In February, India’s automobile retail sales increased by 13%. Passenger car sales in February saw an unheard-of performance, up 12% to 330,107 units from 293,803 units during the same month the previous year.
According to data from the Federation of Automobile Dealers Associations, India’s retail car sales increased by 13% in February to 2.03 million units, up from 1.79 million units in February 2023. (FADA). The impact of marriage season, better demand brought forth by favorable economic conditions, and greater vehicle availability all contributed to this development. The industry does, however, believe that the impending Lok Sabha elections could have a negative impact on sales because deferred purchases are anticipated across all market categories.
Passenger vehicles (PVs) saw an exceptional performance in February, with sales rising by 12% to 330,107 units from 293,803 units during the same time the previous year. Apart from that, the growth rates of all other vehicle categories—two-wheelers, three-wheelers, tractors, and commercial vehicles—were 13%, 24%, 11%, and 5%, respectively.
Increased demand from the rural sector, a surge in demand for premium models, and strong performance in the entry-level category were the main drivers of the two-wheeler industry’s growth. Product acceptability was further increased by the products’ increased availability and alluring incentives. Favorable marriage dates and better economic circumstances also contributed significantly to this beneficial rise. India’s Automobile Retail Sales of two-wheelers in the reviewed month totaled 1.43 million, up from 1.27 million in the same time of the preceding fiscal year.
“The PV segment recorded a 12% YoY growth, marking the highest February sales figures ever,” stated FADA President Manish Raj Singhania. “This growth was driven by new product introductions and enhanced vehicle availability.” High PV segment inventory levels, which are still above 50–55 days, are a major cause for concern. As a result, OEMs must modify production in order to lower dealer carrying costs. Singhania continued, “First-time users and a shift toward electric e-rickshaws, along with improved market sentiment and consumer engagement, drove a 24% increase in the 3W market.” EVs accounted for 53% of this rise.
Three-wheeler sales increased to 94,918 units in February 2023 from 76,619 units in the same month the previous year.
February 2024 India’s Automobile Retail Sales Data:
| CATEGORY | FEB 2024 | YOY CHANGE | MOM CHANGE |
| Two-wheeler | 14,39,523 | 13.25% | -1.32% |
| Three-wheeler | 94,148 | 23.88% | -2.82% |
| Passenger vehicles | 3,30,107 | 12.36% | -16.06% |
| Tractors | 76,626 | 11.00% | -13.58% |
| Commercial vehicles | 88,367 | 4.78% | 0.94% |
| Total | 20,29,541 | 13% | -4.61% |
The commercial vehicle market had a 5% gain despite obstacles like cash flow constraints and election-related buying postponements. Notwithstanding these challenges, the market showed tenacity and a slow but steady rebound propelled by fleet acquisitions, school buses, robust industry demand, and enhanced funding. The segment’s India’s Automobile Retail sales increased to 88,367 units during the month from 84,337 units during the same time the previous year.
“This promising picture is shadowed by the impending elections, which could cause deferred buying across several segments. Customers who are awaiting the results of the general elections may be particularly wary of the commercial vehicle industry. The PV market presents a particularly complex picture due to supply constraints since the availability of popular versions continues to be a concern. Additional obstacles to continued growth could come from outside causes like crop failures in rural areas, which could potentially lower market sentiment and financial liquidity, according to Singhania’s conclusion.
FAQs:
What do mean by automobile?
An automobile is a typically four-wheeled vehicle with an internal combustion engine that runs on volatile fuel. It is primarily intended for passenger transportation.
Is a bike an automobile?
A motorcycle is not regarded as an automobile in theory. Definition: An automobile is a self-propelled road vehicle with four wheels that has the capacity to accommodate a limited number of passengers.
What is the difference between automotive and automobile?
The terms “automobile” and “automotive” have different meanings, despite the fact that they are occasionally used synonymously. An automobile is a four-wheeled vehicle used for transportation, while the term “automotive” can refer to any motor vehicle.
Who produced the first automobile?
Karl Benz
Previous narratives frequently attributed the invention of the first real automobile in 1885–1886 to German inventor Karl Benz.
Which is the first car in India?
Hindustan Motors introduced the renowned Ambassador in 1957. Despite being built on the Morris Oxford Series III, the Ambassador is regarded as the first Indian automobile.
Which was the first Tata car in India?
Tata Indica
Tata Motors debuted the Indica, a small hatchback vehicle, in India for the first time in 1998. The vehicle was the first entirely indigenous Indian passenger car, having been designed and produced in India.
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