Mumbai: The Federation of Automobile Dealers Associations (FADA) on Wednesday said total vehicle retail sales in India in October witnessed a growth of 32 per cent year-on-year to 28,32,944 units, with strong growth recorded across all segments, including two-wheelers and passenger vehicles.
According to FADA, total vehicle retail sales stood at 21,43,929 units in October 2023.
FADA said the strong growth in October this year was mainly driven by the rural market, particularly two-wheeler and passenger vehicle sales picking up, supported by the increase in the minimum support price (MSP) for Rabi crops.
Passenger vehicle sales grew 32.38 per cent to 4,83,159 units as against 3,64,991 units in October 2023.
Two-wheeler sales last month were recorded at 20,65,095 units as against 15,14,634 units in October 2023, registering a growth of 36.35 per cent, while three-wheeler sales grew 11.45 per cent year-on-year to 1,22,846 units in October 2024, it said.
According to FADA, tractor sales grew 3.08 per cent to 64,433 units during October as against 62,542 units a year ago.
The convergence of major festivals (Navratri and Diwali) in October significantly boosted consumer demand; According to FADA, two-wheelers grew 36 per cent year-on-year and 71 per cent month-on-month on the back of attractive festive offers, new model launches and better stock availability.
In addition, rural sentiments, favourable monsoon and expectations of a good harvest further contributed to the growth, it said.
Further, passenger vehicle sales grew 32 per cent year-on-year and 75 per cent month-on-month on the back of festive demand, aggressive offers and new model introductions, it said.
FADA is optimistic about the near-term growth of the overall automobile industry, especially considering the upcoming wedding season.
However, potential challenges such as inventory overstock and economic constraints could impact year-end sales momentum, it said.
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