2024. The leading Indian carmaker’s presence has been solidified with its broad range of affordable models, which include the recently revamped Swift hatchback and the new-gen Swift Dzire.
Hyundai Motor India follows along with 55,568 units sold in October 2024, marking a 0.8 per cent increase compared to the same month last year. SUVs accounted for 68.25 per cent of the carmaker’s total October sales, with the Creta’s strong popularity fuelling growth. This comes amid a Q2 profit drop of 16.5 per cent over weak demand and disruptions in the Red Sea.
Mahindra and Mahindra has clocked in its best month-to-date with a total of 54,504 units sold, marking a 24.75 per cent YoY increase. This is the second consecutive month that the SUV maker trails ahead of Tata Motors, with the latter facing a marginal YoY decline. The manufacturer's growth has been reifnorceed with the recent launch of the much-awaited five-door Thar Roxx and consistent demand for the XUV700.
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