Auto sales up 48% YoY in Oct: FADA

7 Nov 2022 , 11:01 AM

On YoY basis, total vehicle retail for the month of October 2022 saw a growth of 48%, the Federation of Automobile Dealers Associations (FADA) said its release today, 7 November 2022. All the categories closed in green. 2W, 3W, PV, Trac and CV were up by 51%, 66%, 41%, 17% and 25% respectively. When compared with October 2019, a pre-covid month, total vehicle retails for the first time closed in green with an increase of 8%. Except 3W which saw a marginal dip of – 0.6%, all the other categories were in green with 2W, PV, Trac and CV growing by 6%, 18%, 47% and 13%. During the 42 days festive period, total vehicle retails were up 28% YoY. All categories were in green with 2W, 3W, PC, Trac and CV growing by 26%, 66%, 28%, 33% & 28% respectively. As anticipated earlier, this turns out to be the best festive period for PV segment which showed an increase of 2% when compared to 2020 festivals, the earlier best. When compared to pre-covid festive of 2019, overall retails were up by 6%. All the categories were in green with 2W, 3W, CV, PV and Trac growing by 2%, 2%, 14%, 18% and 55% respectively. 2022 Festive season turned out to be the best in last 4 years, the FADA statement said. Manish Raj Singhania said, Auto Retail for the month of October22 saw an overall growth of 48%. With most of the month under festive period, the sentiments were extremely positive across all categories of Dealership outlets. Even when compared to pre-covid month of 2019, overall retails for the first time closed in green by growing 8%. Except 3W, which saw a marginal dip of -0.6% all the other categories like 2W, PV, Trac and CV grew by 6%, 18%, 47% and 13% respectively. Festive22 brings cheers to the Auto Industry as for the first time customers of every category came out in good numbers and took part in festive purchases thus making it the best in last 4 years. As anticipated earlier, PV segment saw the best year in a decade by outgrowing 2020 numbers by 2%. When compared to pre-covid festive of 2019, overall retails were up by 6%. All the categories were in green with 2W, 3W, CV, PV and Trac growing by 2%, 2%, 14%, 18% and 55% respectively. The 2W segment showed a huge growth of 51% YoY and for the first time, 6% compared to Oct19, a pre-covid year. With both Navratri and Deepawali majorly falling in a single month, the month of October saw double foot fall at Dealerships. Dealers say that sentiments have also started improving at the rural level but the same needs to sustain for at least next 3-4 months. Apart from this, new launches and good customer schemes also played a pivotal role in helping revival in demand. The 3W segment showed a massive growth of 66% YoY but was marginally below the red line in 2019 by de-growing -0.6%. The sub-category figures clearly show that shift is happening towards EV adoption while ICE vehicles are no more favourites. In few pockets due to permit issues, new vehicle sales have taken a hit during the month. The PV segment showed a growth of 41% YoY and 18% when compared to 2019. PV segment continues to see extremely high demand especially in SUV and Compact SUV segments including higher variants in most of the product categories. With better vehicle availability coupled with new launches, the segment also witnessed the best Festive Period in a decade by surpassing 2020 festival sale by 2%. The CV segment continues to come back on track by growing 25% YoY and 13% compared to 2019. Festivities ignited better fleet sales. With Mining and Infrastructure projects increasing in various regions, demand has been keeping well and is also coming back on track. For near term outlook, FADA said that with festivities ending, the immediate next month generally witnesses a certain amount of softness in sales. Hence, it remains cautious as the auto industry approaches the year end period. Powered by Capital Market – Live News