How India's Auto Industry Wrapped Up 2024 Key domestic sales statistics for the year include 42,74,793 PV units sold, marking a 4.2 per cent increase over the previous year. Two-wheelers sales also grew by 14.5 per cent to 1,95,43,093 units and three-wheelers sold 7,28,670 units, achieving 6.8 per cent growth.
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The Indian automobile industry concluded 2024 on a high note, buoyed by strong consumer sentiment and a stable macroeconomic environment. According to data released by the Society of Indian Automobile Manufacturers (SIAM), December 2024 and the calendar year overall saw notable performances across vehicle segments.
The production across all vehicle categories in December 2024 stood at 1.92 million units. Domestic sales figures for the month revealed healthy growth; with passenger vehicles (PV) selling 3,14,934 units, three-wheelers 52,733 units and two-wheelers selling 11,05,565 units.
Year review
The calendar year saw an uptick in production and sales figures across several categories. Total production for 2024, including PVs, CVs (commercial vehicles), three-wheelers, two-wheelers and quadricycles, reached 30.61 million units.
Key domestic sales statistics for the year include 42,74,793 PV units sold, marking a 4.2 per cent increase over the previous year. Two-wheelers sales also grew by 14.5 per cent to 1,95,43,093 units and three-wheelers sold 7,28,670 units, achieving 6.8 per cent growth. Commercial vehicles saw a dip in sales with a 2.7 per cent drop to 9,51,991 units.
Shailesh Chandra, president of SIAM, highlighted the pivotal role of the two-wheeler segment in driving overall growth. "2024 has been reasonably good for the auto industry. This year, growth has been primarily driven by the two-wheeler segment, which grew by 14.5 per cent in 2024 compared to the previous year, posting sales of 1.95 crore units," he said.
Chandra also noted the performance of PV and three-wheeler segments. "Passenger vehicles and three-wheelers posted their highest-ever sales in a calendar year. Passenger vehicles grew by 4.2 per cent, with sales of around 43 lakh units, while three-wheelers posted a growth of 6.8 per cent," he added. He acknowledged the challenges faced by the CV segment, which saw a minor decline, but expressed optimism for recovery in 2025, buoyed by growth signs in Q3 of 2024-25.
Looking ahead, as the auto sector enters the new year, challenges such as global economic uncertainties and evolving consumer preferences remain. However, with a strong foundation laid in 2024 and a focus on sustainable and innovative mobility solutions, the Indian automobile industry appears poised for another year of progress.
