Total vehicle retail sales increased by 26% year on year, up 24% year on year . Indian wedding season, which runs from November 14 to December 14, played a significant role in increased auto retail sales .
New Delhi, December 9: According to the Federation of Automobile Dealers Associations of India (FADA), total vehicle retail sales increased by 26% year on year, up 24 percent, 80 percent, 21 percent, 57 percent, and 33 percent, respectively.Except for 2W, which saw a marginal decline of 0.9 percent, all the other categories were in green, with 3W, passenger vehicles (PV), tractors, and CV increasing by 4%, 5 percent, 61%, and 6%, respectively.According to FADA, the Indian wedding season, which runs from November 14 to December 14, played a significant role in increased auto retail sales, as shown by the Reserve Bank of India's Consumer Confidence Survey, which shows that healthy auto retail sales are also on the increase due to improved views on the general economic situation, employment, and household income.The central bank releases a bi-monthly poll, Consumer Confidence Survey, which it says may spoil the Indian car industry in the near future, according to FADA President Manish Raj Singhania.In November 2022, auto retail saw a combined increase of 26%.According to FADA, the baton was carried by a healthy increase in festive sales during the Indian wedding season (from November 14 to December 14), when 32 lakh weddings will be celebrated around the region.Both categories were green, with 2W, 3W, PV, tractor, and CV seeing increases of 24 percent, 80 percent, 21 percent, 57%, and 33 percent, respectively.The 2W segment saw a sharp increase of 24 percent year on year (YoY), but it dropped marginally by 0.9 percent in comparison to the previous year, November 19.Due to the continuing wedding season, this segment is slowly turning the tides from negative to positive. Due to positive feelings and the fear of lockdowns out of mind, the segment that was seeing little demand during Covid has now emerged as the fastest-growing segment.In addition, electrification in the sector is at its highest rate.When compared to 2019, the PV segment saw a growth of 21 percent YoY and 5 percent.The segment is still in a positive shape thanks to better availability of model mixes from previous months, new launches, and a rise in rural demand. With continued government investment in the infrastructure sector and new mining initiatives, supply continued to pour in, as well as strong inter-state passenger transportation facilitating bus sales.According to the RBI's latest Consumer Confidence Survey results, market optimism is on the increase due to better predictions about the global economic situation, employment, and household income.As the Christmas season approaches, farmers in rural India will have money in hand, which begins the buying cycle.According to FADA, the cost of automobile purchases are expected to increase once the harvest hits the market and farmers begin receiving money in their hands. This may help year-end sales to stay stable.