Sunday, July 21, 2024

India’s retail vehicle sales surge by 14% YoY in March, FADA Report

According to the latest data from the Federation of Automobile Dealers Associations (FADA), retail vehicle sales in India experienced a 14 percent YoY increase in March. All categories, except for tractors, saw significant double-digit growth. Two-wheelers, three-wheelers, passenger vehicles, and commercial vehicles grew by 12 percent, 69 percent, 14 percent, and 10 percent, respectively.

The Federation of Automobile Dealers Associations (FADA) reported that while retail vehicle sales in India saw a 14% YoY increase in March, tractors only grew by 4%. FADA noted that US Government agencies have expressed concerns over the potential arrival of El Nino for the third consecutive month, which could result in poor monsoon and hamper rural India’s growth potential.

FADA stated that although the two-wheeler segment exhibited yearly growth, it still lags significantly behind pre-pandemic levels, suggesting that rural India is still grappling with the impact of high inflationary costs.

The three-wheeler segment in India set a new record for retail sales, surpassing the previous high seen in March 2020, which was when the industry shifted from BS-4 to BS-6 emission norms. Meanwhile, the two-wheeler category hit a seven-year low, with total retail sales of 15.9 million. However, the three-wheeler segment continued to show healthy growth and returned to pre-pandemic levels.

(With inputs from ANI)



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