Passenger Vehicles, Two-Wheelers Posted Double-Digit Growth In February 2024: FADA

The Federation Of Automobile Dealers Associations (FADA) revealed that the Indian auto industry posted a strong 13.07 per cent growth in February 2024 as compared to last year. Total sales in the month stood at 20,29,541 units – up from 17,94,866 units. The two-wheeler category reported a 13.25 per cent growth in sales with 14,39,523 units sold while passenger vehicle sales stood at 3,30,107 units – the highest ever for February and up 12.36 per cent year-on-year.

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Maruti Suzuki continued to lead the charge in the passenger vehicle segment with over 1.31 lakh units sold followed by Hyundai and Tata with 46,464 and 44,784 units sold respectively. Mahindra stood fourth with 38,071 units while Toyota (19,498 units) narrowed its gap to Kia (20,357 units) which occupied fifth place.

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In the two-wheeler space, Hero stood at the top of the list with over 4.13 lakh units sold with Honda and TVS anchored in second and third with over 3.55 lakh and 2.47 lakh-plus units sold. Bajaj stood fourth with over 1.71 lakh units sold.

FADA attributed the strong showing in the four-wheeler market to “enhanced vehicle availability” and the launch of new models. The growth in sales of two-wheelers meanwhile was attributed to strong rural market demand, “premium model demand, and strong entry-level segment performance.”

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Sales in both segments were however lower than in January 2024 with the two-wheeler segment down by a marginal 1.32 per cent. Passenger vehicle sales were down a more notable 16.06 per cent with FADA having reported sales of 3,93,250 units in January 2024 – a little over 63,000 units more than in Feb 2024.

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The three-wheeler segment too posted a strong year-on-year growth of 23.88 per cent with over 94,000 units sold though it was down 2.82 per cent compared to January 2024. The commercial vehicle and tractor segments too grew year-on-year by 4.78 per cent and 11 per cent respectively but were down compared to January 2024.

FADA said that it expected sales across segments to continue to see growth in the near term though the dealer body expressed caution over the upcoming elections.