The Indian automotive industry continues its strong growth trajectory, with domestic sales and exports on the rise. In February 2024, the industry reported a 28.7% increase in domestic sales and a 36.17% increase in exports, according to a report by the SIAM.
The passenger vehicle segment achieved record sales of 3,70,786 units, marking a 10.75% increase from the previous year. Exports of passenger vehicles also grew by 20.4% to reach 54,043 units, setting a new high for the segment.
On the two-wheeler side, domestic sales saw a significant 34.6% increase to 15,20,761 units, while exports were up by 39.5% to 3,28,082 units. The industry is experiencing recovery post-COVID, but there are conflicting views on the future outlook within the sector.
SIAM remains optimistic, citing events like the Bharat Mobility Global Expo 2024 as catalysts for growth, while FADA expresses concerns about high inventory levels in the passenger vehicle sector. The two-wheeler segment, however, shows promise with increased demand in rural and premium segments expected to boost the market.
