Auto retail sales rose 28% year-on-year during 2022 festive season
Total retail sales of the Indian auto industry during this festive season 2022 soared 28% year-on-year. Sales soared in most vehicle categories including two-wheelers, three-wheelers, passenger cars, tractors and commercial vehicles, growing by 26%, 66%, 28% and 33% respectively, as per data from the Federation of Automobile Dealers Associations (FADA).
Total vehicle retail sales for the month of October saw a growth of 48 per cent on a yearly basis. All the categories closed in green with two-wheelers, three-wheelers, passenger vehicles, tractor, and commercial vehicles recording 51 per cent, 66 per cent, 41 per cent, 17 per cent and 25 per cent growth, respectively.
Since October of 2019, a pre-Covid month, total vehicle retails for the first time closed in green with an increase of eight per cent. Except for three-wheelers, which saw a marginal dip of 0.6 per cent, all the other categories were in green with two-wheelers, passenger vehicles, tractors and commercial vehicles growing by 6 per cent, 18 per cent, 47 per cent and 13 per cent, respectively.
Dealers say that sentiments have also started improving at the rural level but the same needs to sustain for at least the next three to four months. Apart from this, new launches and good customer schemes also played a pivotal role in helping revive demand.
A massive growth was witnessed in the three-wheeler segment at 66 per cent year-on-year but it was marginally below the red line in 2019 by de-growing 0.6 per cent. The passenger vehicle segment showed a growth of 41 per cent year-on-year and 18 per cent when compared to 2019. The segment also continues to see extremely high demand, especially in SUV and compact SUV segments, including higher variants in most of the product categories.