Retail car sales rose 15% to 2.13 million units in January compared to 1.85 million units in the same period in 2023, according to data shared by the Federation of Automobile Dealers Associations (FADA) on Tuesday. Ta.
This increase was observed across all vehicle categories including two-wheelers, three-wheelers, cars, tractors and commercial vehicles, with increases of 15 per cent, 37 per cent, 13 per cent, 21 per cent and 0.1 per cent reported. cents each.
According to the data, retail sales in the solar power sector in January hit an all-time high of 393,250 units, an increase of 13% from 347,086 units in January last year. It also surpassed the previous record for November.
It added that the strong performance was supported by demand for SUVs, new model introductions, increased availability, effective marketing, consumer schemes and an auspicious wedding season.
“Therefore, there is an immediate need to recalibrate OEM production to match actual market demand and prevent future oversupply issues. Adaptability is critical in this dynamic industry. There is a need to balance innovation with strategic production planning to ensure global success and overall market stability,” said Manish Raj Singhania, Chairman, FADA.
According to the report, the two-wheeler market has performed well this year due to improved vehicle availability due to On-Board Diagnostics 2 (OBD 2) post-standard adjustments, introduction of new models, and a shift towards premium options. contributed to the increase. request.
This, coupled with a bumper crop, strong marriage season, and effective follow-up and offers, suggests a good outlook for the two-wheeler sector. Motorcycle sales reached 1.46 million units, up from 1.27 million units in the same month last year.
January 2024 also painted a complex scenario for the commercial vehicle (CV) segment, with limited year-on-year growth.
“On the one hand, increased infrastructure development, port activity, and increased agricultural yields have boosted certain market segments. However, this momentum has been offset by extreme weather events, tight liquidity, high vehicle costs, and limited financing options. This was offset by restrictions,” Singhania noted.
Retail sales in the CV sector for the month were 89,208 units, slightly up from 89,106 units a year earlier.