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As of September 6, 2024, the Indian automobile sector continues to showcase a dynamic landscape, particularly in the two-wheeler and four-wheeler segments. Key developments include the launch of new models, fluctuations in sales performance, and the growing importance of electric vehicles (EVs).
Two-Wheeler Market
India’s two-wheeler segment has seen a series of new launches in September 2024. Notably, Jawa has unveiled the latest iteration of its Jawa 42, featuring significant upgrades and a starting price of around ₹2 lakh. Additionally, Hero MotoCorp is introducing an updated version of its Destini 125 scooter, offering better fuel economy and enhanced features. Bajaj Auto is making headlines with its first ethanol-powered motorcycle, which aims to promote greener alternatives.
In terms of sales, the two-wheeler market recorded a 6.28% year-on-year growth in August 2024. However, month-on-month sales experienced a slight decline due to heavy rains affecting consumer demand. Despite this, electric two-wheelers continue to perform well, with brands like Ola Electric, TVS, and Bajaj leading the charge. August 2024 saw 88,451 electric scooters sold, a 41% year-on-year increase.
Four-Wheeler Market
In the passenger vehicle (PV) segment, sales faced a 4.53% year-on-year decline in August 2024, largely due to excessive rainfall and inventory challenges. Manufacturers are grappling with high stock levels and slow-moving sales, but upcoming festive seasons such as Navratri and Onam are expected to boost demand.
Electric vehicles remain a strong focus, with new launches and investments across both two-wheelers and four-wheelers. The ongoing growth in the EV space suggests a shift toward sustainable transportation options, with both urban and rural markets contributing to this trend.
The automobile market is cautiously optimistic, with the festive season likely to drive short-term growth. However, inventory and weather-related issues may pose challenges in the coming months.
