Two-wheeler sales climbed 6.5% from a year earlier, while passenger vehicle sales grew 5.8%
Robust festive demand and GST impact drive growth across segments
Repo rate cuts and above normal rainfall forecast are expected to give a positive push to the auto sector going forward.
Strong sales growth seen across segments helped by festive season, bumper Rabi harvest, and increasing disposable incomes
Recent auto retail numbers are perplexing as 2W and lower-end car sales show declining trend indicating pain at the bottom of the pyramid
Overall vehicle registrations stood at 2,61,07,679 units last year as compared to 2,39,28,293 units in the 2023 calendar year, recording a growth of 9 per cent
The encouraging numbers came on the back of continuing demand momentum in rural areas and a pick-up in infrastructure spends. Year-end discounts also helped
As of September 2024, the PLI scheme has already facilitated an investment of Rs 20,715 crore in the sector, leading to incremental sales of Rs 10,472 crore, as per a government official.
The spike in food inflation coincided with an election year when expenditure by the government typically slows down, a trend seen especially in the first half of the current financial year ending March 2025. This pulled down private consumption, especially in urban areas.
Export demand has been showing an uptrend in the last five months. The revival in the global economy is reflecting in the numbers of some of the leading automobile exporters.
Total domestic sales were up 1 per cent at 73,246 units last month as against 72,647 units in November 2023, Tata Motors said in a statement.
All the festivals came bunched up in October, which along with hefty discounts, fuelled PV and 2W retail sales. Will this continue?
Maruti Suzuki, the country's largest automaker, expects robust retail sales in November due to the onset of the marriage season
The industry has undergone some rejigging with traditional makers returning to the fray; Ola has retained its top spot by a margin
GST collections tapered in September to Rs 1.73 lakh crore compared with Rs 1.75 lakh crore in the previous month; PMI slowed to an 8-month low
While the festive season and improved rural demand present promising opportunities for growth, ongoing weather uncertainties and high inventory levels may temper the overall recovery, it stated.
The company's total dispatches to its dealers stood at 70,350 units in August 2023.
The two-wheeler major had dispatched 4,88,717 units to dealers in August 2023.
Industry players reckoned that the the YoY sales figures are not comparable as the festive season came in early during August last year
Passenger vehicle sales are expected to stay sluggish in August due to soft demand and deferred purchases as buyers anticipate better discounts in September. In contrast, two-wheeler sales are likely to see growth, fueled by new launches and a recovery in rural demand.
GST collections back in double digits, PMI eases. Two wheeler companies perform well, car sales for major auto manufacturers down
While the high base effect of last year also resulted in modest growth in volumes, industry players reckon that new launches such as as Maruti Suzuki Swift, Hyundai Creta, etc., continued to contribute to incremental volumes
The automaker had dispatched 65,601 units to dealers in June last year.
The company's total dispatches to its dealers stood at 62,429 units in June 2023.
The company's flagship SUV- ZS EV achieved the highest-ever monthly sales in June 2024, JSW MG Motor India said in a statement.