September 2023 auto retail sales up 20% YoY, growth strong says FADA
Auto firms look to speed up as festive season kicks-off The three-wheelers segment saw record breaking numbers. "The segment maintained momentum, setting consecutive all-time high retail records. Sales for September peaked at 102,426 units, marking a staggering 48.58 percent growth YoY; a 5 percent growth month-over-month (MoM); and breaching the 1 lakh units mark," FADA said.
Sales in September 2022 were 68,937 units. The passenger vehicles (PV) segment was also up 19.03 percent YoY at 332,248 units in September 2023, compared to 279,137 units the previous year same period. Further, commercial vehicles (CV) grew by 4.87 percent YoY.
Sales were 80,804 units in September 2023, up from 77,054 in September 2022. The tractors segment was the only one showing de-growth. YoY sales were down -9.66 percent in September 2023 (54,492 units), compared to September 2022 (60,321 units).
Indicators & outlook In terms of recovery indicators, FADA noted that the 14 percent growth in overall retail landscape signals "healthy recovery". "The two-wheeler category, for the first time, showed a growth of 2 percent, potentially marking the beginning of a turnaround in rural markets," it added. Also Read: From input cost to high demand, what's fuelling auto sector's growth? Looking at the monsoon patterns, FADA said that the September rainfall had "alleviated India’s drought fears", with the country receiving 94 percent of expected rains.
The Indian Meteorological Department (IMD) forecasts a ‘normal’ north-east monsoon for the October to December period, it added. The apex body also pointed out that inventory for PVs are at "unprecedented levels" for the 60-65 days threshold. This comes as dealers are "establishing an all-time high in
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