Vehicle Retail Sales Increase 19% To 37.93 Lakh Units: FADA
Vehicle retail data during the 42-day festive period of FY2023 increased 19 per cent to Rs 37.95 lakh, according to the FADA's recent data.
"During the 42-day festive period of FY2023 (which starts on 1st day of Navratri and ends 15 days post-Dhanteras), we reached a new milestone with vehicle sales climbing to 37.93 lakh, a 19 per cent increase from last year's 31.95 lakh," said Manish Raj Singhania, President, FADA.
The report showed growth in the two-wheeler, three-wheeler, commercial vehicles and passenger vehicles, with respective rises of 21 per cent, 41 per cent, 8 per cent, and 10 per cent. Conversely, the tractor segment experienced a slight decline of 0.5 per cent.
Record-breaking sales were reported in several categories, with rural areas particularly contributing to the surge in two-wheeler purchases. Despite initial underperformance during Navratri, particularly in the passenger vehicle sector, the situation improved by Deepawali, ending with a 10 per cent growth rate. While SUVs were the highest-demanded vehicles, inventory levels for passenger vehicles remain a significant concern as OEMs continue to push further dispatch thus keeping the inventory rate at near to all-time high levels.
Tractors, which saw an 8.3 per cent decrease in sales during Navratri, made a remarkable recovery, ending the festive period with only a 0.5 per cent decrease. This turnaround highlights the robust purchasing power in rural India," said the statement.
