The robust growth was observed across all vehicle categories, including passenger vehicles (PV), two-wheelers, three-wheelers, tractors, and commercial vehicles (CV).
Passenger vehicle sales recorded a remarkable 12% year-on-year increase, reaching a historic high of 330,107 units, up from 293,803 units in February 2023. This surge was attributed to the introduction of new products and improved vehicle availability in the market.
The two-wheeler segment experienced a 13% year-on-year growth, with sales totalling 1.43 million units, driven primarily by demand from rural areas, the popularity of premium models, and strong performance in the entry-level segment. Factors such as favourable marriage dates and improved economic conditions also contributed to this positive growth trajectory.
In the three-wheeler market, sales witnessed an impressive 24% year-on-year increase, with electric vehicles (EVs) constituting 53% of this growth. This shift towards electric vehicles reflects changing consumer preferences and a growing emphasis on sustainability.
This story is from the March 08, 2024 edition of The Business Guardian.
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This story is from the March 08, 2024 edition of The Business Guardian.
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