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Thursday, April 25, 2024

February saw record-breaking sales for passenger cars

<p>The country’s passenger car market is expanding due to growing disposable income and the growing popularity of SUVs. In February of this year, sales of this category reached a record high of 3,70,786 units, 10.8% more than the 3,34,790 units sold in the same month last year.</p>
<p><img decoding=”async” class=”alignnone wp-image-502486″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-february-saw-record-breaking-sales-for-passenger-cars-2024-3largeimg-579916453.jpg” alt=”theindiaprint.com february saw record breaking sales for passenger cars 2024 3largeimg 579916453″ width=”996″ height=”560″ title=”February saw record-breaking sales for passenger cars 12″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-february-saw-record-breaking-sales-for-passenger-cars-2024-3largeimg-579916453.jpg 660w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-february-saw-record-breaking-sales-for-passenger-cars-2024-3largeimg-579916453-390×220.jpg 390w” sizes=”(max-width: 996px) 100vw, 996px” /></p>
<p>With the sale of 15,20,761 units in February—a staggering 34.6 percent increase—even two-wheelers have shown growth. Similarly, according to figures from the Society of Indian Automobile Manufacturers (SIAM), sales of three-wheelers increased by 8.3% in February to a total of 54,584 units.</p>
<p>Commercial vehicles, on the other hand, have somewhat declined. The car industry has benefited from the nation’s generally strong GDP growth in Q3 of 2023–2024, according to SIAM President Vinod Aggarwal.</p>
<p>Due to strong demand in the international market, exports for all three categories significantly increased. SIAM data shows that overall passenger car exports increased by 20.4% in February to 54,043 units from 44,859 units in the previous year. In a similar vein, three-wheeler exports increased by 31.5% to a total of 25,841 units. In February 2024, the number of two-wheelers exported was 3,28,082, representing a 39.5% increase.</p>
<p>The overall domestic PV sales for this fiscal year through February increased 8.1% to 37,42,205 units, compared to 34,61,780 units during the same time in FY23.</p>

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