Automobile retail sales in India log double-digit growth in FY24: FADA
Federation of Automobile Dealers Associations (FADA) has said that automobile retail sales in India saw double-digit growth in 2023-24 driven by record offtake of passenger vehicles, three- wheelers and tractors. The retail sales across segments rose by 10 per cent to 2,45,30,334 units last fiscal as compared with 2,22,41,361 units in 2022-23.
FADA said in March 2024, overall registrations saw an increase of 3 per cent year-on-year at 21,27,177 units. Passenger vehicle retails declined by 6 per cent to 3,22,345 units as compared with 3,43,527 units in March 2023. Two-wheeler registrations last month however rose 5 per cent year-on- year to 15,29,875 units from 14,50,913 units in the year-ago period. Three- wheeler sales rose 17 per cent year-on-year to 1,05,222 units in March 2024. Commercial vehicle sales declined by 6 per cent to 91,289 units in March 2024 from 96,984 units in March 2023. Similarly, tractor registrations declined by 3 per cent to 78,446 units in March 2024 from 81,148 units in the year-ago period.
FADA President Manish Raj Singhania said the Indian automobile sector achieved a commendable double-digit growth across categories with two-wheelers, three-wheelers, passenger vehicles (PV), tractors and commercial vehicles registering strong demand. Notably, the PV, three-wheeler and tractor segments set records, surpassing previous years' performances. PV registrations rose to 39,48,143 units last fiscal, an increase of 8 per cent as compared with 36,40,399 units in 2022-23. Factors such as improved vehicle availability, a compelling model mix and the launch of new models played pivotal roles.
