Passenger vehicle (PV) retail sales grew by 6.19 per cent year-on-year (YoY) to 18,08,311 units in the first half of this financial year (H1FY24), as compared with 17,02,905 units in the corresponding period last fiscal year.
According to data shared by the Federation of Automobile Dealers’ Associations (FADA) on Thursday, two-wheeler (2W) sales grew seven per cent YoY to 78,28,015 units during the April-September period, as compared with 73,13,930 units in the same period in FY23.
Commercial vehicle (CV) sales also grew by a single digit (3.25 per cent) YoY to 4,65,097 units during H1 this year, as against 4,50,458 units in H1 FY23.
The three-wheeler segment grew by 65.66 per cent YoY to 5,33,353 units during the April-September period, as compared with 3,21,964 units in the corresponding period of the previous fiscal year.
Retail sales of tractors also grew 14 per cent YoY to 4,44,340 units , as compared with 3,89,815 units in April-September 2022.
The grand total of all vehicles across categories grew by 8.84 per cent YoY to 1,10,79,116 units during H1 this year, as compared with 1,01,79,072 units in H1 FY23, the FADA report added.
“As fiscal 2024 unfolded, the auto retail sector in India embarked on a journey of cautious optimism and resilience, amidst a mix of obstacles and victories across various vehicle categories. The initial modest four per cent decline in April’s overall vehicle retails was not only a reflection of the dynamic nature of the automotive market, but also a precursor to a story of gradual recovery and growth that would culminate in a robust 20 per cent YoY growth in September,” Manish Raj Singhania, President, FADA, said.
The narrative of H1 FY’24 is one of resilience and recovery, with the total auto retail registering around nine per cent growth YoY, he said.
“The PV segment also showcased a narrative of steady resurgence and growth... The continued growth trajectory of the PV segment for two consecutive fiscal years is a testament to the resilient demand and the market’s positive response to the diverse and dynamic offerings in the segment,” he said.
However, the 2W segment is under stress, still far from its H1 FY19 peak of 97,27,200 units, reflecting the diverse challenges and successes within India’s auto retail sector.
With the festive season on the horizon, bringing with it a promise of renewed consumer interest and potential demand surge, FADA anticipates a season of growth and prosperity for the auto retail sector, moving from cautious optimism, to a hopeful and positive outlook for the market, he added.