The Federation Of Automobile Dealers Association (FADA) revealed that overall vehicle sales in the first month of 2024 rose by 15 per cent over the same period last year, up from 18.49 lakh units in January 2023 to 21.27 lakh units in January 2024. The two- and three-wheeler segments, as well as the passenger vehicle segment registered the highest sales.
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Commenting on January 2024 auto retails, FADA President, Manish Raj Singhania said, “January 2024 began on a promising note for the calendar year, demonstrating 15% overall retail growth compared to the previous year. All vehicle categories – 2W, 3W, PV, Tractors, and CV – achieved positive YoY growth of 15%, 37%, 13%, 21%, and 0.1% respectively. Several positive trends in the 2W market signaled a robust start to the year. Improved vehicle availability, due to adjustments post-OBD 2 norm implementations, the introduction of new models and a shift towards premium options all contributed to increased demand."
In terms of individual segment data, the passenger vehicle segment achieved all-time high retail sales of 3,93,250 units in January that represent a year-over-year growth of 13 per cent over the same period last year. PV sales also showcased a significant 34.21 per cent month-over-month growth. However, concerns were expressed in the high inventory levels of auto dealers, which currently range from 50-55 days. Two-wheeler sales also showed a major rise in sales, up from 12.69 lakh units in January’23 to 14.59 lakh units in January’24, an increase of 14.96 per cent.
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Additionally, sales in the three-wheeler segment showcased a 36.94 per cent increase, up from 71,325 units in January 2023 to 97,675 units in January 2024. Tractors, which had seen a dip in sales in recent times have now rebounded, with a 21 per cent increase. Tractor sales rose from 73,184 units in January 2023 to 88,671 units in January 2024. The commercial vehicle segment, on the other hand, showed a miniscule 0.1 per cent increase in January 2024 over January 2023
