Key facts
- Domestic vehicle dispatches rose 27.3% in May.
- Passenger vehicle dispatches reached 438,854 units.
- Two-wheeler sales increased 31% year-over-year.
- Three-wheeler sales volume grew 14.8% year-over-year.
- May 2024 marked the highest ever sales for passenger vehicles, three-wheelers, and two-wheelers in the month of May.
Domestic vehicle dispatches in India saw a significant surge in May, with overall sales increasing by 27.3% compared to the previous year. Passenger vehicle dispatches alone climbed to 438,854 units. The two-wheeler segment experienced a robust 31% rise in sales, while three-wheeler volumes grew by 14.8%.
Industry officials attribute this strong performance to sustained consumer demand, a favorable base effect from weaker sales in the prior year, reduced Goods and Services Tax (GST) rates implemented in September, and more accessible financing options. Demand was particularly strong across various car types, including hatchbacks, sedans, and SUVs. Maruti Suzuki reported notable sales expansion across its model range, with its mini cars, the Alto and S-Presso, seeing a more than two-and-a-half-fold increase in sales. Utility vehicle sales also posted substantial growth, rising 44%.
SIAM's director-general, Rajesh Menon, highlighted that May 2024 recorded the highest-ever sales figures for passenger vehicles, three-wheelers, and two-wheelers for the month of May.