Auto retail sales in June demonstrated a 10 per cent growth, encompassing positive performances across all vehicle categories including 2Ws, 3Ws, PVs, tractors and CVs with respective growth rates of 7 per cent, 75 per cent, 5 per cent, 41 per cent, and 0.5 per cent.
For the first time, CV came out of the effect of Covid and grew by 1.5 per cent when compared to June’19.
In June’23, multiple segment recorded an all-time highs as 3W, PV and tractor showed maximum strength when compared to previous June.
According to the report, the two-wheeler market anticipates continued economic pressures and supply challenges, while the reduction in FAME subsidies casts a shadow over EV sales.
“Passenger vehicle segment faces inventory pressures and demand-supply mismatches, impacting profitability, but the anticipation of a boost from the upcoming festive season beginning, end-August offers a hopeful outlook,” said the report.Erratic monsoon in India raising concerns about yield and potentially impacting automobile sales, especially in rural areas, but anticipation of evenly spread rains going forward may revive rural demand and thus positively influence retails
“June’23 witnessed the 3W market’s robust growth, primarily owing to the previous year’s low base effect and positive market sentiment. The shift towards alternative fuels, predominantly EVs, continues to play a significant role in driving this growth, despite potential supply concerns due to non-availability of OBD2 vehicles,” said FADA President Manish Raj Singhania.
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