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Car sales boom, highest ever monthly wholesales hit
The Business Guardian
|February 03, 2024
The Indian auto industry witnessed a historic milestone in January 2024, recording its highest-ever monthly domestic passenger vehicle (PV) wholesales at 394,571 units.
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This surge is attributed to the growing demand for sport utility vehicles (SUVs) and the resolution of supply constraints. The figure represents a substantial 13.9% increase compared to January 2023 and surpasses the previous peak observed in October 2023, during the festival period, when domestic sales touched 391,811 units.
SUVs have emerged as a driving force behind this robust performance, accounting for 50.1% of the automakers’ total sales during the April-January period of 2023-24. Shashank Srivastava, Senior Executive Officer of Marketing and Sales at Maruti Suzuki India (MSIL), noted that this marks the first time SUVs have surpassed the 50% mark on a cumulative basis, signifying a significant shift in consumer preferences.
This story is from the February 03, 2024 edition of The Business Guardian.
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