2023-12-09 17:05:58
The Indian auto retail sector witnessed a historic month in November 2023 as vehicle sales soared to an all-time high. The Federation of Automobile Dealers Associations (FADA) reported that vehicle sales increased by about 18 percent in November 2023, totaling 28.54 lakh vehicles sold in India. This figure is 2.85 lakh units higher than the previous high of 25.69 lakh units recorded in March 2020.
With the increase in demand for new vehicles during the festive season, India has overtaken Japan as the world’s third largest market in terms of overall vehicle sales, ranking next to China and the US. Two-wheeler sales in the country rose to 22.47 lakh units in November, a figure higher than the highest sales recorded in March 2020. Similarly, sales of passenger vehicles or cars touched a new high of 3.6 lakh units, surpassing the previous best figure.
Industry sources attribute this surge in vehicle sales to the festive season and the wedding season in many parts of the country. FADA President Manish Raj Singhania noted that two-wheeler, three-wheeler, and passenger vehicle sales have registered significant growth on a year-over-year basis.
However, tractor and commercial vehicle sales declined by 21 percent and 2 percent respectively. FADA mentioned that increased sales of electric vehicles, new product launches, and better model supply are driving the growth in vehicle sales.
Looking ahead, FADA warned that heavy rains in western and southern India could curtail rabi cultivation, leading to a rise in inflation and prices of daily essentials, which could soon become a factor affecting vehicle sales. Meanwhile, Maruti Suzuki, Hyundai Motor, Tata Motors, Tata Motors, and Mahindra continue to lead in vehicle sales.
The Indian auto industry is shaping up to have a very strong year in 2023, with November standing out as a remarkable month for vehicle sales.
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