Vehicle retail data during the 42-day festive period of FY2023 increased 19 per cent to Rs 37.95 lakh, according to the FADA’s recent data.
“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 per cent increase from last year’s 31.95 lakh,” said Manish Raj Singhania, President, FADA.
The report showed growth 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. Conversely, the tractor segment experienced a slight decline of 0.5 per cent.
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. 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,” said the statement.
