Every segment has experienced significant sales growth across the 45 day festive period with the exception of tractors
Federation of Automobile Dealers Associations (FADA) has detailed Vehicle Retail Data for a 42 days festive period. This period spans from 3rd Oct 2024 to 13th Nov 2024, marking the 1st day of Navaratri and extending to 15 days after Dhanteras. Vehicle sales during this period saw improvements across all segments, well surpassing last year’s figures during the similar period that fell between 15th Oct 2023 and 25th Nov 2023.
Retail sales across the automobile segment saw surging figures hitting record sales. These sales figures could have even been higher had it not been adversely affected by various weather conditions. The southern states were affected by unseasonal heavy rains while in late October, Odisha had to face a backlash after being struck by Cyclone Dana.
Festive Vehicle Retail Sales 2024
Total vehicle retail sales stood at 42,88,248 units in the 45 day period from 3rd Oct 2024 to 13th Nov 2024. This was an 11.76% YoY growth from 38,37,040 units sold in the 15th Oct 2023 and 25th Nov 2023. It had a volume growth of 4,51,208 units.
Two wheeler sales grew by double digits of 13.79% to 33,11,325 units in the 2024 festive period over 29,10,141 units sold in the corresponding period of 2023. This was a volume growth of 4,01,184 units. Most of these sales were largely dominated by hefty rural demand.
3W sales grew by 6.81% in the 2024 festive period to 1,59,960 units. This was over 1,49,764 units sold in the corresponding 45 day period of 2023. This related to a volume growth of 10,196 units.
PV Festive Vehicle Retail Sales Up 7.10%
With most automakers in India offering heavy festive discounts across the passenger vehicle (PV) segment, retail sales surged 7.10% to 6,03,009 units in the festive 2024 period over 5,63,059 units sold in the same 45 day period of 2023. This was a strong volume increase of 39,950 units.
In contrast, it was a marginal growth of 1.02% across the commercial vehicle (CV) segment. Festive sales improved by just 1,302 units to 1,28,738 in the festive period of 2024 over 1,27,436 units sold in the festive period of 2023.
Tractor sales suffered a decline of 1.64%. Sales dipped to 85,216 units in the Festive 2024 period from 86,640 units sold in the 2023 period marking a decline of 1,424 units. The tractor segment is expected to make up in terms of sales thanks to a favourable monsoon and government’s policies which see an increase in the Minimum Support Price (MSP) of crops. Now with the festivities coming to a conclusion, the automobile segment remains hopeful to end the calendar year on a promising note allowing dealers to liquidate 2024 stocks and enter the New Year with 21 day inventories. With November and December 2024 marking favourable months for the wedding season in India, improved demand, particularly in the 2W and PV segments are anticipated.
Source: Bike - rushlane.com
