Festival season boosts auto sales: passenger vehicles, two-wheelers hit record highs in October

The festival season has driven a boost in auto sales, with passenger vehicle sales rising by 0.9 per cent and two-wheeler sales jumping over 14 per cent. According to data from the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales in October 2024 reached a record 3.93 lakh units, marking a 0.9 per cent growth compared to October 2023. This growth, however, came on the back of a strong base from last year.

The two-wheeler segment also posted its highest-ever sales for October, reaching 21.64 lakh units, a growth of 14.2 per cent compared to October 2023. Scooters and motorcycles led the way, with sales growing by 22.3 per cent and 11.0 per cent, respectively.

Rajesh Menon, Director General of SIAM, commented on the performance: “October 2024 saw two major festivals, Dussehra and Diwali, both falling in the same month. This traditionally drives higher consumer demand and provided a significant boost to the auto industry’s performance.”

This strong growth was also reflected in vehicle registration data from Vahan, with registrations for passenger vehicles as well as two-wheelers showing over 30 per cent growth in October 2024 compared to the previous year. However, the three-wheeler segment experienced a slight dip of 0.7 per cent, with sales of 0.77 lakh units. Despite this, registrations for three-wheelers grew by 11 per cent year-on-year.