Automobile retail sales during the 42-day festive period (from 1 day of Navratri to 15 days post Dhanteras) of 2024 increased 11.76% to 42.88 lakh vehicles compared with 38.37 lakh units registered in the same period last year, according to data released by The Federation of Automobile Dealers Associations (FADA) on Friday.
Two-wheeler sales were particularly robust, registering a 13.79% growth year-on-year to reach 33.11 lakh units, largely driven by strong rural demand.
Passenger vehicles segment bounced back after a lull, growing by 7.10% to 6.03 lakh units, supported by pent-up demand and unprecedented discounts available in the market, FADA said.
At 1,59,960 units of retail sales, the 3-wheeler segment reported a growth of 6.8% and the Commercial Vehicles segment reported marginal growth of 1.2% to 1,28,738 units.
Tractors sales during the period de-grew 1.64% to 85,216 units as compared with the year ago festive period.
C S Vigneshwar, President, FADA said, “The automobile retail sector has achieved a new milestone, surpassing last year’s festive records. We witnessed a remarkable surge in numbers since the beginning of Navratri, nearly hitting our forecasted target.”
“While we celebrate these achievements, we acknowledge that we could have fully met or even exceeded our targets of 45 lakh units if not for the unseasonal heavy rains in South India, especially in Bengaluru and Tamil Nadu, and the cyclone Dana that affected Odisha,” he said.
Now, FADA anticipates that passenger vehicle stock levels will reduce further from what was reported in the October retail data release.
“However, we advise caution as the complete picture on inventory will emerge by month-end. With 1.5 months remaining before the calendar year ends, We urge OEMs to focus on liquidating 2024 stock so that dealers can enter 2025 with ideal recommended 21 days of inventory,” he said.
Published – November 15, 2024 09:31 pm IST