Maruti Suzuki and Mahindra lead passenger vehicle segment, Bajaj Auto Dominates two-wheeler sales: SIAM Report
New Delhi: Maruti Suzuki India Ltd maintained its lead, with production rising to 1,65,782 units in August 2024 and cumulative production reaching 8,35,842 units from April to August, according to a SIAM report.
Hyundai Motor India Ltd reported a slight decline in production to 70,400 units in August but achieved cumulative production of 3,25,980 units from April to August 2024.
Mahindra & Mahindra Ltd saw substantial growth in both production and domestic sales, with August production at 45,402 units and cumulative production at 2,14,370 units.
Passenger Vehicles
The production of passenger vehicles rose slightly by 0.7% in August 2024, reaching 3,76,726 units, compared to 3,74,018 units in the same month last year.
Cumulatively, from April to August 2024, production increased by 3.9% to 19,78,104 units.
Domestic sales saw a marginal decline of 1.6% in August, falling to 3,08,779 units, but showed a 1.2% increase for the April-August period, totalling 16,31,570 units.
Exports of passenger vehicles grew by 3.3% in August, reaching 66,008 units, and saw a significant 11.9% rise in the April-August period, amounting to 3,08,420 units.
Three-Wheelers
The three-wheeler segment exhibited strong growth, with production rising by 9.0% in August 2024 to 1,03,526 units, and by 8.6% for the April-August period to 4,27,762 units.
Domestic sales grew by 7.7% in August to 69,962 units and increased by 10.7% for the April-August period, reaching 2,94,116 units.
Exports of three-wheelers also saw a modest rise of 0.9% in the cumulative period, totalling 1,27,228 units.
Bajaj Auto Ltd. remained a significant player, with 64,240 units produced and 45,200 units sold domestically in August 2024.
Two-Wheelers
The two-wheeler segment demonstrated solid growth, with production increasing by 4.9% in August 2024 to 20,10,556 units and by 16.6% over the April-August period to 98,17,965 units.
Domestic sales rose by 9.3% in August to 17,11,662 units and by 16.4% for the cumulative period, reaching 81,38,987 units.
Exports increased by 16.4% in August to 3,38,608 units and by 14.7% for the April-August period, totaling 15,86,664 units.
Leading contributors included Bajaj Auto Ltd., with 3,31,225 units produced and 2,08,621 units sold domestically in August, and Hero MotoCorp Ltd., which recorded 4,92,626 units produced and 4,92,263 units sold.
Quadricycles
The quadricycle segment showed substantial growth, with production increasing by 49.7% in August 2024 to 455 units and by 78.4% for the April-August period to 3,154 units.
However, domestic sales in August fell sharply by 94.5%, with only 6 units sold, and also showed a decline over the cumulative period.
Exports of quadricycles grew significantly by 67.9% in August and by 106.5% for the April-August period.
Overall Industry Performance
The total production of vehicles across all segments increased by 4.4% in August 2024, reaching 24,91,263 units, and by 14.0% for the April-August period to 1,22,26,985 units.
Domestic sales grew by 7.5% in August to 20,90,409 units and by 13.5% for the cumulative period, totaling 1,00,64,777 units.
Exports rose by 13.9% in August to 4,33,771 units and by 13.3% over the April-August period, reaching 20,25,228 units.
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