In January 2023, sales increased across all vehicle segments

Data shows that on Jan. 23, total auto retail sales were up 14% year-on-year. The New Delhi-based Federation of Automobile Dealers Associations (FADA) has released its retail sales figures for January 2023.

As a result, total auto retail sales on January 23 were up 14% year on year. other. Sales of two-wheelers, three-wheelers, passenger cars, tractors, and utility vehicles increased by 10%, 59%, 8%, and 16% respectively.

Although the sales volume has increased year by year. But overall sales were still down 8% from pre-pandemic levels on January 20. For example, the two-wheeler market has grown by 10% since January 2022. But it was down 13% from pre-pandemic levels in January 2020, showing that rural India is still facing challenges. post-pandemic challenges.

Similarly, the tricycle segment is almost back to pre-pandemic levels, growing 60% year-over-year. However, growth is still slowing by 3% to reach pre-pandemic levels. The passenger car category also continued to grow strongly.

Sales of commercial vehicles and tractors approached pre-pandemic levels, recording a growth of 6% and 9.5% respectively.

Manish Raj Singhania, FADA Presiden said, “January’23 witnessed total retail rising by 14% YoY but was still down by 8%, when compared to the pre-covid month of January’20. All categories were in the green with 2-Wheeler, 3-Wheeler, Passenger Vehicle, Tractor, and Commercial Vehicles growing by 10%, 59%, 22%, 8%, and 16% respectively on a YoY basis“.

The report also sheds light on the near-term growth prospects for the automobile industry. He said the global supply of components and semiconductors will see a recovery as factories restart activity in China, helping to improve vehicle supply and reduce wait times. This will further drive growth in the already healthy passenger vehicle category, the company said.

He added that the recently announced budget for 2023-2024 will help drive overall auto retail growth. Increased income tax rebates, budget allocations for scrapping policies, and import duty exemptions for lithium battery manufacturing will help accelerate demand for two-wheelers. range and entry-level photovoltaics in the country. Apart from this, investments of Rs 10 lakh for infrastructure expenditure will help the rising CV sales.