Passenger vehicles record best-ever sales in February

Vijay C Roy

Chandigarh, March 12

Rising disposable income and increased popularity of SUVs are fuelling the passenger vehicles’ growth in the country as the segment recorded the highest-ever sale of 3,70,786 units in February this year, 10.8 per cent more than 3,34,790 units sold in the same period a year ago.

Even two-wheelers showed growth with the sale of 15,20,761 units in February, a whopping 34.6 per cent jump. Similarly, three-wheeler sales in February stood at 54,584 units, up 8.3 per cent, as per Society of Indian Automobile Manufacturers (SIAM) data.

“Commercial vehicles, however, have witnessed a slight slump. Overall robust GDP growth of the country in Q3 of 2023-24 has helped the auto sector,” said Vinod Aggarwal, president, SIAM.

All three categories witnessed a significant surge in exports on the back of robust demand in the global market. According to SIAM’s data, exports of total passenger vehicles rose 20.4 per cent in February to 54,043 units as compared to 44,859 units last year. Similarly, three-wheeler exports registered 31.5 per cent growth with volumes touching 25,841 units. Two-wheelers clocked the export of 3,28,082 units in February 2024, registering a growth of 39.5 per cent.

In this fiscal till February, the total domestic PV sales jumped 8.1 per cent to 37,42,205 units as compared to 34,61,780 units in the same period in FY23.