Passenger Vehicle Sales Drop in India: July 2024 Report by SIAM
In July 2024, domestic passenger vehicle sales in India fell by 2.5% compared to July 2023, according to the Society of Indian Automobile Manufacturers (SIAM). The total passenger vehicle sales stood at 3,41,510 units in July 2024, down from 3,50,355 units in July 2023.
Passenger Cars and Vans
The passenger cars segment saw a 12% decline in sales, with 96,652 units sold in July 2024 compared to 1,09,859 units in July 2023. The vans segment also experienced a 1% decrease in sales.
Three-Wheelers and Two-Wheelers
Three-wheeler sales grew by 5.1%, reaching 59,073 units in July 2024. Two-wheeler sales also saw a significant increase of 12.5%, with 14,41,694 units sold.
Comments from SIAM Officials
Rajesh Menon, Director General of SIAM, noted the growth in three-wheeler and two-wheeler segments. SIAM President Vinod Aggarwal acknowledged the decline in passenger and commercial vehicle sales but expressed optimism for future growth due to favorable weather and upcoming festive seasons.
Exports
Exports of domestic passenger vehicles increased by 3.9%, with 61,929 units exported in July 2024 compared to 59,594 units in July 2023.
Doubts Revealed
Passenger Vehicle -: A passenger vehicle is a car, van, or any vehicle designed to carry people rather than goods.
SIAM -: SIAM stands for the Society of Indian Automobile Manufacturers. It is an organization that represents the automobile industry in India.
Domestic -: Domestic means within the country. So, domestic passenger vehicle sales refer to the number of vehicles sold within India.
Three-wheeler -: A three-wheeler is a vehicle with three wheels, often used for public transport or carrying goods in India.
Two-wheeler -: A two-wheeler is a vehicle with two wheels, like a motorcycle or scooter.
Vinod Aggarwal -: Vinod Aggarwal is the President of SIAM, the organization that provided the report on vehicle sales.
Festive seasons -: Festive seasons in India refer to times of the year when many festivals are celebrated, like Diwali and Dussehra, which often lead to increased shopping and sales.