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Auto sector sees 9% growth in H1 FY24, fueled by record passenger vehicle, three-wheeler sales: FADA

The resilient performance extended to all segments of the auto industry, with record-breaking passenger vehicle retail sales, a substantial rise in three-wheeler registrations, and increased sales of two-wheelers, commercial vehicles, and tractors.

Nitin Kumar Edited By: Nitin Kumar @Niitz1 New Delhi Updated on: October 12, 2023 15:00 IST
Auto sector
Image Source : PEXELS A picture of traffic on a road.

Automobile retail sales in India experienced a significant year-on-year increase of 9% during the April-September period of the current fiscal year, primarily driven by a record number of registrations for passenger vehicles and three-wheelers, according to a report from the Federation of Automobile Dealers Associations (FADA).

Robust growth across all segments

  • Total registrations for the April-September period in the current fiscal reached 1.10 crore units (110,79,116 units), compared to 1.01 crore units (101,79,072 units) during the same period last fiscal year.
  • Passenger vehicle retail sales grew by 6% to reach 18,08,311 units, marking a new record.
  • Three-wheeler registrations witnessed remarkable growth, rising by 66% to 5,33,353 units.
  • Two-wheeler retail sales increased by 7%, reaching 78,28,015 units in the first half of the fiscal year.
  • Commercial vehicle sales saw a 3% uptick to 4,65,097 units.
  • Tractor registrations also surged by 14%, reaching 4,44,340 units during the April-September period.

A resilient market

The FADA President, Manish Raj Singhania, highlighted the resilience and recovery of the automotive retail sector in H1 FY24, emphasising that passenger vehicles achieved an all-time high in retail sales. The consecutive growth in the passenger vehicle segment over two fiscal years reflects strong demand and a positive market response to diverse offerings in the segment.

Singhania also commended the robust performance in the three-wheeler category, noting its adaptability in navigating market challenges during the pandemic. FADA expects demand to continue surging during the upcoming festive season, fostering an optimistic outlook for the auto retail sector.

Also read | Auto retail sales soar over 20% in September, FADA predicts thriving festive season

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