Mumbai, August 14 (IANS): The Society of Indian Automobile Manufacturers (SIAM) reported that the total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles reached 24,37,138 units in July. Passenger vehicle sales were 3,41,510 units, while three-wheeler sales stood at 59,073 units and two-wheeler sales at 14,41,694 units.
The two-wheeler segment saw a 12.5% growth compared to July last year. Despite this growth, passenger vehicle sales declined compared to July 2023. Three-wheelers posted a 5.1% growth, nearing their peak sales of 2018-19. The industry anticipates further growth due to above-average rainfall and the upcoming festive season, as well as supportive budget announcements for infrastructure and rural sectors.
Additionally, India is projected to surpass China as the world’s largest two-wheeler market this year, driven by robust economic growth and consumer preference for two-wheelers. The electric two-wheeler market is also expanding rapidly, with significant adoption expected post-2025.
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