New Delhi: The Society of Indian Automobile Manufacturers (SIAM) released data today revealing a surge in domestic vehicle sales for the financial year 2023-24. According to the latest figures, total vehicle sales soared by 12.5%, reaching a staggering 23.8 million units, compared to 21.2 million units in the previous fiscal year.
Passenger vehicle sales particularly witnessed a remarkable uptick, with wholesales surging by 8.4% to 42,18,746 units, marking a substantial increase from the 38,90,114 units recorded in FY23.
The robust growth trend extended to two-wheelers as well, with sales climbing by 13.3% to 1,79,74,365 units in FY24, up from 1,58,62,771 units in the preceding financial year.
A closer look at the data reveals that February proved to be a particularly fruitful month for passenger car sales, which witnessed an 11% year-on-year increase. This surge was largely attributed to a heightened demand for SUVs in the market.
Overall, 3,70,786 passenger vehicles were dispatched to dealers in February, marking a notable uptick from the 3,34,790 units recorded during the same period last year.
