The passenger vehicle (PV) segment recorded a marginal year-on-year (Y-o-Y) growth of 0.9% in October 2024, while the three-wheeler segment experienced a slight decline of 0.7%. In contrast, the two-wheeler segment demonstrated robust performance, registering a significant Y-o-Y growth of 14.2%, according to domestic sales data released by the Society of Indian Automobile Manufacturers (SIAM).

Passenger vehicle sales

The passenger vehicle segment posted domestic sales of 3,93,238 units in October 2024, representing a 0.9% growth from 3,89,714 units in October 2023.

Rajesh Menon, Director General of SIAM, highlighted the segment's stable performance during the festive season. He 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 the auto industry’s performance. Passenger vehicles posted their highest-ever October sales in 2024, with 3.93 lakh units, achieving a growth of 0.9%, albeit on a high base of last October.”

Three-wheeler sales

The three-wheeler segment recorded a slight Y-o-Y decline of 0.7%, with domestic sales decreasing from 77,344 units in October 2023 to 76,770 units in October 2024.

Breakdown of October 2024 sales:

Passenger carriers: 62,531 units
Goods carriers: 11,539 units
E-rickshaws: 2,085 units
E-carts: 615 units

Menon mentioned that, "three-wheelers marginally de-grew by (-)0.7% compared to October of the previous year, with sales of 0.77 lakh units in October 2024. However, there was an 11% growth in registrations compared to last October.”

Two-wheeler sales

The two-wheeler segment continued its growth trajectory, recording a strong Y-o-Y increase of 14.2%, with domestic sales rising from 18,95,799 units in October 2023 to 21,64,276 units in October 2024.

Breakdown of two-wheeler sales for October 2024:

Scooters: 7,21,200 units
Motorcycles: 13,90,696 units
Mopeds: 52,380 units

“The two-wheeler segment also posted its highest-ever October sales in 2024, with 21.64 lakh units, reflecting a solid growth of 14.2% compared to October 2023. This high growth was echoed in Vahan vehicle registration data, where more than 30% growth in registrations for both passenger vehicles and two-wheelers was observed in October 2024 compared to October 2023,” added Menon.

Quadricycle segment

The quadricycle segment reported a sharp decline of 95.1%, with sales falling to just 4 units in October 2024.