All Vehicles Brands Growth in October 2024 – A healthy Growth Reported in All Segment

During this festival season, all brands (3W, PV, CV, and Trac) reported great year-on-year (YoY) growth in their different segments. This shows a positive side of the market, encourages manufacturers to offer advanced, reliable, and functional vehicles to customers, and highlights the strength and resilience of the automotive sector.  

A Quick View of The Growth On Yoy Basis – All categories reported healthy growth

Three-Wheeler (3W) -

The three-wheeler (3W) segment also saw a healthy 11% growth, driven by the continued expansion of e-commerce and last-mile connectivity. With the increasing adoption of electric three-wheelers and the need for efficient goods delivery, this segment has witnessed strong demand, particularly in emerging markets and urban areas where shared mobility solutions are gaining traction.

Passenger Vehicle (PV) -

The passenger vehicle (PV) segment posted a robust 32% growth, reflecting an upswing in consumer confidence and a shift toward personal mobility in the wake of the pandemic. This growth is fueled by the launch of new models, attractive financing options, and a surge in demand for SUVs and electric vehicles, as consumers seek greater comfort, style, and sustainability in their vehicles.

Tractor (Trac) -

Meanwhile, the tractor (Trac) segment showed a more modest 3% growth, which, while lower than the other segments, still indicates a steady demand in the agricultural sector. The slight increase could be attributed to improving rural income levels, better monsoon conditions, and the adoption of modern farming techniques, though the growth rate is slower compared to the more dynamic sectors.

Commercial Vehicle (CV) -

Finally, the Commercial Vehicle (CV) segment experienced a 6% growth, reflecting a recovery in the transportation and logistics sectors. The demand for CVs is closely tied to infrastructure development, freight movement, and industrial activities. The growth, though more gradual than the sharp jumps seen in 2W and PV segments, shows the ongoing need for efficient cargo and passenger transport solutions across the economy.

The YoY growth across these segments highlights a positive trend for the automotive industry, with different segments showing varying degrees of recovery and expansion, driven by changing consumer needs, technological innovations, and broader economic dynamics.