Federation of Automobile Dealers Associations (FADA) has released its H1FY24 vehicle retail data, which shows a 9% YoY growth in total auto retail.
The 3W segment was the undisputed star, with 66% YoY growth, retailing 5,33,353 units during the period, significantly outperforming the H1FY19 figures of 3,58,187. This extraordinary performance underscores the sector's vigorous recovery and adaptability in navigating the complex market challenges of the ongoing pandemic.
The PV segment also showcased a narrative of steady resurgence and growth. It grew by 6% YoY and witnessed record retails, with H1FY24 seeing an all-time high in PV retails at 18,08,311, surpassing the previous record set in H1FY23 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.
Tractor sales also posted strong growth, with H1FY24 witnessing record-breaking retails of 4,44,340 units, reflecting a substantial 20% YoY growth. This performance not only indicates a strong market demand but also surpasses the sales figures of H1FY23, which stood at 3,89,815 units.
The CV sector experienced robust sales, registering 4,65,097 units, only second to its record in H1FY19 with 4,72,492 units.
The 2W segment is under stress, still far from its H1FY19 peak of 97,27,200 units, reflecting the diverse challenges and successes within India’s auto retail sector.
Looking ahead, FADA anticipates a season of growth for the auto retail sector during the upcoming festive season. The data shows that the Indian automotive market is recovering from the pandemic. FADA added that this is good news for automotive suppliers, manufacturers, and dealers.
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