Car, two-wheeler sales power auto industry in Sept; loudest cheer yet to come
- With enhanced inventory stock and persisting demand, the Indian automotive industry may have never had it this good.
Automotive retail in India registered a solid growth of 20 per cent in the month of September with sales of passenger vehicles (PVs), two-wheelers and three-wheelers leading the way. Reasons to celebrate are many but the upcoming festive period is promising to bring in even more smiles with both demand and supply expected to potentially hit record numbers.
The charge last month was primarily led by the three-wheeler segment with peak sales of 1,02,426 units, as per data from Federation of Automobile Dealers Associations (FADA). This is a 49% YoY and 5% month-over-month growth. But there is a whole lot of good news coming in from the PV and two-wheeler segments as well.
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The demand for new vehicles has been rising steadily but while supply-related issues in the past meant long wait times, this factor is fast diminishing too. According to FADA, new and refreshed models are the multi-pronged shot in the arm and sales in September were up 19 per cent YoY. “This uplift was supported by enhanced supplies and an increasing variety in the product portfolio, answering to a diversifying consumer demand," a press note from FADA informed. “The market showed consistent demand for luxury cars and SUVs, signifying a robust consumer appetite for premium segments." The likes of Maruti Suzuki, Hyundai, Toyota, Mahindra, Honda, among others, have reported healthy figures.
The two-wheeler segment too has momentum on its side with 22 per cent YoY growth in September. New models have been renewing interest and demand in rural areas is a major shot in the arm. And while a slew of new, premium offerings are a positive sign, several updated entry-level models are powering the overall sales figures.
FADA now predicts these already high numbers to reach newer highs in the coming month. Nine days of Navratri commences from October 15 and with the 42-day festive period all the way to Deepawali beckoning, bookings could see a record figure.
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