Auto sales maintained the trends, with passenger vehicles and two-wheelers maintaining a positive run, whereas commercial vehicles and tractor segment sales momentum continued to be weak, revealed a report.

Passenger vehicle segment volumes witnessed a low double-digit improvement YoY (year on year) in February 2024. Domestic 2W (two wheeler) wholesale volumes witnessed more than 20% YoY growth, driven by a recovery in the rural segment, which came in marginally above expectations.

Commercial vehicle segment volumes declined in the low single digits YoY, whereas tractor volumes declined in the high teens, the report said.

Domestic PV-Passenger Vehicle industry wholesale volumes increased in the low double digits YoY, driven by steady demand trends and channel filling, whereas retail sales grew in the high single digits during the month. MSIL’s domestic volumes rose 9% YoY in February 2024, led by strong growth in the SUV segment, partly offset by a decline in hatchback and sedan segment volumes.

As per our estimates, Maruti Suzuki’s wholesales market share stood at 42.8% (-120 bps YoY). Tata Motors reported a 19% YoY improvement in PV volumes, whereas M&M’s volumes increased by 40% YoY in February 2024. Hyundai Motors reports 7% YoY growth, whereas Toyota witnessed strong growth of 52% YoY in February 2024, the report said.

Domestic 2W wholesale volumes grew more than 20% in February 2024. Domestic 2W wholesale segment volumes came in marginally above expectations, with growth of more than 20% YoY. Growth in the domestic market was driven by steady demand trends and a favourable base, the report said.

Exports demand trends improved and witnessed a sharp improvement in volumes MoM, especially for TVS Motors. HMCL’s volumes increased 19% YoY, whereas TVS Motors reported a 33% YoY increase in volumes, driven by a strong uptick in the export segment. Royal Enfield’s volumes improved 6% YoY, driven by a 5% YoY increase in domestic volumes and a 13% increase in export volumes. Bajaj Auto reported a 25% YoY increase in two-wheeler volumes in February 2024.

Also read:

India’s GDP growth surges to 8.4% in Q3, 2023-24 growth rate pegged at robust 7.6%

India’s rural-urban income gap declines amid fall in poverty level: SBI Report