New Delhi, Nov 13 (IANS) Total two-wheeler sales in the country surged by a robust 14.2 per cent to 21.64 lakh units in October this year, compared to 18.96 lakh units in October 2023, according to figures released by the Society of Indian Automobile Manufacturers (SIAM) on Wednesday.
Passenger vehicle sales, including cars and SUVs, also increased to their highest ever monthly level of 3.93 lakh units in October which represents a 0.9 per cent rise over a high base figure of 3.9 lakh units for October 2023.
Rajesh Menon, Director General, SIAM said that “October 2024 saw two major festivals Dussehra and Diwali, both occurring in the same month, which traditionally drive higher consumer demand providing a significant boost to the auto industry’s performance”.
Passenger vehicles (PVs) posted its highest ever sales of October in 2024 of 3.93 Lakh units, with a growth of 0.9 per cent, albeit on a high base of last October.
This high growth was also reflected in the Vahan vehicle registration data, wherein more than 30 per cent growth in registration was witnessed for both passenger vehicles and two-wheelers in October 2024, compared to October 2023.
However, three-wheelers marginally de-grew by 0.7 per cent compared to October of previous year, with sales of 0.77 lakh units in October 2024, although there was growth of 11 per cent in registration, compared to last October, according to Menon.
Market analysts attribute the surge in two-wheeler sales to higher rural incomes as a normal monsoon this year led to better crop yields which resulted in higher earnings in the agricultural sector.
The increase in the minimum support price of various crops by the government also helped to boost farmers’ incomes which has led to the higher expenditure on consumption goods by rural households.
This was also evident in India’s fast-moving consumer goods (FMCG) sector where rural consumption has grown at a faster pace than urban areas. According to a NielsenIQ survey, sales of FMCG goods grew 5.7 per cent by value and 4.1 per cent by volume in the July-September quarter this year, driven by rural demand which grew faster than urban markets for the third consecutive quarter.
–IANS
sps/na
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
