According to data compiled from the VAHAN portal of the Ministry of Road, Transport & Highways (MoRTH) by the Federation of Automobile Dealers Association (FADA), a total of 1,990,915 vehicles were retailed last month, reflecting a growth of 21.14% compared to the 1,643,514 units sold in the corresponding period the previous year. President of FADA Mr. Manish Raj Singhania noted that vehicle registrations across categories increased in December. Retail sales remained robust, driven by heightened demand during the marriage season, particularly in the two-wheeler segment. The distribution of harvest payments to farmers, contributing to increased purchasing power, coupled with a diverse range of models and variants, favorable weather conditions, and a positive market sentiment, collectively contributed to the substantial growth. Two-wheeler sales, specifically, recorded a notable increase of 27.57%, reaching 1,449,693 units in the reported month.
He Has highlighted factors such as enhanced product acceptance, particularly among the youth, attractive financial options, and anticipation of price hikes in January 2024, which played pivotal roles in stimulating purchases. The average inventory of two-wheelers is maintained between 15-20 days. In the passenger vehicle segment, sales experienced a growth of 2.65%, reaching 293,005 units in December. SUVs observed strong demand, leading to extended waiting periods for key models. This surge in sales was attributed to aggressive year-end promotions and the introduction of new models.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.