Two-wheeler wholesales experienced significant growth, increasing by 12.5% Y-o-Y to 14,41,694 units compared to 12,82,054 units in July 2023.
Three-wheeler wholesales also showed an upward trend, rising by 5.1% to 59,073 units Y-o-Y, up from 56,204 units in July last year.
Vinod Aggarwal, President, SIAM, said, “Though the three-wheeler and two-wheeler segments are performing well, there has been some de-growth of passenger vehicles and commercial vehicles in July 2024, compared to July 2023. The above average rainfall coupled with upcoming festive season is likely to again propel growth in the short term. In addition, enabling budget announcements which emphasizes on overall economic growth with fiscal support for infrastructure and rural sector should augur well for the Auto sector in the medium term.”
Rajesh Menon, Director General, SIAM, said, “In July 2024, passenger vehicle segment de-grew by (-)2.5% compared to July 2023, posting a sales of about 3.42 lakh units. Three wheelers posted a growth of 5.1% compared to July last year, with sales of 0.59 Lakh units in July 2024, which is close to the peak of 2018-19. Two wheeler segment also posted a growth of 12.5% in July 2024 as compared to July 2023, with sales of 14.42 lakh units”.
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