SIAM, in february 2024, reported that the combined production of Passenger Vehicles, Three Wheelers, Two Wheelers, and Quadricycles reached 22,94,411 units. Domestic sales figures for the same month indicate a positive trend across various segments.
Passenger Vehicles recorded sales of 3,70,786 units, showing growth compared to the previous year. Three Wheelers also witnessed an increase in sales, reaching 54,584 units. Two Wheelers saw a significant rise in sales, totaling 15,20,761 units. However, data for BMW, Mercedes, JLR, Tata Motors, and Volvo Auto were not available for this period. Despite this,
Vinod Aggarwal, President of SIAM, commented on the overall performance, noting growth in Passenger Vehicles, Two Wheelers, and Three Wheelers. He attributed this growth to the robust GDP growth in the country’s third quarter of 2023-24 and the positive sentiment created by the Bharat Mobility Global Expo 2024, graced by the Hon’ble Prime Minister.
Rajesh Menon, Director General of SIAM, highlighted the record-breaking sales performance of Passenger Vehicles in February 2024, with sales reaching 3.7 lakh units, a 10.8% increase compared to February 2023. Three Wheelers also saw moderate growth, with sales of approximately 0.55 lakh units, an 8.3% increase from the previous year. Two Wheelers recorded a substantial growth of 34.6%, with sales totaling 15.2 lakh units, compared to February 2023.
The Society of Indian Automobile Manufacturers (SIAM) is the apex national body representing leading vehicle and vehicular engine manufacturers in India. Established in 1982, SIAM works closely with all stakeholders in the vehicle industry, including the government, to address issues, concerns, and challenges facing the automotive sector.
SIAM’s primary objectives include promoting sustainable development of the automobile industry, enhancing competitiveness, and fostering innovation. The organization plays a pivotal role in formulating policies and regulations related to the automobile sector, advocating for the industry’s interests, and facilitating dialogue among stakeholders.
SIAM also conducts research, collects and disseminates data, and organizes seminars, conferences, and exhibitions to promote the exchange of knowledge and ideas within the automotive industry. With a strong focus on promoting safe, efficient, and environmentally friendly mobility solutions, SIAM is at the forefront of shaping the future of India’s automobile industry.
