India’s Automobile Sales Results in the First Half of 2024

India’s automobile sales in the first half of 2024 (on a wholesale basis, as announced by the Indian automobile industry association SIAM) increased by 5.7% year-on-year to 2,654,087 units, setting a record high for the third consecutive first half. While passenger vehicles continued to perform well, increasing by 7.3% year on year to 2,161,507 units, sales of commercial vehicles were sluggish, decreasing by 0.6% to 492,580 units. India's GDP growth rate for the January-March period of 2024 was at a high level of 7.8%, and the consumer price inflation rate was lower than the same month of the previous year for five consecutive months from January 2024. GDP growth, which remained in the 4% range from March to May, supported consumers' desire to purchase passenger vehicles. On the other hand, for commercial vehicles, elections were held between April to June 2024, so business owners waited until the new government was formed to execute the budget for the new fiscal year. Although demand was high, but it dropped 0.6% compared to the same period of the previous year.