Auto sales in Oct zooms by 48% due to festive season

New Delhi: Vehicle retail sales increased 48% in October compared to the same month the previous fiscal year, The Business Standard reported citing data released by the Federation of Automobile Dealers Association (FADA).

In contrast to the 14,18,726 vehicles sold in October of previous year, 20,94,378 vehicles were sold this month. The 19,33,484 units sold in October of this year were 8% more than the same month in 2019.

“With most of the month under festive period, the sentiments were extremely positive across all categories of dealership outlets. Even when compared to pre-covid month of 2019, overall retails for the first time closed in green by growing 8 per cent,” said Manish Raj Singhania, FADA’s president.

In October 2022, two-wheeler sales climbed by 51%, three-wheeler sales increased by 66%, passenger vehicles (PV) increased by 41%, tractors increased by 17%, and commercial vehicles (CV) increased by 25%.

“Festive’22 brings cheers to the Auto Industry as for the first time customers of every category came out in good numbers and took part in festive purchases thus making it the best in last four years,” said Singhania in FADA’s statement.

To 3,28,645 units, the PV segment increased 1% year over year and 18% when compared to 2019. Demand for the segment is still very strong, particularly for sport utility vehicles and small SUVs. The segment saw the strongest holiday season in a decade thanks to new releases and improved car availability, outpacing sales for the 2020 festival by 2%.

In comparison to 2019, the CV segment had growth of 25% and 13%.

In October 2022, there were 53,362 tractors sold during the month, up 17% from 45,445 units in the previous year. Sales of two-wheelers climbed by 51% over the period to 15,71,165 units from 10,39,845 units. In comparison to the previous year, three-wheeler sales during the reviewed period climbed by 66% to 66,763 units.

Vehicle sales jumped by 29% to 28,88,131 during the 42-day holiday season from 22,42,139 units the previous year. Sales figures were up from the holiday season of the previous year in all segments, including tractors (30%), two-wheelers (26%) and three-wheelers (68%) as well as CVs (29%) and passenger cars (34%) and CVs.

The post Auto sales in Oct zooms by 48% due to festive season appeared first on News24 English.

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