According to data released by the Society of Indian Automobile Manufacturers, SIAM, on Wednesday, total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles reached 2,437,138 units in July.
The sales figures for the month stood at 341510 for passenger vehicles, 59,073 three-wheelers, and 1,441,694 two-wheelers. The two-wheeler sector notched a robust growth rate of 12.5 percent as compared with the same month of the previous year.
He cited above-average rainfall and the approaching festive season as leading indicators that will help the industry to grow in the short term. Budget measures aimed at economic expansion, infrastructure, and rural development will, he added, have a positive impact on the auto industry in the medium term.
While passenger vehicle sales declined in July 2024 over July 2023 at about 342,000 units, the three-wheeler segment recorded positive growth of 5.1 percent at 59,000 units in July 2024, nearing the peak levels of 2018-19, according to data shared by Rajesh Menon, SIAM's Director General.
A latest industry report mentioned that India would soon beat China later this year as the world's biggest market for two-wheelers. This could be due to their robust economic expansion, preference for two-wheelers in short commutes, and an increasing demand in shared mobility.
On the other hand, the electric two-wheeler market is fast-growing; it is likely to be 1.5 times that of four-wheeler passenger electric vehicles in sales by 2024, says Counterpoint Research. As the two-wheeler market nears saturation, the adoption of electrification would increase sharply during and beyond 2025.
Of the global top ten E2W brands, three are from India—Ola Electric, TVS Motor, and Ather Energy. This underlines the growing influence of India in the E2W segment. Such "EV-first" companies like Ola and Ather are challenging established players like TVS, Hero, and Bajaj, according to the report.
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