New Delhi . According to data released by the Society of Indian Automobile Manufacturers (SIAM) on Wednesday, total twowheeler sales in the country increased by 14.2 percent to 21.64 lakh units in October this year, while the figure was 18.96 lakh units in October 2023.
Sales of passenger vehicles, including cars and SUVs, also increased to its highest monthly level of 3.93 lakh units in October, showing a growth of 0.9 per cent from the higher base figure of 3.9 lakh units in October 2023.
SIAM Director General Rajesh Menon said, “The two major festivals in October 2024 were Dussehra and Diwali, both falling in the same month, which led to higher consumer demand. This provided a significant boost to the auto industry's performance.”
Passenger vehicles (PV) recorded their highestever sales of 3.93 lakh units in October 2024, up 0.9 per cent over last October's high.
This high growth was also reflected in the 'Vehicle' vehicle registration data, which saw an increase of over 30 per cent in registrations of both passenger vehicles and twowheelers in October 2024 compared to October 2023.
According to Menon, however, threewheeler sales declined marginally by 0.7 per cent compared to October last year. This sale stood at 0.77 lakh units in October 2024. There was an 11 percent increase in registration compared to last October.
Market analysts believe the growth in twowheeler sales can be attributed to the rise in rural incomes as normal monsoon this year led to better crop yields, resulting in increased income in the agriculture sector.
The increase in the minimum support price of various crops by the government has also increased the income of farmers, due to which rural families have spent more on consumption goods.
This was also seen in India's fast moving consumer goods (FMCG) sector, where consumption in rural areas grew faster than urban areas.
According to the NielsenIQ survey, sales of FMCG goods grew by 5.7 per cent in value terms and 4.1 per cent in volume terms in the JulySeptember quarter this year, driven by rural demand for the third consecutive quarter. Not only this, it grew faster than urban markets.
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Image Credit: KhasKhabar.