Total two-wheeler sales in the country rose by a strong 14.2% to 21.64 lakh units in October this year against 18.96 lakh units in October 2023, figures released by the Society of Indian Automobile Manufacturers showed on Wednesday.
The passenger vehicles too have seen a high sales growth of 12.8 per cent in reaching the ever-reached monthly figure of 3.93 lakh units in October, on top of a base figure of 3.9 lakh units for October last year.
According to SIAM Director General, Rajesh Menon, "October 2024 was the two big festivals Dussehra and Diwali falling in the same month. These festivals in normal times invoke higher consumer demand thus providing a major fillip to auto-industry's performance".
Passenger Vehicles posted its highest ever sales of October of 3.93 Lakh units, growth of 0.9 per cent, although on a high base as was last October.
This high growth was also echoed in the Vahan vehicle registration data, wherein more than 30 per cent growth in registration was witnessed for both passenger vehicles and two-wheelers in October 2024, over October 2023.
However, three-wheelers marginally de-grew by 0.7 per cent over October of the previous year with sales of 0.77 lakh units in October 2024, though the industry registered growth of 11 percent in registration, compared to last October, noted Menon.
According to market analysts, two-wheeler sales have surged as increased rural incomes from this year's normal monsoon have resulted in better crop yields, and hence agricultural sector earnings have been higher.
The government's increase of minimum support price of various crops has also improved farmers' incomes which is leading to more consumption expenditure by rural households.
It was also reflected in the FMCG sector of India wherein rural consumption improved faster than that in urban cities. Sales of FMCG goods posted growth at 5.7 per cent value and 4.1 per cent in volume during the July-September quarter this year with rural demand spurring faster growth than urban markets for the third successive quarter, according to a NielsenIQ survey.
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