FY24 had double-digit rise in retail car sales, according to FADA: The dealers’ association FADA announced on Monday that record passenger car, three-wheeler, and tractor sales propelled double-digit increase in India’s automobile retail sales in 2023–2024. Compared to 2,22,41,361 units in 2022–2023—a 10% increase in retail sales across all divisions occurred in the previous fiscal year, totaling 2,45,30,334.
Retail sales of automobiles: According to the dealers’ association FADA, sales of automobiles in India experienced double-digit increase in 2023–2024 due to record demand for passenger cars, three-wheelers, and tractors. Comparing 2,22,41,361 units in 2022–2023 with 2,45,30,334 units last fiscal year, there was a 10% increase in retail sales across all segments.
The Federation of Automobile Dealers Associations (FADA) President, Manish Raj Singhania, said in a statement that the Indian automobile sector had achieved a commendable double-digit growth across categories, with two-wheelers, three-wheelers, passenger vehicles (PV), tractors, and commercial vehicles registering strong demand.
Specifically, he said, the tractor, three-wheeler, and PV divisions broke records and outperformed previous years. PV registrations increased to 39,48,143 units in the most recent fiscal year, representing an 8% rise from 36,40,399 units in the 2022–2023 period. According to Singhania, key elements included things like increased car availability, a strong model lineup, and the introduction of new vehicles.
“Enhanced supply dynamics, strategic marketing efforts, ever expanding road infrastructure and strong demand in the SUV segment significantly contributed to this success,” he explained. Retail sales of three-wheelers increased by 49% to 11,65,699 units in the most recent fiscal year from 7,83,257 units in the FIS23. Strong market sentiment, the launch of new EV models and affordable CNG fuel options, as well as the smooth integration of first-rate after-sales care, all contributed to the segment’s sales rise, according to Singhania.
Sales of tractors increased from 8,29,639 units in 2022–2023 to 8,92,313 units in the previous fiscal year. Sales of two-wheelers increased by 9% to 1,75,17,173 units in FY24 from 1,60,27,411 units in the previous year. According to Singhania, the segment profited from improved model availability, upbeat market attitude, and the resurgence of rural markets following the COVID-19 pandemic.
Along with overcoming obstacles like increased competition and supply restrictions, he said that the expansion of EVs and selective launches in the premium market were also important. Increased freight transportation and better vehicle availability led to a 5% increase in commercial vehicle registrations at 10,07,006 units during the previous fiscal year, boosting replacement purchases.
Overall registrations increased to 21,27,177 units in March, a 3% year-over-year rise. Retail sales of passenger vehicles decreased by 6% to 3,22,345 units from 3,43,527 units in March 2023.
However, the number of two-wheeler registrations increased last month by 5% compared to the same period previous year, reaching 15,29,875 units from 14,50,913 units. Sales of three-wheelers increased 17% year over year to 1,05,222 units in the previous month.
Sales of commercial vehicles fell by 6% to 91,289 units in March 2023 from 96,984 units the previous month. In a similar vein, tractor registrations fell by 3% to 78,446 units this month from 81,148 units during the same period previous year.
Rise in Retail Car Sales
According to FADA, which collected information from 1,360 of the 1,447 RTOs in the nation, the Indian car sector is expected to increase in FY25 despite a combination of obstacles and optimism.
According to the statement, the fervor surrounding the introduction of new products, especially electric cars, establishes an optimistic tone. Additionally, it said that the manufacturers are preparing with improved supply chains and a variety of models to satisfy different customer expectations.
“Economic growth, favourable government policies and an anticipated good monsoon are expected to fuel demand, especially in rural areas and the commercial vehicle sector, which is closely linked to infrastructure projects and economic activity,” it added.
According to FADA, the sector is relying on better customer involvement and financing options to increase sales, therefore market mood is cautiously hopeful. It further stated that the PV segment faces difficulties like a high base and fierce competition.
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