New Delhi- Auto retail sales in India rose 11% last year compared to 2022, supported by strong demand, dealer body FADA said on Monday.
Overall domestic automobile retail sales were 23,867,990 units in the 2023 calendar year, compared to 21,492,324 units in 2022.
Passenger car sales last year were 3,860,268 units, an 11% increase from 3,489,953 units in 2022.
Similarly, the retail number of motorcycles increased by 9% to 17,061,112 units last year from 15,588,352 units in the January-December 2022 period.
Retail sales of three-wheelers increased by 58% from 681,812 units in 2022 to 1,080,653 units last year.
Commercial vehicle retail volume increased by 8% to 9,94,330 units from 9,18,284 units in 2022.
Retail sales of tractors increased to 8,71,627 units, registering a 7% increase from 8,13,923 units in the previous year.
Overall domestic automobile retail sales in December 2023 increased by 21% to 1,990,915 units compared to 1,643,514 units in December 2022.
Last month, retail passenger car sales increased to 293,005 units, an increase of 3% from December 2022’s 285,429 units.
Two-wheeler sales in December 2023 increased by 28% to 1,449,693 units compared to 11,36,465 units in the same period last year.
The Federation of Automobile Dealers Associations (FADA) announced that it has collated sales data for 1,355 of the 1,442 local transportation bureaus nationwide.
FADA noted that sectors of the automotive retail industry are positioned to grow this year through a dynamic market environment.
The company expects growth in the passenger car business due to the launch of new products and stable market sentiment.
According to the industry group, the two-wheeler sector expects the economy to recover, especially in the first half of this year with the launch of new models, which, combined with increasing EV penetration, will improve the overall economic situation.
It added that improving customer sentiment due to factors such as lower fuel prices and crop payments to farmers are likely to drive demand.
Additionally, the commercial vehicle segment is expected to grow on the back of increased government spending due to elections, infrastructure projects and demand from key industries such as coal, cement and iron ore.
FADA said the market is also expected to benefit from the replacement of older vehicles.
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