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Vehicles across categories recorded significant growth in the retail sales, some even recording highest-ever during the 42 days (October 15 to November 25) festive season this year, Federation of Automobile Dealers Associations (FADA) said on Tuesday.
For instance, the passenger vehicle (PV) sales grew by 10.32 per cent year-on-year (YoY) to 5,47,246 units during this period as compares with 4,96,047 units during festive period last year.
The festive period last year fell between September 26 and November 6.
The two-wheeler (2W) retail sales also grew by around 21 per cent YoY to 28,93,107 units as against 23,96,665 units during the similar period in 2022.
As usual, the three-wheeler (3W) retail sales grew by highest digit (41.39 per cent YoY) to 1,42,875 units during the festive season this year as compared with 1,01,052 units during the festive season last year, the FADA report said.
The commercial vehicle (CV) sales grew by 8.11 per cent YoY to 1,23,784 units as compared with 1,14,498 units in the festive period 2022.
However, the tractor sales declined by 0.44 per cent YoY to 86,572 units during the festive time this year as compared with 86,951 units this year.
The total retail sales of vehicles across categories grew by around 19 per cent YoY to 37,93,584 units in the period as against 31,95,213 units in the corresponding period last year.
“During the 42-day festive period of FY2023 (which starts on first 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. Significant growth was observed 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,” Manish Raj Singhania, President, FADA, said.
Despite initial underperformance during Navratri, particularly in the PV sector, the situation improved by Deepawali, ending with a 10 per cent growth rate, he said.
“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 added.
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