Auto retail sales in July maintained a steady 10% YoY growth, mirroring the previous month’s trend, encompassing positive performances across segments like 2W, 3W, PV, Tractor, and CV grew at rates of 8%, 74%, 4%, 21%, and 2% respectively, according to the Federation of Automobile Dealers Association’s (FADA) vehicle retail data for the month.
However, the month-on-month decline continued highlighting short-term slowdowns. On a month-on-month basis, except 3W’s 9% growth, other segments declined. Compared to pre-COVID figures, auto retail decreased by -13%, with significant drops in 2W and CV at -23% and -4%.
Three wheelers hit record sales in July 2023 at 94,148 units, a 74% YoY and 9% month-on-month increase, surpassing previous high of March’23’s 86,857 units.
Two-wheelers showed resilience in July 2023, with increased demand and trust in reputable brands.
PV sales in July ’23 were a mix of challenges and triumphs. The month saw a surge in orders and timely OEM supplies, especially with the introduction of new products. However, severe monsoons and flood like situations especially in North India, impacted sales. SUVs continued to remain a popular choice.
The CV segment showed mixed dynamics. Despite robust stock availability and growth in areas like school buses, challenges from erratic weather and high vehicle costs affected demand.
June 23 recorded multiple segment all-time highs as 3W, PV and tractor showed more strength than in previous Junes.
About the July 2023 performance, FADA President Manish Raj Singhania, said, “Auto retail grew 10% YoY in July, mirroring last month’s trend. However, the MoM decline continued highlighting short-term slowdowns. On a YoY basis, segments like 2W, 3W, PV, Tractor, and CV grew at rates of 8%, 74%, 4%, 21%, and 2%. On a MoM basis, except 3W’s 9% growth, other segments declined. Compared to pre-COVID figures, auto retail decreased by -13%, with significant drops in 2W and CV at -23% and -4%, respectively.
