Retail Auto Sales Record Commendable 10.29% Growth Across Categories in FY’24

08 Apr, 2024

According to the FADA Retail Auto Sales Report, FY’24 remained a great year for the Indian Auto Retail sector as It marked double-digit growth of 10.29%. Categories like 2W, 3W, PV, Trac, and CV recorded a notable YoY growth of 9.30%, 48.83%, 8.45%, 7.55%, and 4.82% respectively.

Every auto category performed better in FY’24 as compared to FY’23, except LCV which recorded a drop of 1.09% YoY. The total retail auto sales for FY’24 is 2,45,30,334 units against the 2,22,41,361 units sold in FY’23. Let’s explore the category-wise performance of the Indian retail auto sector for FY’24.

Retail Auto Sale for FY’24

Two Wheeler Retail Sales Data for FY’24

The two-wheeler category of the Indian auto industry sold the highest units in FY’24 and became the top-selling category. This category sold 1,75,17,173 units in FY’24 against the 1,60,27,411 units sold in FY’23. These impressive sales made this category bag a 9.30% YoY growth and were accelerated because of factors such as new model launches, positive buyers’ sentiments, and increasing demand for EV vehicles in India.

Three Wheeler Retail Sales Data for FY’24 

The 3-wheeler category excelled in FY’24 with a recorded 48.83% YoY growth because of 11,65,699 units sold in FY’24. In FY23, this category sold 7,83,257 units. 

This is the combined sale of three-wheeler(goods), three-wheeler (passenger), three-wheeler (personal), e-rickshaws, and e-rickshaws(carts) auto categories. E-rickshaws with carts(G) experienced the highest YoY growth of 69.46% in FY’24.

Such growth is a good sign for the leaders of this industry. Factors like the easy availability of CNG options and new EV models played a great role in boosting the sales of this category.

Passenger Vehicle Retail Sales Data for FY’24

By selling 39,48,143 units in FY’24 against the 36,40,399 units sold in FY’23, the PV category of the Indian auto sector recorded a superb YoY growth of 8.45% in FY’24. 

This is an all-time high for this auto category in India and the high demand for SUV vehicles in India is one of the many factors that propelled the growth of this sector.

Tractor Retail Sales Data for FY’24

The retail tractor sector of India also demonstrated a YoY growth of 7.55% in FY’24 with a total of 8,92,313 unit sales. The FY’23 retail tractor sale was 8,29,639 units.

Commercial Vehicle Retail Sales Data for FY’24 

The retail Commercial Vehicle sale is 10,07,006 units and this auto sector marked a 4.82% YoY growth in FY'24. It includes the sales of LCV, MCV, and vehicles, The retail CV sales were 9,60,655 units for FY '23. Improved vehicle supply and planning are the two factors that boosted the growth of the CV category in FY’24.

Total Retail Auto Sales for March 2024  

The total retail March 2024 auto sales for the Indian auto market is 21,27,177 units against the 20,62,409 units sold in March 2023 and it recorded a 3.14% YoY growth. 
 
On MoM basis, the auto retail sector has recorded a YoY growth of 4.81% as the 20,29,541 units sold in February 2024. 

Disclaimer:

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

2- Vehicle Retail Data has been collated as on 06.04.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,360 out of 1,447 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