Automobile retail sales in India saw a 9 per cent year-on-year (Y-oY) growth during the first half (H1) of 2023-24 (April to September), driven by the recovery across all categories, including two-wheelers (2W), three-wheelers (3W), commercial vehicles (CV), passenger vehicles (PV) and tractors, said data shared by the Federation of Automobile Dealers’ Associations (FADA). Both three-wheelers and passenger vehicles witnessed their record H1 numbers during the period.
The cumulative sales during the period were seen at 11.07 million units, compared to 10.17 million units in H1 2022-23. Interestingly, this is 38 per cent and 82 per cent higher than H1FY22 and H1FY21, respectively. During the period, sales of 2Ws, 3Ws, CVs, PVs, and tractors, grew by 7 per cent, 66 per cent, 3 per cent, 6 per cent and 14 per cent, respectively.
The three-wheeler segment was the undisputed star, with the H1FY24 seeing a record-breaking 533,353 units, significantly outperforming the H1FY23 numbers of 321,964 units and
the H1FY19 figures of 358,187. On the other hand, the two-wheeler segment saw its sales increase by 7 per cent to 7.82 million units, compared to 7.31 million units during the same period last financial year. However, the 2W segment is under stress, still far from its H1FY19 peak of 9,727,200 units, reflecting the diverse challenges and successes within India’s auto retail sector.
“The passenger vehicle segment, while having its set of challenges, also showcased a narrative of steady resurgence and growth. It not only grew by 6 per cent YoY but also witnessed record retails, with H1 FY’24 seeing an all-time high in PV retails at 18,08,311, surpassing the previous record set in H1 FY’23 at 17,02,905. This 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 added.
“With the festive season on the horizon, bringing with it a promise of renewed consumer interest and potential demand surge, we anticipate 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 said.