Retail Auto Sales Record 2.6% Growth in May 2024: Mixed Performance Across Vehicle Segments

10 Jun, 2024

The Indian auto sector has set the course for positive YoY growth for May 2024 by gaining a jump of 2.61%. This indicates the industry’s resilience in the face of ongoing challenges such as supply chain and political unrest. 

A Closer Look at Category-Wise Performance

Let’s review the total sales trends and performance of the Indian auto industry to understand its progress in a detailed manner. 

Two-Wheeler Category Records 2.5 % Growth 

The two-wheeler auto category records a total retail sale of 15,34,856 units in May 2024 against the 14,97,778 units sold in May 2023. While  this category recorded 2.48% YoY growth, it registered a 6.61% decline on an MoM basis as the total 2W category in April was 16,43,510 units

Positive rural demand due to good monsoon worked in the favor of this industry. 

Three-Wheelers Category Emerged as a Steady Performer

The three-wheeler category, which includes goods, passenger, personal, e-rickshaws, and e-rickshaws(carts), sold 98,265 units in May 2024, against the 81,825 units sold in May 2023. This way, this category recorded the highest YoY growth of 20.09%. It even showed MoM growth of 22.67%.

Out of all the included sub-categories, e-rickshaw with cart(G) demonstrated the highest YoY growth of 76.90% and MoM growth of 30.95% with total sales of 5,530 units in May 2024. 

Passenger Vehicle Category Went Down by 0.96% 

With total retail sales of 3,03,358 units sold in May 2024 against the 3,06,305 units sold in May 2023, the PV or passenger vehicle category recorded a 0.96% YoY drop. It even declined by 9.48% on a MoM basis. Multiple factors such as a disturbed supply chain, Lok Sabha elections, and excessive heat kept the demand low. 

Tractors Category Demonstrated 1.06% YoY Decline 

The tractor category sold 70,065 units during May 2024 whereas it recorded a sale of 70,813 units in May 2023, resulting in a 1.06% YoY drop. However, the tractor category recorded an impressive growth of 23.74% on a MoM basis.

Commercial Vehicles Category Grew by 4.07% 

The commercial vehicle category, which includes buses, trucks, and other commercial vehicles, sold 83,059 units in May 2024, against the 79,807 units sold in May 2023. This results in 4.07% YoY growth. 

A Comprehensive Growth Analysis of Total Retail Auto Sales 

The total auto sales for May 2024 stood at the mark of 20,89,603 units against the 20,36,528 units sold in May 2023, marking a 2.61% YoY growth Categories such as two-wheeler, three-wheeler, and commercial marked as the highest growth experiencing categories whereas categories such as tractor and passenger vehicle recorded a slight drop.

Disclaimer:

1- The above numbers do not have figures from TS & LD.

2- Vehicle Retail Data has been collated as on 06.06.24 in collaboration with Ministry of Road Transport & Highways,Government of India and has been gathered from 1,360 out of 1,503 RTOs.

3- Commercial Vehicle is subdivided in the following manner

a. LCV – Light Commercial Vehicle (incl. Passenger & Goods Vehicle)

b. MCV – Medium Commercial Vehicle (incl. Passenger & Goods Vehicle)

c. HCV – Heavy Commercial Vehicle (incl. Passenger & Goods Vehicle)

d. Others – Construction Equipment Vehicles and others

4- 3-Wheeler is sub-divided in the following manner

a. E-Rickshaw – Passenger

b. E-Rickshaw – Goods

c. 3-Wheeler – Goods

d. 3-Wheeler – Passenger

e. 3-Wheeler – Personal