Auto Retail Sales Surge In The Festive Season, Two-Wheelers, PVs In High Demand

In October, three-wheeler sales inched higher by 11 per cent, commercial vehicle sales rose by 6 per cent. On a monthly basis, total retail sales gained by 64 per cent, the data showed

Maruti Suzuki saw a record 35 per cent rise in the PV segment in sales to 199,675 units, while Hyundai Motor reported a 30 per cent jump in the sales.

Source : Team BHP

Automobile retail sales in the country surged by 32 per cent in October as compared to the same period a year earlier backed by an increase in rural demand and the impact of the festive season.

The data shared by the Federation of Automobile Dealers Association (FADA) showed that two wheeler sales jumped by 36 per cent during the month, and passenger vehicle (PV) sales climbed by 32 per cent, reported Business Standard.

In October, three-wheeler sales inched higher by 11 per cent, commercial vehicle sales rose by 6 per cent. On a monthly basis, total retail sales gained by 64 per cent, the data showed.

C S Vigneshwar, President, FADA, said, “October witnessed the convergence of two major festivals, Navratri and Diwali, both in the same month. Additionally, the Government of India’s announcement of an increase in the Minimum Support Price (MSP) for Rabi crops further boosted market sentiment. We expect the trend to continue this month, as Dhanteras falls in mid-November.”

The executive said that this trend is expected to continue as 4.8 million weddings are scheduled in November and December. This improvement in performance in the PV and two wheeler segments was attributed to growth seen across all companies. Maruti Suzuki saw a record 35 per cent rise in the PV segment in sales to 199,675 units, while Hyundai Motor reported a 30 per cent jump in the sales.

Vigneshwar noted that dealers found an increase in enthusiasm from customers as a result of lucrative festive schemes, new model launches, and discounts. This improvement in performance was backed by a positive rural sentiment and favourable monsoons.

Sharing an outlook for the industry, the executive stated, “Overall, while the industry is optimistic about near-term growth driven by the wedding season and favourable market conditions, dealers remain mindful of potential challenges that could impact sales momentum as the year concludes.”