Indian Automotive Retail Surge 18.73% In 42-Day Festive Period Of 2023: FADA

During the 42-day festive period in 2023, the automotive retail sector in India experienced a noteworthy upswing across all categories, signaling a strong and optimistic trend for the industry. The data underscores a significant year-on-year growth of 18.73% in total vehicle sales, with each category playing a role in this expansion.
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Indian Automotive Retail Surge 18.73 In 42-Day Festive Period Of 2023: FADA

The automotive retail in India has witnessed a remarkable surge across various categories in 42-day festive period of 2023, indicating a robust and promising trend for the industry. The data highlights a substantial year-on-year increase of 18.73% in total vehicle sales, with each category contributing to this positive growth.
Two-Wheelers (2W):
Two-wheelers have emerged as significant contributors to the surge in retail sales, experiencing a notable YoY growth of 20.71%. The festive season of 2023 saw 28,93,107 two-wheelers hitting the roads, compared to 23,96,665 in the previous fiscal year. This surge reflects the enduring popularity of two-wheelers, with consumers displaying a continued preference for these vehicles.
Three-Wheelers (3W):
The three-wheeler category demonstrated substantial growth, boasting a remarkable 41.39% YoY increase. In the festive season of 2023, 1,42,875 three-wheelers were sold, showcasing a significant upswing from the 1,01,052 units sold in the same period of the previous fiscal year. This surge in three-wheeler sales suggests an expanding market for commercial and last-mile transportation solutions.
Commercial Vehicles (CV):
Commercial vehicles also witnessed a positive trajectory, registering an 8.11% YoY growth in retail sales. With 1,23,784 units sold in the festive season of 2023, compared to 1,14,498 in the previous year, the data reflects increased demand in sectors relying on commercial vehicles for logistics and transportation.
Passenger Vehicles (PV):
The passenger vehicle segment, a key indicator of consumer confidence and economic stability, exhibited a commendable YoY growth of 10.32%. The festive season of 2023 recorded 5,47,246 passenger vehicles sold, showcasing a significant uptick from the 4,96,047 units sold in the same period in the preceding fiscal year. This surge suggests a positive sentiment among consumers, contributing to the flourishing automotive market.
TRAC:
While the TRAC category experienced a marginal decline of -0.44% YoY, the overall performance across other categories overshadowed this minor setback. The TRAC category, with 86,572 units sold in the festive season of 2023, continues to hold its ground as a substantial player in the vehicle market.
The cumulative data underscores a thriving automotive industry, with a substantial YoY growth of 18.73% in total vehicle sales during the festive season of 2023. This surge indicates positive consumer sentiments, economic recovery, and a growing demand for all vehicle categories.
Commenting on Festive Period Retails, FADA President, Manish Raj Singhania said, "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% increase from last year's 31.95 lakh.
Significant growth was observed in the two-wheeler, three-wheeler, commercial vehicles and passenger vehicles, with respective rises of 21%, 41%, 8%, and 10%. Conversely, the tractor segment experienced a slight decline of 0.5%.
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% 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% decrease in sales during Navratri, made a remarkable recovery, ending the festive period with only a 0.5% decrease. This turnaround highlights the robust purchasing power in rural India."
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