In July, India’s total automobile production, including passenger vehicles, three-wheelers, two-wheelers, and quadricycles, reached 24,37,138 units, according to data from the Society of Indian Automobile Manufacturers (SIAM).
The breakdown of sales for July was as follows:
Passenger Vehicles: 3,41,510 units
Three-Wheelers: 59,073 units
Two-Wheelers: 14,41,694 units
The two-wheeler segment experienced notable growth, rising by 12.5% compared to the same month last year. Vinod Aggarwal, President of SIAM, attributed this growth to above-average rainfall and the approaching festive season, which are expected to continue boosting short-term growth. Additionally, budget announcements supporting economic growth and infrastructure are anticipated to benefit the auto sector in the medium term.
In contrast, passenger vehicle sales decreased slightly in July 2024 compared to July 2023, totaling about 3.42 lakh units. Three-wheeler sales saw a 5.1% increase from the previous year, with July 2024 sales reaching 59,000 units, approaching the peak levels of 2018-19.
An industry report indicated that India is likely to surpass China this year as the world’s largest two-wheeler market, driven by strong economic growth, a preference for two-wheelers for short commutes, and rising demand for shared mobility. The electric two-wheeler (E2W) market is also expanding rapidly, with 2024 sales penetration expected to be 1.5 times that of four-wheeler electric vehicles (EVs).
Among the top electric two-wheeler brands, three are Indian: Ola Electric, TVS Motor, and Ather Energy. These brands reflect India’s growing presence in the E2W market, with Ola and Ather emerging as significant players challenging established names like TVS, Hero, and Bajaj.
