On YoY Basis, Total Vehicle Retail For Jan’23 Grew By 14% YoY In India – Report

close up photography of white chevrolet camaro
Photo by Jesse Zheng on Pexels.com

The Federation of Automobile Dealers Associations (FADA) released Vehicle Retail Data for January’23.

Commenting on how January’23 performed, FADA President, Mr. Manish Raj Singhania said, “January’23 witnessed total retail rising by 14% YoY but was still down by 8%, when compared to the pre-covid month of January’20. All categories were in the green with 2-Wheeler, 3-Wheeler, Passenger Vehicle, Tractor, and Commercial Vehicles growing by 10%, 59%, 22%, 8%, and 16% respectively on a YoY basis.

The 2-Wheeler category showed a growth of 10% YoY but when compared to 2021 and the pre-covid month of January’20, it continued to see pressure as the same fell by 7% and 13%. While sentiments are improving at a snail’s pace and are better than what it was a year ago, the rural market is yet to fully come to the party as the cost of ownership has shot up significantly while disposable income has not increased in
the same ratio.

ALSO READ  Global EV Markets Rally Despite Weak Overall Car Sales, Says Report

The 3-Wheeler segment has seen 60% growth YoY, 101% growth when compared to 2021, and is now slightly down by mere 3% when compared to pre-pandemic levels in January’20. EV fame-2 subsidy along with a demand from commercial 3W space is fuelling healthy growth.

The Passenger Vehicle segment continues to perform well with growth of 22% YoY, 10% from January’21, and 8% from the pre-covid month of January’20. While good enquiry, healthy bookings, and improved supplies are helping aid this segment, it is the entry-level sub-segment which is still feeling the pinch.

Apart from this, while waiting period for some models have come down, compact SUVs, SUVs, and luxury vehicles continue to witness minimum waiting of 2-3 months.

The Commercial Vehicle category has also shown robust growth by growing 16% YoY, 23% from January’21, and 6% from the pre-covid month of January’20. Continued demand in the market due to replacement of fleet, growth in freight availability, and government’s consistent push for infrastructure projects has helped the CV segment rise above pre-covid numbers.”

ALSO READ  ElectriVa Partners With SIC Group To Enter Karnataka

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.