The number of automotive retail sales in March 2023 has seen decent growth. As per the data released by the Federation of Automobile Dealers Associations (FADA), automotive retail sales witnessed a rise of 14 per cent in March on a year-on-year (YoY) basis. Looking at the entire financial year 2022-23 (FY23), the growth in retail sales was 21 per cent from 1,83,27,326 units in FY22 to 2,21,50,222 units in FY23.
As per the data, all categories except for tractors, including two-wheelers, three-wheelers, passenger vehicles (PVs), and commercial vehicles (CVs) witnessed double-digit growth. Particularly, the PV segment had positive growth, thanks to the improved supply of electronic components.
The stats further revealed that the two-wheeler vehicles had total retail sales of 22.1 million for FY23. Interestingly, it was 12 per cent lower than the pre-covid (FY20) level of 25 million due to the 18 per cent dip in the two-wheeler segment. Particularly in March, the sales of two-wheelers vehicles were up by 12 per cent, three-wheelers by 69 per cent, PVs by 14 per cent and CVs by 10 per cent.
Speaking about it, Karan Asrani, owner of Krishna Group of Industries said, “The supplies were better and at par with the sales throughout FY23. Also, there were several festivals and launches of different cars which kept the demand for automobiles growing.” Adding to it, Asrani stated that two-wheeler sales could have been better if the demand was greater in rural India.
On the contrary, Mr. Asrani explained that the two-wheeler segment saw a downward trend due to the decline in the two-wheeler EV market share. However, the entrepreneur believes that the two-wheeler segment will take time to rebound. Apart from this, the businessman is overwhelmed that the PV segment is ruled by Maruti Suzuki and followed by Tata Motors.
Not to forget, Mahindra & Mahindra gained 1.40 per cent market share (YoY) at 32,196 units in March 2023 compared to March 2022. In FY23, Tata Motors and M&M were the frontrunners to sell the maximum SUVs. Now that the impact of covid has diminished, the entrepreneur is hopeful that the automotive industry will perform better than the previous years.
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