Passenger vehicle retail sales surged to an all-time high in January, fueled by sturdy demand for sports activities utility automobiles (SUVs) and the continued wedding season, in accordance to the Federation of Automobile Dealers Associations (FADA).
Last month, passenger vehicle (PV) sales reached 393,250 models, marking a notable enhance of 13 per cent from 347,086 models recorded in January 2023.
FADA President Manish Raj Singhania attributed this robust efficiency to the rising demand for SUVs, bolstered by components such because the launch of recent fashions, enhanced availability, efficient advertising methods, shopper incentives, and the auspicious event of weddings.
Despite the record-breaking sales figures, Singhania expressed issues concerning the stock ranges of passenger automobiles, which presently stand in the vary of 50-55 days. He emphasised the necessity for unique gear producers (OEMs) to regulate their manufacturing ranges promptly to align with precise market demand, thereby averting potential oversupply points in the long run.
Singhania pressured the significance for OEMs to strike a stability between innovation and strategic manufacturing planning to guarantee long-term success and stability in the general market.
In the two-wheeler phase, sales noticed a big enhance of 15 per cent year-on-year, reaching 1,458,849 models in January. Factors contributing to this progress embrace improved vehicle availability post-implementation of the OBD 2 norm, the introduction of recent fashions, and a shift in the direction of premium choices, coupled with beneficial market situations akin to a very good harvest and the continued wedding season.
Commercial vehicle sales skilled stagnant progress final month, with 89,208 models bought. However, three-wheeler retail sales surged by 37 per cent to 97,675 models, in contrast to January 2023. Tractor sales recorded a 21 per cent year-on-year enhance, reaching 88,671 models in January.
Overall, retail sales throughout all segments totaled 2,127,653 models in January, reflecting a robust progress of 15 per cent in contrast to January 2023.
(With PTI inputs)
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