June 11th 2024.
In the bustling city of New Delhi, the Society of Indian Automobile Manufacturers (SIAM) announced some promising news for the automotive industry. According to their latest report, a total of 3.47 lakh passenger vehicles were sent to dealers in the domestic market in May. This marks a 4% increase from the same month last year, showcasing a steady growth in the industry.
In more specific terms, the overall passenger vehicle dispatches from various companies to dealers amounted to 3,47,492 units last month. This is a significant increase from the 3,34,537 units that were dispatched in May 2023. In fact, these numbers are the highest ever recorded for the month of May, largely due to the high demand for utility vehicles.
Leading the pack is Maruti Suzuki, with a total of 1,44,002 units sold in May. Although this is only a slight increase from last year's sales of 1,43,708 units, it still holds a strong position in the market. Following closely behind is Hyundai Motor India, with a total of 49,151 units dispatched in May, compared to 48,601 units in May 2023. Mahindra & Mahindra also saw a significant jump in sales, with 43,218 units sold last month, compared to 32,886 units in the same period last year.
President of SIAM, Vinod Aggarwal, stated that all segments of the automotive industry, including passenger vehicles, commercial vehicles, two-wheelers, and three-wheelers, have shown growth in May compared to last year. He did, however, note that the growth in passenger vehicle sales has been moderate due to the higher base effect of the previous year.
Meanwhile, two-wheelers saw a steady growth of 10% in May, with a total of 16,20,084 units sold, compared to 14,71,550 units in the previous year. Three-wheelers also saw a 15% increase in dispatches, with a total of 55,763 units sold in May, compared to 48,610 units in the same month last year.
Aggarwal expressed his optimism for the future of the auto industry, citing above-normal monsoon expectations and the government's focus on economic development. He also mentioned the industry's goal of a developed India by 2047, stating that the auto industry is hopeful for continued growth in the coming years.
Rajesh Menon, Director General of SIAM, further elaborated on the numbers, stating that passenger vehicle dispatches in May were the highest ever recorded for the month. While two-wheeler sales have shown a steady growth, it is still lower than the levels seen in May 2017-18. On the other hand, domestic sales of three-wheelers saw a significant 14.7% increase in May compared to the previous year, making it the highest-ever sales for the month.
Overall, the auto industry is showing promising signs of growth, and with the government's focus on economic development, it is expected to continue this trend in the coming years.
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