Passenger Vehicles achieved its highest October sales ever in 2024, selling 3.93 Lakh units, showing a growth of 0.9% compared to the previous year's high base. Sales of motorcycles also recorded the highest sales in October 2024 at 21.64 lakh units. This represents an increase of 14.2% from October 2023.

According to data from SIAM, 393,238 vehicles were sent from factories to dealerships, up from 389,714 units sold in the same period last fiscal year.

“This high growth was also reflected in the Vahan vehicle registration data, wherein more than 30% growth in registration was witnessed for both Passenger Vehicles and Two-Wheelers in October 2024, compared to October 2023”, Menon informed.

Rajesh Menon, Director General, SIAM said, “October 2024 saw two major festivals Dussehra and Diwali, both occurring in the same month, which traditionally drive higher consumer demand providing a significant boost to auto industry’s performance.”

Sales of three-wheelers dropped slightly by 0.7% to 76,770 units during the period being analyzed. Sales of three-wheelers in retail increased by 11% compared to the same period last year.

Last month, leading automotive companies like Maruti Suzuki, Hyundai Motor India, Tata Motors, and Hero MotoCorp achieved all-time high retail sales, leading to a decrease in inventory levels. Executives in the industry anticipate the momentum will persist because of the upcoming November wedding season.