SIAM Report : 10 lakhs in the domestic market ‘SIAM’ also said that 26 cars were sold, registering a growth of only three per cent year-on-year.
The Society of Indian Automobile Manufacturers (SIAM)
said that the country’s motor exports grew by 18.6 per cent year-on-year in the first quarter of the financial year 2023-24, with 180,483 cars exported due to strong demand in major markets. SIAM also said that 10 lakh 26 cars were sold in the domestic market, registering a growth of only three percent year-on-year.
One of the reasons for the decline in the domestic market in the first quarter is the declining demand for small cars. Domestic sales of sedans and hatchbacks declined by 17.5 percent to 341,293 units in June. Vinod Aggarwal, President of SIAM, said that good growth is expected during the monsoon and the upcoming festive season.
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Concerns are being expressed as the remaining stocks with the distributors are huge. However, this is not a cause for concern. Sometimes the company produces more, sometimes less. It keeps on fluctuating. There is a good balance between supply and demand. He also clarified that the companies will take necessary corrective measures to maintain the balance.
Companies like Maruti Suzuki and Toyota are in favor of more incentives for hybrid cars, while companies like Tata Motors, Mahindra & Mahindra are asking the government to focus only on electric cars.
According to the data of ‘SIAM’, a total of 19 lakh 67 thousand 959 vehicles were sold in June 2024. It has increased by 18.23 percent compared to 16 lakh 64 thousand 451 vehicles in June 2023.
However, there has been a decline in the sales of passenger cars by 13.72 percent. However, sales of two-wheelers have increased by 21.29 percent. In June 2024, 16 lakh 14 thousand 154 two-wheelers were sold, and in June 2023, 13 lakh 30 thousand 826 vehicles were sold.
The sales of three-wheelers have also increased by 12.29 percent, with 59 thousand 544 vehicles sold in June 2024, compared to 53 thousand 25 in June 23. Sales of all types of passenger vehicles have increased by 4.88 percent. Two lakh 94 thousand 233 vehicles have been sold in June 2024 compared to two lakh 80 thousand 553 vehicles in June 2023.
The total export of vehicles has increased by 22.04 percent, three lakh 93 thousand 585 vehicles have been exported in June 2024. In June 2023, this number was three lakh 22 thousand 517. The production of vehicles has also increased by 20.45 percent, 23 lakh 58 thousand 41 vehicles were produced in June 2024, compared to 19 lakh 57 thousand 640 in June 2023.
India`s automobile exports clock 15.5 pc growth in April-June quarterhttps://t.co/MFLkMQwBnX#India #AutoSector @siamindia #ImportExports #Industry @Maruti_Corp #Investmentguruindia pic.twitter.com/VejXvlrpUe
— Investment Guru India (@InvGurInd) July 15, 2024
Highlights of the report
• Total vehicle sales in June 2024 19 lakh 67 thousand 959, an annual increase of 18.23 percent
• Two-wheeler sales increased by 21.29 percent, three-wheeler sales by 12.29 percent
• Sales of passenger vehicles increased by 4.88 percent
• Total exports three lakh 93 thousand 585, annual increase of 22.04 percent
• Production 23 lakh 58 thousand 41 vehicles, an annual growth of 20.45 percent
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