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Tuesday, July 16, 2024

Auto Sales Surge 19% to Record High in Festive Season 2023: FADA

Automobile retail sales over the holiday season reached an all-time high of 3.793 million units in 2023, up 19% from 3.195 million units during the same period the previous year. The 42-day festival began on Navratri’s first day and lasted 15 days after Dhanteras.

Significant growth was noted in the two-wheeler, three-wheeler, commercial vehicle, and passenger vehicle categories, with increases of 21%, 41%, 8%, and 10%, respectively. According to data released by the Federation of Automobile Dealers Associations (FADA), the tractor category witnessed a 0.5% dip.

“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,” said, Manish Raj Singhania, president of FADA.  

“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,” he said.

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Source: BS

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