The auto dealer body said it maintains a “cautiously optimistic outlook” for two-wheelers, passenger vehicles and utility vehicles.
Automobile sales in India for December 2023 and FY23 closed in the green across all product segments. According to data released by the Federation of Automobile Dealers Associations (FADA), a total of 19,90,915 vehicles were registered across various categories last month, corresponding to a growth of 21.14% over the same period. period last year.
Interestingly, the electric rickshaw and tractor segment was the only segment to register growth compared to November 2023 festive sales.
In 2023, retail sales will reach 2,38,67,990 units, an increase of 11.05% over the same period last year. Manish Raj Singhania, Chairman, FADA, said: “In the two-wheeler segment, the key factors are the abundance of wedding dates and the allocation of crop payments to farmers, which has helped improve purchasing power. Additionally, the availability of multiple models and variants, coupled with favorable weather conditions and generally positive market sentiment, contributed to this strong growth. Greater product acceptance, especially among the youth, and lucrative financing options, coupled with price increases expected by January 2024, have boosted purchases.
The light commercial vehicle segment witnessed positive growth as growing industrial activity and infrastructure development continued to drive demand for commercial and commercial vehicles, he added. heavyweight.
Demand for buses especially benefited from tourism and transport, supported by orders from various public transport services. Additionally, strong liquidity in rural areas and a financial boost from crop sales supported customer purchases, although retail sales remained slightly subdued despite some advance purchases. Large quantities were made.
The passenger car segment continues to see strong demand for SUVs, with extended waiting times for key models. This increase is driven by aggressive year-end promotions and the introduction of new car models.
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