SIAM: SIAM data depicts surge in EV registration, creates new record in passenger vehicle sales

New Delhi| Wholesale sales of passenger vehicles (PVs) in the country increased by two per cent year-on-year to a record 43,01,848 units in the last fiscal year 2024-25 due to strong demand for utility vehicles. A total of 42,18,750 passenger vehicles were sold in 2023-24.

Registration of electric vehicles (EVs) rose to 19.7 lakh in this period, up 16.9 per cent compared to 16.8 lakh units in 2023-24. Utility vehicles have continued to drive sales growth, according to data released by the Society of Indian Automobile Manufacturers (SIAM) on Tuesday. Their share of total passenger vehicle wholesaling increased to 65 per cent in 2024-25, up from 60 per cent in 2023-24. A total of 27,97,229 utility vehicles were sold last fiscal year, an 11 percent increase from 25,20,691 units in 2023-24.

Exports: At new peak, up 15%
According to Siam, a record 7.7 lakh plus passenger vehicles were exported from the country in 2024-25. This represents a 15 per cent increase over FY 2023-24. This increase in exports was driven by demand for global models manufactured in the country.

Car sales down 13%, two-wheeler up
Car sales declined by 13 percent to 13,53,287 units in 2024-25. Sales of two-wheelers increased by 9% to 1,96,07,332 units.
Another three-wheeler increase in commercial vehicle sales was 7 per cent. Sales of all categories of vehicles increased by seven percent last financial year to 2,56,07,391 units.

Four percent increase in March
Wholesaling of passenger vehicles increased four percent year-on-year to 3,81,358 units in March, 2025. More than 16.56 lakh two-wheelers and 62,813 three-wheelers were sold during this period.

Demand for Make in India vehicles
Improving rural demand and consumer confidence is helping the sector recover, said SIAM President Shailesh Chandra. Export demand is likely to continue in major markets like Africa and neighboring countries as the trend of Made in India vehicles is increasing.