March 2024 Indian Car Sales

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Thread Starter #1


Core Team
Aug 10, 2009
New Delhi
March 2024 Indian Car Sales

Top 10 Selling Cars: March 2024


Manufacturers' Market Share: March 2024


Citroën March 2024 Indian Car Sales


Honda March 2024 Indian Car Sales


Hyundai March 2024 Indian Car Sales


Jeep March 2024 Indian Car Sales


Kia March 2024 Indian Car Sales


Mahindra March 2024 Indian Car Sales


Maruti Suzuki March 2024 Indian Car Sales


Morris Garages March 2024 Indian Car Sales


Nissan March 2024 Indian Car Sales


Renault March 2024 Indian Car Sales


Skoda March 2024 Indian Car Sales


Tata Motors March 2024 Indian Car Sales


Toyota March 2024 Indian Car Sales


Volkswagen March 2024 Indian Car Sales


Drive Safe,
Thread Starter #2


Core Team
Aug 10, 2009
New Delhi
FADA Vehicle Retail Data: March 2024















Press Release:
The Federation of Automobile Dealers Associations (FADA) today released Vehicle Retail Data for March'24 and FY’24.

March’24 Retails

In March 2024, the Indian Auto Retail sector experienced modest growth of 3.14% YoY, as reported by FADA President, Mr. Manish Raj Singhania. The two-wheeler (2W) and three-wheeler (3W) segments saw increases of 5% and 17% respectively, while passenger vehicles (PV), tractors (Trac) and commercial vehicles (CV) faced declines of 6%, 3%, and 6% respectively.

Mr. Singhania highlighted that “the 2W segment demonstrated resilience and adaptability, with electric vehicle (EV) sales surging due to the expiration of the FAME 2 subsidy on March 31st. This led to a notable boost in the 2W-EV market share to 9.12%. Positive market sentiment was supported by seasonal events, improved vehicle supply, and financial incentives. Despite facing market volatility and intense competition, the industry is strategically evolving, particularly in the premium and EV categories, signalling a bright future. The 3W segment showed an encouraging sales trend hitting an all-time high retail, driven by the growing acceptance of EVs. The introduction of EV autos and loaders positively impacted the retail environment. Although faced with election-related uncertainties and concerns over policy changes, such as free bus travel for women, the overall outlook for the sector remains upbeat, supported by the quality of vehicles and strong market demand.

The PV sector encountered challenges, with a MoM decrease of 2% and a YoY fall of 6%. The downturn was influenced by heavy discounting and selective financing further affected by economic worries and the electoral climate. Nonetheless, positives such as improved vehicle availability, increased stock levels and new model launches did stimulate demand in certain areas. The impact of election activities and changes in festival dates also played a role in sales dynamics. For the CV sector, March presented a complex scenario. The election announcement resulted in a temporary reduction in purchases, though there is an expectation of a recovery post-election, with decreasing concerns about the forthcoming monsoon. The sector grappled with issues like recent declines, poor agricultural outcomes, discount pressures and financing difficulties. On the upside, there was strong demand in specific areas such as coal and cement transportation, bolstered by bulk orders and vehicle upgrades, which enhanced customer engagement.”

FY’24 Retails

Reflecting on FY’23, FADA President Mr. Manish Raj Singhania commented, "The Indian Auto Retail sector achieved a commendable double-digit growth of 10% YoY across all categories, with 2W, 3W, PV, Trac and CV registering increases of 9%, 49%, 8.45%, 8% and 5% respectively. Notably, the 3W, PV and Trac segments set new record highs, surpassing previous years' performances. In FY24, the 2W segment saw a 9% growth, driven by a rich mix of factors including enhanced model availability, new product introductions, and positive market sentiment, further augmented by special schemes and the rural market's recovery from COVID. The growth in EVs and strategic launches in premium segments also played a critical role, overcoming challenges such as supply constraints and heightened competition.

The 3W segment's growth soared to 49% YoY, setting a new benchmark. This remarkable achievement was fuelled by the introduction of cost-effective CNG fuel options and new EV models, alongside strong market sentiment and the seamless integration of high-quality after-sales service. These elements, combined with the sector's innovative approach, catapulted the 3W segment to new heights. For the PV segment, FY24 was a milestone year, achieving an 8.45% YoY growth and reaching an all-time high. Factors such as improved vehicle availability, a compelling model mix and the launch of new models played pivotal roles. Enhanced supply dynamics, strategic marketing efforts, ever expanding quality road infrastructure and strong demand in the SUV segment, now holding a 50% market share, significantly contributed to this success. The CV segment experienced a 5% growth in FY24, demonstrating the sector's strategic response to diverse market dynamics. Improved vehicle supply, effective planning, and increased freight movement drove significant replacement purchases. Additionally, the segment capitalized on government tenders, better road connectivity and bulk deals, showcasing its adaptability and strategic market positioning."

Near-Term Outlook

With a notable decline in consumer sentiment among urban Indians, as reported by the Centre for Monitoring Indian Economy (CMIE), the automotive sector faces a nuanced challenge. This downturn, characterized by a restraint in discretionary spending within urban income brackets, adds a layer of complexity to the industry's landscape. In this scenario, the decision of the MPC of the RBI to keep lending rates unchanged at 6.5% would continue to badly impact the retail sales of all vehicles, especially entry level vehicles as these buyers are extremely price sensitive. Given the continued inflationary trend without any relief in finance rates, these prospective buyers may continue to hesitate. Coupled with the forthcoming elections, these challenges will influence the Industry, potentially curbing vehicle sales across all segments. Despite this, opportunities for rebound and growth linger, bolstered by festive occasions and strategic product unveilings aimed at reviving consumer interest.

