November 2022: Highest Retail Sales In History of Indian Automobile Industry According to FADA numbers, the month saw an overall year-on-year sales growth of 26 per cent, boosted by festive sales and the wedding season
Opinions expressed by BIZ Experiences contributors are their own.
You're reading BIZ Experiences India, an international franchise of BIZ Experiences Media.
The federation of automobile dealers associations (FADA) today said November 2022 has clocked the highest retail sale in the history of Indian automobile industry. "November 2022 has clocked highest retails in the history of the Indian automobile industry with March 2020 as an exception when retails were higher due to BS-4 to BS-6 transition," said Manish Raj Singhania, FADA president.
Auto retail on November 22 saw an overall growth of 26 per cent, the growth was mainly because of festive sales, wedding season. "All categories were in green with two-wheeler, three-wheeler, passenger vehicles, tractor and commercial vehicles growing by 24 per cent, 80 per cent, 21 per cent, 57 per cent and 33 per cent respectively. Even when compared to pre-covid month of 2019, overall retails for the second consecutive month closed in green by growing 1.5 per cent. Except two-wheelers, which saw a marginal dip of -0.9 per cent, all the other categories like three-wheeler, passenger vehicles, tractor and commercial vehicles grew by 4 per cent, 5 per cent, 61 per cent and 6 per cent respectively."
The two-wheeler segment showed a huge growth of 24 per cent year-on-year but fell marginally by 0.9 per cent, when compared to November 19. The three-wheeler segments showed a massive growth of 80 per cent YoY and four per cent when compared to 2019.
The PV segment showed a growth of 21 per cent YoY and 5 per cent when compared to 2019. The CV witnessed a growth of 33 per cent YoY and 6 per cent compared to 2019.
The RBI's latest consumer confidence data suggests that buoyancy among customers is on a recovery path on account of better perceptions on general economic situation, employment and household income. This along with the ongoing festive season has continued to help in bringing customers to the showrooms as on date.
"Most of the OEMs are announcing price hikes going forward. To counter this and for the lower end of the pyramid, OEMs have started announcing discounts for slow moving products, lower variants and to clear their year-end stocks. This may help year-end sales to remain healthy."
