Passenger vehicle wholesales touched a record high of 42,18,746 units in FY2023-24, registering a year-on-year growth of 8.4 per cent on the back of a robust demand for utility vehicles, industry body SIAM said on Friday.

According to the latest data issued by the Society of Indian Automobile Manufacturers (SIAM), the overall passenger vehicle dispatches stood at 38,90,114 units in FY2022-23.

Two-wheeler sales were up 13.3 per cent last fiscal at 1,79,74,365 units compared with 1,58,62,771 units in FY2022-23.

Vehicle sales across categories rose 12.5 per cent to 2,38,53,463 units in the period under review against 2,12,04,846 units in FY2022-23.

Exports, however, saw a drop of 5.5 per cent at 45,00,492 units last fiscal compared with 47,61,299 units in FY2023.

“On the backdrop of a robust economic growth of 7.6 per cent based on conducive policies of the government of India, the Indian automobile industry has posted a satisfactory performance with the domestic industry growing by 12.5 per cent during the last financial year,” SIAM president Vinod Aggarwal told reporters here.

He said the growth was led by the passenger vehicles (PV) segment, which almost touched 50 lakh units in overall sales, which included 42 lakh units of domestic sales and 7 lakh units of exports.

Within the PV segment, utility vehicles, including SUVs, grew 25.8 per cent in FY24 at 25,20,691 units against 20,03,718 units in FY23.