Domestic passenger vehicles sales shrink 2.5 pc in July, SIAM expects festive season to boost demands

New Delhi [India], August 14 (ANI): The total domestic Passenger Vehicles (PVs) sales have witnessed a decline of 2.5 per cent in July 2024, as compared to the same period last year 2023, according to the data released by Society of Indian Automobile Manufacturers (SIAM) on Wednesday.
As per the data, the sales of total passenger vehicles stood at 3,41,510 units in July, compared to 3,50,355 units, in the same period last year.
The passenger cars segment witnessed a similar trend with the sales declining 12 per cent at 96,652 units, compared to 1,09,859 units in July of 2023. The vans segment also saw a decline of 1 per cent in July current year compared to the same period a year ago.
The decline in sales can be attributed to the moderation in demand. Commenting on July-2024 performance, Mr Rajesh Menon, Director General, SIAM said, "Three Wheelers posted a growth of 5.1 per cent compared to July last year, with sales of 0.59 Lakh units in July 2024, which is close to the peak of 2018-19. The two-wheeler segment also posted a decent growth of 12.5 per cent in July 2024 as compared to July 2023, with sales of 14.42 Lakh units".
Commenting on sales data of July 2024, Vinod Aggarwal, President, SIAM said, "Though Three-Wheeler and Two-Wheeler segments are performing well, there has been some degrowth of Passenger Vehicles and Commercial Vehicles in July 2024, compared to July 2023."
However, expressing optimism he said, "The above average rainfall coupled with the upcoming festive season is likely to again propel growth in the short term. In addition, enabling budget announcements which emphasize overall economic growth with fiscal support for infrastructure and the rural sector should augur well for the Auto sector in the medium term."
According to the data released by SIAM, the passenger vehicle sales in July stood at 3,41,510 units. Additionally, the three-wheeler sales in July stood at 59,073 units, while two-wheeler sales totalled 14,41,694 units, the data showed.
Among the other segments, the sales of three-wheeler goods carrier vehicles witnessed a slowdown of 5 per cent in July this year, compared to July 2023.
In Addition, the sales of e-rickshaw saw a hit of 17.9 per cent in July, compared to July 2023.
As per the SIAM data, the exports of the total domestic Passenger Vehicles were recorded at 61,929 units, higher than the 59,594 units of last year. The export recorded an upward growth of 3.9 per cent in the time span of one year between July 2023 to 2024. (ANI)