News Brief
Automobile Retail Sales Hit Record 3.793 Million Units This Festive Season, Surging 19 Per Cent YoY: FADA Report
An automobile factory. (Representative Image) (Manoj Patil/Hindustan Times via Getty Images)
The festive season in 2023 marked a historic high for automobile retail sales, with numbers reaching an unprecedented 3.793 million units.
This remarkable figure reflects a substantial 19 per cent increase compared to the same period in the previous fiscal year, which saw 3.195 million units sold.
The festive period spanned 42 days, commencing on the first day of Navratri and concluding 15 days after Dhanteras.
Data shared by the Federation of Automobile Dealers Associations (FADA) highlights notable growth across various segments.
As reported by Business Standard, two-wheelers experienced a robust 21 per cent surge, three-wheelers saw a remarkable 41 per cent increase, commercial vehicles recorded an 8 per cent rise, and passenger vehicles exhibited a solid 10 per cent growth.
President of FADA, Manish Raj Singhania, attributed the exceptional sales to significant contributions from rural areas, particularly evident in the surge in two-wheeler purchases.
Despite a slow start during Navratri, especially in the passenger vehicle sector, a remarkable turnaround was observed on Deepawali, culminating in an overall growth rate of 10 per cent.
The president of FADA also highlighted the impressive recovery of the tractor segment, which initially witnessed an 8.3 per cent decrease in sales during Navratri but concluded the festive period with only a marginal 0.5 per cent decline.
This turnaround underscores the robust purchasing power in rural India, a positive sign for the overall health of the automotive sector.
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