SIAM reported that in August 2024, the passenger vehicle segment experienced a 1.8% decline compared to August 2023, with sales totaling 3.53 lakh units. Looking forward, as the festive season approaches, there is an anticipated increase in vehicle demand, further supported by recent government initiatives like PM E-DRIVE and PM eBus Sewa schemes, according to Rajesh Menon, the Director-General at SIAM. The overall total for all categories grew by 7.2% year-on-year to 21.34 lakh units in August, surpassing the 19.9 lakh units recorded in August 2023. Over the last five months from April to August, domestic PV sales increased by 1.2% to 16.31 lakh units compared to 16.13 lakh units in the previous year. Three-wheeler sales surged by 10.7% to 2.94 lakh units during this period, up from 2.65 lakh units in the April-August period of the previous year. Two-wheeler sales also experienced significant growth, rising by 16.4% to 81.38 lakh units in the April-August period compared to 69.89 lakh units in the same period in 2023. Scooter sales saw a remarkable increase of 24% to 28.24 lakh units from 22.76 lakh units in the April-August period of 2023. Motorcycle sales witnessed a growth of 12.7% to 51.09 lakh units in the April-August period, surpassing the 45.35 lakh units sold during the same period last year, as per SIAM. Overall, all categories collectively grew by 13.5% to 1 crore units between April and August this year, up from 88 lakh units in the same period last year.

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