Auto Sales In India: Record Car, Two-Wheeler Sales Indicate Rural Revival
Car sales in India surged more than 10% year-on-year to 3,70,786 units in February, according to SIAM data. Two-wheeler sales surged more than a third to over 15 lakh units.
Carmakers in India had their best February on record, even as motorcycle sales surged by more than a third—indicating a revival in rural demand.
Sales of passenger vehicles, including hatchbacks and utility vehicles, rose 10.75% over the year earlier to 370,786 units last month, data released by Society of Indian Automobile Manufacturers showed on Tuesday. At the same time, two-wheeler sales surged 34.62% to 15,20,761 units, the industry body stated.
Sports utility vehicles, or SUVs, continued to power four-wheeler sales in February, even as hatchbacks and sedans were left with fewer takers.
Passenger car sales down 18.46% YoY at 1,15,937 units.
Utility vehicle sales up 38.48% YoY at 1,91,435 units.
Passenger vehicle exports up 20.47% YoY at 54,043 units.
Among two-wheelers, it was motorcycles that drove the uptick in sales.
Scooter sales up 31.78% YoY at 5,15,340 units.
Motorcycle sales up 37.12% YoY at 9,64,362 units.
Two-wheeler exports up 39.55% YoY at 3,28,082 units.
Top 5 Carmakers In February, By Sales (YoY)
Maruti Suzuki India Ltd. sales up 8.68% at 1,60,271 units.
Hyundai Motor India Ltd. sales up 6.80% at 50,201 units.
Mahindra & Mahindra Ltd. sales up 39.66% at 42,401 units.
Toyota India sales up 52.01% at 23,293 units.
Kia India sales down 17.88% at 20,200 units.
Toyota Kirloskar Motor Pvt. Ltd. has overtaken Kia Motors India Pvt. Ltd. in sales, as key models in the South Korean carmaker’s portfolio—the Sonet and Seltos—have undergone mid-cycle upgrades over the past couple of months. It is noteworthy that Tata Motors Ltd. is not a part of this data set.
Top 5 Two-Wheeler Makers In February, By Sales (YoY)
Hero MotoCorp Ltd. sales up 16.42% at 4,45,095 units.
HMSI sales up 82.29% at 4,13,967 units.
TVS Motor Co. sales up 20.82% at 2,67,502 units.
Bajaj Auto Ltd. sales up 42.94% at 1,68,727 units.
Royal Enfield sales up 5.41% at 67,922 units.
"Overall robust GDP growth of the country in Q3 of 2023-24 has helped the auto sector," SIAM President Vinod Aggarwal said in a statement Tuesday. "The Bharat Mobility Global Expo 2024 held in February has also created a strong positive sentiment for consumers, and therefore, the industry expects the growth momentum to continue.”
