While commercial vehicles have remained stable, there is a shift towards higher-tonnage trucks due to increased demand for transportation, says Vinod Aggarwal, President, Society of Indian Automobile Manufacturers, in conversation with businessline’s Ronendra Singh. 

The auto industry has witnessed a remarkable performance in fiscal year 2024, with passenger vehicle sales reaching 4.2 million units domestically. In March alone, there was an impressive growth of 8.9%, totaling 317,976 units compared to 292,030 units previously. 

Aggarwal highlights the industry’s robust growth, with an overall increase of 12.5% in fiscal year 2024 compared to the previous year. Passenger cars have reached a new peak of 4.2 million units, with a growth rate of 8.4%. Two-wheelers have also seen significant growth, reaching 18 million units with a growth rate of 13.5%. 

He also predicts continued growth in the industry, driven by factors such as economic growth, positive monsoon forecasts, and pent-up demand. While the industry may not see double-digit growth, there is confidence in sustained growth in the coming year. 

Towards the end of the podcast, the conversation mentions that the electric vehicle segment is also showing promising signs, with steady progress in technology and increasing consumer interest.

Host: Ronendra Singh,  Producer: Amitha Rajkumar