The Federation of Automobile Dealers Associations (FADA) released its sales data for the auto industry in the first half of FY’24. From April to September 2023, approximately 1.11 crore vehicles were sold in the country, which represents an increase of 8.84 per cent over the same period last year, when retail sales of 1.02 lakh were recorded. Passenger vehicle retails hit an all-time high during this period. Two-wheeler retails, while higher than the same period last year, continue to be lower than what it was before the pandemic.
Also Read: India's Vehicle Retail Grows 20 Per Cent YoY; Up 14 Per Cent Over Pre-Covid Level
Two-wheeler sales haven’t yet attained the same momentum as before the pandemic
Commenting on H1 FY’24 Auto Retails, FADA President, Mr. Manish Raj Singhania said, "As Fiscal Year 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 4 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 unfold over the subsequent months, culminating in a robust 20 per cent YoY growth in September.
Passenger vehicle sales hit an all-time high in H1 FY'24, registering 18.08 lakh unit sales
According to the data, passenger vehicle retails were at an all-time high in the first half of FY'24, with sales of 18.08 lakh units. This represented a growth of 6.19 per cent when compared to the same period, last year. Two-wheeler sales, on the other hand, showed a 7.03 per cent increase after recording sales of 78.28 lakh units. However, two-wheeler sales, despite the year-on-year growth hasn’t yet attained the same momentum as before the pandemic, when its sales stood at 97.27 lakh units, in FY’19.
The three-wheeler segment saw the largest increase in retails, selling 5.33 lakh unit, an increase of 65.66 per cent compared to the same period last year. These numbers also represent a major increase over retail numbers in FY’19, before the pandemic, which amounted to 3.58 lakh units. Tractor sales went up by 13.99 per cent, retailing 4.44 lakh units. The commercial vehicle segment showed an increase of 3.25 per cent during this period with retails of 4.65 lakh units.
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The organisation recently released the auto industry's retail data for September 2023, when it posted a year-on-year growth of 20.36 per cent with 18,82,071 units retailed in the month, up from 15,63,735 units in September 2022. Month-on-month sales, however, were more subdued with overall sales up 3.49 per cent over August 2023.
