MUMBAI: The first half of October ’23 saw an 8% YoY decline in vehicle retail, but a MoM comparison reveals a 13% surge, indicating resilient market demand, according to FADA’s report. All automotive categories experienced momentum during the ongoing festivities, with two-wheelers, three-wheelers, PVs, tractors, and commercial vehicles growing by 15%, 2%, 7%, 15%, and 10%, respectively, on a MoM basis.
Navratri ’23 brought unprecedented sales to auto retail, surpassing the previous high of Navratri ’17, with an overall 18% YoY increase in auto retail during this period. All categories except tractors saw gains during the 10 days of Navratri, with two-wheelers, three-wheelers, commercial vehicles, and PVs growing by 22%, 43%, 9%, and 6.5%, respectively, while tractors faced an 8% decline.
The 3W category set a new record in October ’23, with retail sales hitting an all-time high of 1,04,711 vehicles, eclipsing last month’s record. However, the PV segment faces critical inventory concerns, with inventory levels soaring to an all-time high of 63-66 days, signaling capacity concerns for dealerships. FADA has issued a red flag, urging OEMs to moderate vehicle dispatches and introduce more aggressive and attractive schemes promptly to help dealers clear their inventory before year-end, averting potential financial repercussions associated with excess unsold stock.
FADA’s report also includes OEM-wise market share data for Oct’23, with a YoY comparison. FADA represents over 15,000 automobile dealerships with over 30,000 dealership outlets, including multiple associations of automobile dealers at the regional, state, and city levels, representing the entire auto retail industry in India.
Vehicle Retail Data for Oct’23
All India Vehicle Retail Data for Oct’23
|CATEGORY||OCT’23||OCT’22||YoY %||SEP’23||MoM %|
|E-RICKSHAW WITH CART (G)||3,023||2,024||49.36%||3,038||-0.49%|
|THREE WHEELER (GOODS)||10,067||7,369||36.61%||9,014||11.68%|
|THREE WHEELER (PASSENGER)||45,814||30,852||48.50%||43,581||5.12%|
|THREE WHEELER (PERSONAL)||73||45||62.22%||86||-15.12%|
All India Vehicle Retail Data for 10 Days of Navratri