New Delhi : On the back of the highest ever registration of passenger vehicles and three-wheelers in India, retail sales of vehicles in the first half (April-September) of the current financial year 2023-24 recorded an annual increase of nine percent. Federation of Automobile Dealers Association (FADA), an organization of vehicle manufacturing companies, has given this information on Thursday. According to FADA data, vehicle sales increased to 1.10 crore units (1,10,79,116 units) in April-September in the current financial year, while in the same period of the 2022-23 financial year it increased to 1.01 crore units (1,01 ,79,072 units).
Vehicle sales slow in the first half
Federation of Automobile Dealers Association (FADA) President Manish Raj Singhania said that there was flexibility in vehicle sales in the first half of the financial year 2023-24, due to which total retail vehicle sales have registered a growth of nine percent on an annual basis. . He said that during the period under review, all categories recorded year-on-year growth, with the maximum growth seen in the registration of three-wheelers.
Sales of passenger vehicles increased by six percent
Manish Raj Singhania further said that in the first half of the current financial year, retail sales of passenger vehicles (PV) increased by six per cent to 18,08,311 units, as against 17,02,905 units in the same period a year ago. He said that not only has there been a growth of six percent on an annual basis, but record retail sales have also been seen. Retail sales of passenger vehicles reached an all-time high of 18,08,311 units in the first half of the financial year 2023-24. It also surpassed the previous record of 17,02,905 units for the first half of the financial year 2022-23.
Increase in passenger vehicle sales for the second consecutive year
He said that the sustained growth of the passenger vehicle segment for two consecutive financial years is a testament to the resilient demand and positive market response to diverse and dynamic offerings. Registration of three-wheelers increased by 66 per cent to 5,33,353 units in the April-September period, from 3,21,964 units in the same period of the last financial year.
Sales of two-wheelers increased by seven percent
In the first half, retail sales of two-wheelers increased by seven percent year-on-year to 78,28,015 units. Commercial vehicle sales increased to 4,65,097 units, which is three percent higher than 4,50,458 units in the same period a year ago. Tractor registrations increased by 14 percent year-on-year to 4,44,340 units in April-September. According to FADA, it collected vehicle registration data from 1,352 out of 1,440 RTOs (regional transport offices). Singhania said that demand is expected to increase in the festive season.