Indian auto retail surges 9% in H1 FY24 with record PV, 3-W registrations

New Delhi: Automobile retail sales in India rose by nine per cent year on year in the April-September period of this fiscal riding on the back of highest-ever registrations of passenger vehicles and three-wheelers, dealers' body FADA said on Thursday.

Overall registrations in the April-September period this fiscal rose to 1.10 crore units (1,10,79,116 units) as compared with 1.01 crore units (1,01,79,072 units) in the same period of the 2022-23 fiscal. "The narrative of H1 FY24 is one of resilience and recovery, with the total auto retail registering a nine per cent growth year on year," the Federation of Automobile Dealers Associations (FADA) President Manish Raj Singhania said in a statement.

All categories reported year-on-year (YoY) growth during the period under review with maximum growth witnessed in the three-wheeler registrations, he added. Passenger vehicle (PV) retail sales grew by six per cent to 18,08,311 units in the first half of the current fiscal as against 17,02,905 units in the year-ago period. "It not only grew by 6 per cent YoY but also witnessed record retails, with H1 FY'24 seeing an all-time high in PV retails at 18,08,311, surpassing the previous record set in H1 FY'23 at 17,02,905," Singhania stated.

The continued growth trajectory of the passenger vehicle segment for two consecutive fiscal years is a testament to the resilient demand and the market's positive response to the diverse and dynamic offerings in the segment, he added. Three-wheeler registrations rose 66 per cent to 5,33,353 units in the April-September period from 3,21,964 units in the same period last fiscal. "This extraordinary performance in the three-wheeler category underscores the sector's vigorous recovery and adaptability in navigating through the complex market challenges presented by the ongoing pandemic," Singhania said.

Two-wheeler retail sales saw a jump of seven per cent year on year to 78,28,015 units in the first half of the current financial year. Commercial vehicle sales rose to 4,65,097 units in the first half, up three per cent from 4,50,458 units in the year-ago period. Tractor registrations on the other hand rose 14 per cent year on year to 4,44,340 units in the April-September period.

FADA said it collated vehicle registration data from 1,352 out of 1,440 RTOs. Singhania noted that it expects demand to surge in the peak festive season. FADA anticipates a season of growth and prosperity for the auto retail sector, moving from cautious optimism to a hopeful and positive outlook for the market, Singhania added.