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Auto Retail Sales Exhibit Robust Year-on-Year Growth Despite Short-Term Setbacks

  • Posted on July 6, 2023
  • News
  • By Ishna
Robust, TSW News, Latest News

In a promising sign for the automotive industry, auto retail sales in June showcased an impressive 10% year-on-year growth across all vehicle categories. From two-wheelers to commercial vehicles, each segment demonstrated positive performances with varying growth rates: two-wheelers at 7%, three-wheelers at a staggering 75%, passenger vehicles at 5%, tractors at 41%, and commercial vehicles at 0.5%.

However, despite this overall growth, the sector experienced an 8% month-on-month dip, indicating a temporary deceleration in sales.

demand-supply mismatches
Panelists in Traverse City found “2023: A Return to Trend?” a difficult question to answer.

The passenger vehicle segment faced its fair share of challenges, including inventory pressures and demand-supply mismatches that impacted profitability.

Yet, the industry remains hopeful for a much-needed boost from the upcoming festive season, set to kick off in late August, which could drive sales and improve the outlook.

Maruti Suzuki India led the passenger vehicle segment, capturing a significant market share of 41.09%. Hyundai Motor India secured the second position with a 14.59% market share, closely followed by Tata Motors at 13.47%.

Auto retail sales in June showcased an impressive 10% year-on-year growth across all vehicle categories.

Although the retail figures saw a marginal decrease of 3% compared to pre-COVID levels, there was an overall improvement, except for the two-wheeler segment, which continued to face setbacks with a decline of 14%.

Encouragingly, the commercial vehicle segment exhibited a 1.5% growth compared to June 2019, indicating a recovery from the pandemic's impact.

Manish Raj Singhania, President of the Federation of Automobile Dealers Associations (FADA), highlighted the short-term deceleration in sales despite the 10% year-on-year growth. He also emphasized the growth rates of individual categories, with two-wheelers, three-wheelers, passenger vehicles, tractors, and commercial vehicles observing growth rates of 7%, 75%, 5%, 41%, and 0.5%, respectively.

As the auto industry moves forward, challenges lie ahead, such as continued supply constraints, economic pressures in the two-wheeler market, and the impact of reduced FAME subsidies on electric vehicle sales. However, the three-wheeler market remains confident in its growth prospects, driven by favorable market responses and increasing demand.

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