The industry's adaptability is further tested by improved supply dynamics and an increasing bend towards electric mobility, alongside enticing financing options, all poised to mitigate the effects of the current economic sentiment and electoral caution. The automotive sector's resilience is thus spotlighted, with concerted efforts to tackle these challenges through innovation and strategic market engagement. As it navigates through a period marked by careful optimism, the sector is positioned for a cautious yet hopeful trajectory towards recovery. The strategic foresight and adaptability demonstrated by the industry promise a pathway to resilience and sustained growth, even as it confronts evolving market conditions.

Long-Term Outlook

Heading into FY’25, the Indian Auto Industry is poised for growth amidst a mix of optimism and challenges. The excitement around new product launches, particularly electric vehicles, sets a forward-looking tone. Manufacturers are gearing up with better supply chains and an array of models to meet diverse consumer demands. Economic growth, favourable government policies and an anticipated good monsoon are expected to fuel demand, especially in rural areas and the commercial vehicle sector, which is closely linked to infrastructure projects and economic activity. Market sentiment is cautiously optimistic, with the industry banking on improved customer engagement and financing schemes to boost sales. However, it faces challenges like high base in PV segment and intense competition. The focus is on overcoming these hurdles with innovation and strategic market engagement, aiming for a balanced growth across all the segments. As FY’25 unfolds, the Indian Auto Industry is navigating through evolving market demands and economic conditions, leveraging its strengths for sustainable growth and a wider reach.

Key Findings from our Online Members Survey

§ Liquidity
o Neutral 48.93%
o Good 39.64%
o Bad 11.43%

§ Sentiment
o Neutral 45.71%
o Good 39.29%
o Bad 15.00%

§ Expectation from Apr’24
o Growth 56.43%
o Flat 32.50%
o De-growth 11.07%

§ Expectation from FY’25
o Growth 72.14%
o Flat 20.36%
o De-growth 07.50%
Drive Safe,
Thread Starter #3


Core Team
Aug 10, 2009
New Delhi
SIAM Sales Summary Report: March 2024


































Press Release:
Monthly Performance: March 2024

Production: The total production of Passenger Vehicles, Three Wheelers, Two Wheelers and Quadricycle in the month of March 2024 was 23,25,959 units

Domestic Sales:

• Passenger Vehicles2 sales were 3,68,086 units in March 2024.
• Three-wheeler sales were 56,723 units in March 2024.
• Two-wheeler sales were 14,87,579 units in March 2024.

Quarterly Performance: January - March 2024

Production: Total production of Passenger Vehicles, Commercial Vehicles, Three Wheelers, Two Wheelers and Quadricycle in January - March 2024 was 73,94,417 units.

Domestic Sales:

• Passenger Vehicles3 sales were 11,35,501 units in January– March 2024.
• Commercial Vehicles4 sales were 2,68,294 units in January – March 2024.
• Three-wheeler sales were 1,64,844 units in January – March 2024.
• Two-wheeler sales were 45,03,523 units in January – March 2024.

Financial Year Performance: April 2023 - March 2024

Production: Total production of Passenger Vehicles, Commercial Vehicles, Three Wheelers, Two Wheelers and Quadricycle in April 2023 - March 2024 was 2,84,34,742 units.

Domestic Sales:

• Passenger Vehicles3 sales were 42,18,746 units in April – March 2024.
• Commercial Vehicles4 sales were 9,67,878 units in April – March 2024.
• Three-wheeler sales were 6,91,749 units in April – March 2024.
• Two-wheeler sales were 1,79,74,365 units in April – March 2024.

Commenting on sales data of 2023-24, Mr Vinod Aggarwal, President, SIAM said, “On the backdrop of a robust economic growth of 7.6% based on conducive policies of Government of India, the Indian Automobile Industry has posted a satisfactory performance with domestic industry growing by 12.5% during the last Financial Year. Passenger Vehicle segment led the growth with overall sales touching almost 5-million units including 4.2 million domestic (growth of 8.4%) and 0.7 million exports. Two-wheeler segment continued the recovery path with a handsome growth of over 13% in domestic sales to almost 18 million units, even though still lower than the earlier peak of 21 million units in FY19. Domestic Commercial Vehicle industry had a marginal growth to 9.7 million units and within that, some drop was experienced in LCVs and SCVs due to degrowth in CNG segment. The growth in Commercial vehicles was also impacted due to migration to higher tonnage trucks which created higher payload capacity, that is not reflected in the number of units. Three-Wheeler industry is almost close to the earlier peak of 0.7 million units in FY 19.

Overall exports remained under stress during the last financial year with sizeable drop in Commercial Vehicles, Two-Wheelers and Three-Wheelers, though Passenger vehicles grew marginally. However, good recovery was seen in the last quarter, especially for two-wheelers, indicating better potential for the current year. All in all, it has been a satisfactory performance for the Indian Automobile Industry. The year also demonstrated the sustainability commitments of the Auto Industry as it commenced producing vehicles which are material compliant to 20% Ethanol and witnessed growth of 90% in Electric Passenger Vehicles and 30% in Electric Two-Wheelers.

The Industry remains optimistic as the macroeconomic outlook remains positive. Coupled with good monsoon outlook, we are expecting continued growth for the industry this year as well.” Commenting on the Q4 performance of 2023-24, Mr Rajesh Menon, Director General, SIAM said, “Two-Wheelers posted sales of 4.5 Mn units with a significant growth of 25%, compared to Q4 of FY 2022-23. Passenger Vehicle registered growth of 12% and posted sales of more than 1.1 Mn units. Three-Wheelers posted sales of 1.65 Lakh units with a growth of 7%. Commercial Vehicles registered degrowth of (-) 4%, by posting sales of more than 2.68 Lakh units."
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