Top 50            Stocks to Buy

Automobile Vehicle

3 Wheeler sales break records as auto sector hits 9% growth in April-September

Auto sector sales

In the first half of FY24, three wheeler sales have reached a new high and emerged as the standout for the auto sector. The Indian auto retail market had a slightly tentative but hopeful six months. Despite a minor 4% drop in vehicle sales in April, subsequent months showed progress and ultimately led to a strong 20% year-on-year growth in September, according to FADA’s H1 FY24 Vehicle Retail Data.

When compared with the same period last year, total auto retail registered a 9% growth in H1 FY24.

The star of the show is the 3Wheeler segment- Auto sector sales

This segment in auto sector consistently registered strong sales figures month after month, retailing a record-breaking 5,33,353 units, outperforming the 3,58,187 units that were sold in the H1 FY 2019.

PV segment registers highest sales ever

Even though the passenger vehicle segment (PV) faced certain challenges, it has sustained and expanded consistently. As well as experiencing a 6% Y-oY growth, it also experienced record-breaking PV retail sales in the first half of fiscal year 2024, surpassing the previous record of 1,702,905 set in the first half of fiscal year 2023.

The chart below shows the All India Vehicle Retail Data for the first quarter of FY 2024

CATEGORYH1 FY’24H1 FY’23H1 FY’22(H1’23)(H1’22)H1 FY’21(H1’21)

It is anticipated that the festive season will bring renewed consumer interest and potential demand surges, says Manish Raj Singhania, president, FADA. Despite cautious optimism, the FADA anticipates a season of growth and prosperity for the auto retail sector, moving from cautious optimism to a hopeful outlook.

Tractors sale break records after slowdown- Auto sector sales growth

Tractor sales have remained part of this growth even though recent slowdowns. In the first half of fiscal year 2024, there were record-breaking retail sales of 444,340 units, an increase of 14% year-over-year.

In addition to indicating robust market demand, this performance exceeds the 389,815 sales in the first half of fiscal year 2023.

There are still challenges facing the 2Wheeler segment

A record 465,097 commercial vehicles were sold in the first half of fiscal year 2019, second only to 472,492 units sold in the first half of fiscal year 2018.

Two-wheeler (2W) sales, which stood at 9,727,200 units in the first half of fiscal year 2019, are facing challenges.

Also Read:

Editorial Director
I'm Shruti Mishra, Editorial Director @Newsblare Media, growing up in the bustling city of New Delhi, I was always fascinated by the power of words. This love for words and storytelling led me to pursue a career in journalism. In this position, I oversee the editorial team and plan out content strategies for our digital news platform. I am constantly seeking new ways to engage readers with thought-provoking and impactful stories.

Leave a Reply

Your email address will not be published. Required fields are marked *