look news india
Auto Sales 2023-24: Retail sales of vehicles grew by 10 percent in the last financial year on the back of record sales of passenger vehicles, three-wheelers and tractors in the country. A total of 2,45,30,334 vehicles have been retailed in 2023-24. Which was 2,22,41,361 units in the last financial year.
According to the Federation of Automobile Dealers Association, registration of passenger vehicles increased by 8 percent to 39.48 lakh units in the last financial year. Whereas sales of three-wheelers increased by 49 percent to 11.65 lakh units.
Two-wheeler sales grew 9 percent to 1.75 crore units due to improving market trends and increasing demand in rural markets. Passenger vehicle sales declined six percent to 3.22 lakh units in March 2023 compared to 3.43 lakh units.
Sales increased by 3 percent in March
Amid the possibility of a price hike in April, total retail sales of vehicles in March increased by 3 percent to 21.27 lakh units. Which shows less growth compared to previous years. Last month, two-wheeler sales increased by 5 percent to 15.29 lakh units. Whereas sales of three-wheelers increased by 17 percent to 1 lakh units.
Sales fell in March after election-induced cash restrictions
Regarding vehicle sales, FADA Chairman Manish Singhania said that the year 2023-24 has been attractive for the auto sector. There have been record sales of tractors, three-wheelers and passenger vehicles. However, the two wheeler segment did not see the expected growth. Customers are facing inconvenience in carrying cash during elections. Due to which the expected sales growth was not seen in March.
FADA has released this report after collecting vehicle registration data from 1360 RTOs out of 1447 RTOs across the country. In which he predicted that the new financial year will be a new opportunity for the auto industry with some challenges.