According to latest retail vehicle sales data from the Federation of Automobile Dealers Association (FADA), 2.09 million registrations of new vehicles during the festive days was 18% lower than the same period FY21 and nearly 21% lower than FY20. On YoY basis, total vehicle retails for the month of October 21 decreased by 5.33%. When compared to October'19 (a regular pre-covid month), overall retail sales fell by 26.64%. On YoY basis, 3 wheeler sales were up by 74% and Commercial vehicle sales were up by 26%. Sales of 2 wheelers, Passenger vehicles and Tractors fell by 6%,11% and 21% respectively. This was the worst festive season in a decade for Auto Dealers as semi-conductor shortage in PV and low demand for entry level 2W segment kept the celebrations at bay. The 2W category continues to face the brunt of low sales with entry level category being the biggest spoilsport. The rural distress in retails coupled with frequent price hikes, triple digit fuel prices and customers conserving funds for healthcare emergencies kept the demand low. FADA noted that with normalcy returning in business, the 3W category has started to witness usual demand.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
