India’s Total Vehicle Retail Drops 8% YoY In October 2023

The Federation of Automobile Dealers Associations (FADA) has released Vehicle Retail Data for the month of October 2023. Last month, the auto industry collectively reported retail sales of 21,17,596 units, witnessing a decline of 8 per cent compared to 22,95,099 units sold in October 2022. FADA claims that the numbers do not give an accurate insight into retail growth as the situation was not optimal. FADA President, Manish Raj Singhania said, "The month commenced under the shadow of the inauspicious Shraddh period, persisting until the 14th. Consequently, a YoY comparison may not accurately reflect the actual trajectory of growth in the Indian Auto Retail sector.”

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The first half of the month saw the onset of the inauspicious Shraddh period, during which a lot of Indian consumers avoid making important purchases. On the other hand, the second half of the month saw the Navratri period during which auto sales grew 18 per cent compared to the Navratri period in 2022. At the same time, the overall month-on-month retail sales grew by nearly 13 per cent, as against 18,82,071 units sold in September 2023.

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In October 2023, passenger vehicle sales stood at 3,53,990 units, a marginal drop of 1.36 per cent compared to 3,58,884 PVs sold during the same period last year. But compared to 3,32,248 units sold in September 2023, MoM sales grew by nearly 7 per cent. Two-wheeler sales for the period stood at 15,07,756 units. Compared to 17,25,043 units sold in October 2022, the segment saw a YoY decline of, but a MoM growth of 15 per cent as against 13,12,101 units sold in September 2023.

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At the same time, three-wheeler sales in India saw a YoY growth of 46 per cent at 1,04,711 units, as against 71,903 units sold in October 2022. Commercial Vehicle sales stood at 88,699 units a 10 per cent growth compared to 80,446 CVs sold in October 2022. On the other hand, tractor sales went up 6 per cent YoY at 62,440 units, compared to 58,823 units sold in October 2022.