Domestic passenger vehicle wholesales surged by 14 per cent year-on-year to 3,93,074 units last month, marking the best-ever performance for January according to the Society of Indian Automobile Manufacturers (SIAM).
The increase in wholesales can be attributed to robust demand for utility vehicles.
Comparatively, in January 2023, dispatches of passenger vehicles from manufacturers to dealers stood at 3,46,080 units.
Two-wheeler wholesales also witnessed significant growth, rising by 26 per cent to 14,95,183 units last month, compared to 11,84,376 units in January of the previous year.
Vinod Aggarwal, President of SIAM, attributed the resilient performance of passenger vehicle sales to positive consumer sentiments, while highlighting the strong growth in the two-wheeler segment, particularly driven by the recovery in rural markets.
"Passenger vehicle sales have remained resilient led by positive consumer sentiments, while the two-wheeler segment witnessed good growth in January as well as the rural market continues to recover," he said.
Although the commercial vehicle sector did not exhibit growth in January 2024, Aggarwal expressed optimism about a potential uptick in the next two months of the financial year.
Meanwhile, three-wheeler wholesales saw a 9 per cent growth, reaching 53,537 units as compared to 48,903 units in January 2023.
Rajesh Menon, Director General of SIAM, noted that both passenger vehicles and three-wheelers have achieved their highest-ever sales for the period of April to January in FY 24, underscoring the sustained growth in these segments.
(With PTI inputs)
