India's automobile industry registers robust growth in October 2024: SIAM report

Domestic sales rose 11.8% year-on-year, totalling 25.86 lakh units, driven by a strong performance in the two-wheeler segment, which alone accounted for 21.64 lakh units sold.

Exports surged to 4.54 lakh units, a 22.4% increase, underscoring India's growing influence in global markets.

Key players like Maruti Suzuki, Hero MotoCorp, and Bajaj Auto capitalized on both domestic demand and export potential, signalling sustained momentum across both conventional and electric vehicle markets.

Here is how the sector performed in each segment:

Passenger vehicles

In the passenger vehicle category, which includes cars, utility vehicles, and vans, production totalled 3,67,185 units in October 2024, while cumulative production from April to October 2024 reached 28,43,417 units.

Domestic sales for October stood at 3,45,107 units, contributing to a cumulative April-October sales total of 24,26,250 units.

Exports for the month reached 61,530 units, up from 53,920 units in October 2023. Maruti Suzuki led with 89,174 units sold domestically, followed by Hyundai Motor India with 23,800 units.

Utility vehicles and vans

The utility vehicle segment saw robust production with 2,26,924 units manufactured in October, and domestic sales reaching 2,25,934 units. This category witnessed strong performances from major players, including Maruti Suzuki with 72,339 units and Mahindra & Mahindra with 51,145 units. Exports of utility vehicles rose to 28,879 units, a notable increase from 17,859 units in October 2023. The van segment produced 12,164 units in October, with domestic sales reaching 11,653 units.

Two-wheelers

The two-wheeler segment registered substantial growth, with production hitting 24,12,039 units in October and a cumulative April-October production of 1,45,31,362 units. Domestic sales for two-wheelers reached 21,64,276 units, compared to 18,95,799 units in October 2023, marking significant year-on-year growth. Honda Motorcycle & Scooter India led scooter sales with 2,96,374 units produced, while Hero MotoCorp dominated the motorcycle category with 6,25,370 units. Exports in this segment reached 3,65,342 units for the month, up from 2,91,276 units last year.

Three-wheelers and quadricycles

Production of three-wheelers totalled 1,03,417 units, with domestic sales reaching 76,770 units and exports at 26,798 units. Bajaj Auto continued to lead this segment, producing 60,933 units and exporting 16,421 units. For quadricycles, Bajaj Auto produced and sold 355 units, with exports reaching 384 units in October 2024.

Exports across all segments

The total export volume across all segments reached 4,54,054 units in October 2024, marking a year-on-year increase from 3,71,030 units. The two-wheeler segment continued to lead exports with a total of 3,65,342 units, underscoring India’s strength in the global motorcycle market. Key export players include Bajaj Auto, Hero MotoCorp, and TVS Motor Company.

Market leaders and top players

Maruti Suzuki, Hyundai Motor India, and Tata Motors continued to dominate the passenger vehicle segment, while Hero MotoCorp, Honda Motorcycle & Scooter India, and TVS Motor Company were the top performers in the two-wheeler category. Bajaj Auto and Piaggio Vehicles led in three-wheeler production and exports, further reinforcing India’s growing presence in global markets.

Industry outlook

The SIAM report reflects a promising outlook for India’s automotive industry, supported by increased consumer spending, innovation in electric vehicles, and a growing emphasis on exports. Total production from April to October 2024 reached 1,80,18,070 units, while total domestic sales hit 1,52,06,186 units, underscoring the sector's resilience and expansion.