India’s Vehicle Sales Show Resilience in November 2024

According to the Society of Indian Automobile Manufacturers (SIAM), India’s passenger vehicle dispatches reached a new high of 3,47,522 units in November 2024, marking a 4% year-on-year (YoY) growth compared to the 3,33,833 units dispatched in November 2023. This growth comes despite the absence of the Diwali festival in November 2024, which typically boosts sales in the automotive sector. The month’s sales set a new record for the highest-ever November sales in India’s history, demonstrating that the demand for passenger vehicles is continuing to gain momentum, even beyond the festive period.

The country’s market leader, Maruti Suzuki India, saw a 5% increase in sales, dispatching 1,41,312 units in November 2024 compared to 1,34,158 units in the same month last year. The company’s consistent performance is a testament to the strong demand for its models in the Indian market.

Mahindra & Mahindra also made a significant leap, recording a 16% YoY growth with 46,222 units dispatched, up from 39,981 units in November 2023. On the other hand, Hyundai Motor India experienced a slight dip in sales, dispatching 48,246 units, down from 49,451 units last year, reflecting the competitive pressures in the market.

Two-Wheeler Sales in Decline

While the passenger vehicle sector showed strong growth, two-wheeler wholesales faced a slight setback in November 2024, dropping by 1% YoY to 16,04,749 units, down from 16,23,399 units in November 2023. The decline in overall two-wheeler sales was largely driven by a 7.5% drop in bike dispatches, which totaled 9,90,246 units. However, there was a notable uptick in scooter sales, which saw an impressive 12% growth, with 5,68,580 units dispatched, signaling the continuing demand for more fuel-efficient and convenient forms of mobility.

In addition, moped wholesales rose by 6%, with 45,923 units dispatched, contributing to the overall growth in the two-wheeler segment despite the overall decline. Meanwhile, three-wheeler dispatches saw a 1% drop, totaling 59,350 units in November 2024.

Industry Outlook

Mr. Rajesh Menon, Director General of SIAM, noted that the overall passenger vehicle sector had achieved an impressive 4.1% growth in November 2024, reaching a total of 3.48 lakh units sold. He pointed out that even without the Diwali festival in the month, these figures represent the sector’s ongoing resilience and consumer preference for personal mobility. Meanwhile, the two-wheeler sector achieved a notable milestone, surpassing 16 lakh units in sales for the first time in a non-Diwali November.

As India moves into the final quarter of the year, automakers will likely continue to focus on strategies to sustain this growth, including innovative offerings, improved fuel efficiency, and expanding electric vehicle (EV) portfolios to meet evolving customer demands.

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