Retail Auto Sales Boom in February 2024: Impressive YoY Growth Across Categories

07 Mar, 2024

FADA has released its Indian retail auto industry sales report for February 2024 and helped us to understand the YoY growth of this industry for categories like 2 vehicles, 3 vehicles, passenger vehicles, tractors, and commercial vehicles.

Shedding light on the provided sales number, FADA President, Mr. Manish Raj Singhania, said that every notable auto category registered certain YoY growth during February 2024. This was possible because of factors like increased premium model demands, wider product availability, and better product acceptance amongst consumers. In addition, the ongoing marriage season and favorable economic conditions also increased the demand for auto vehicles in India.

Let’s review the category-wise data for a better understanding. 

Retail Auto Sale for February 2024: Numbers Indicating Impressive Growth in Each Category 

The Auto Retail sector of India demonstrated a significant 13.07% YoY growth. Other than this cumulative growth, each category performed better in February 2024 as compared to February 2023. 

Retail Two Wheeler Sales Data for February 2024

The two-wheeler category of the Indian auto industry sold 14,39,523 units in February 2024 against the 12,71,073 units sold in February 2023. This way, it recorded a YoY growth of 13.25%. This surge was mainly driven by the rural sector. In addition, increased demand for premium 2-wheeler vehicle models and entry-level segments promoted better sales in this category.  

Retail Three Wheeler Sales Data for February 2024  

The 3-wheeler category demonstrated the highest YoY growth of 23.88%  as this category recorded the sale of 94,918 units in February 2024 against the 76,619 units sold in February 2023. These sales figures included the sales of vehicles like three-wheeler(goods), three-wheeler (passenger), three-wheeler (personal), e-rickshaws, and e-rickshaws(carts).

Among all these categories, the EV or Electric Vehicle category noted a massive growth of 53% YoY. The key growth factor here was the high demand for Electric E-Rickshaws in first-time users along with improved consumer engagement. 

Retail Passenger Vehicle Sales Data for February 2024 

With a recorded retail Passenger vehicle sale of 3,30,107 units in February 2024, the PV or Passenger Vehicle category demonstrated a great increase of 12.36% in YoY sales. The total sales in February 2023 were 2,93,803 units.

This is the highest sale that the PV category has done during February so far. It was possible because of the positive consumer sentiment and increased inventory. Passenger vehicles were easily available in the market which reduced the burden on dealers. 

Retail Tractor Sales Data for February 2024 

The retail tractor sale of February 2024 was 76,626 units, which is 11.00% higher than the February 2023. The retail tractor sale in India for February 2023 was 69,034 units.  

Commercial Vehicle Retail Sales Data for February 2024

The retail Commercial Vehicle sale is 88,367 units and this segment experienced a YoY growth of 4.78%. The recorded February 2023 commercial vehicle sale was 84,337 units. This growth is surged by factors like hiked demand in fleet and school buses, the resilience of the category, and stable financial conditions.

Disclaimer:

1.The above numbers do not have figures from TS & LD.

2. Vehicle Retail Data has been collated as on 06.03.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,358 out of 1,445 RTOs.

3. Commercial Vehicle is subdivided in the following manner

a. LCV – Light Commercial Vehicle (incl. Passenger & Goods Vehicle)

b. MCV – Medium Commercial Vehicle (incl. Passenger & Goods Vehicle)

c. HCV – Heavy Commercial Vehicle (incl. Passenger & Goods Vehicle)

d. Others – Construction Equipment Vehicles and others

4. 3-Wheeler is sub-divided in the following manner

a. E-Rickshaw – Passenger

b. E-Rickshaw – Goods

c. 3-Wheeler – Goods

d. 3-Wheeler – Passenger

e. 3-Wheeler – Personal