India's auto retails up 3.14% on year in March 2024

The Indian Auto Retail sector witnessed a growth of 3.14% YoY, with significant growth of 5% and 17% in the 2W and 3W segments, according to data from Federation Of Automobile Dealers Associations (FADA). However, the Passenger Vehicles or PV segment faced a downturn with a 2% MoM and a 6% YoY sales decline, attributed to heavy discounting and selective financing. The commercial vehicles or CV segment which fell by 6% YoY navigated through a complex environment, balancing election-induced purchase slowdowns with strong demand in specific sectors like coal and cement transportation. The decline in PV segment comes after a sustained increase in Year-on-Year (YoY) sales over the last few months. FADA noted that In FY24, the Indian Auto Retail sector achieved a notable 10% YoY growth, with the 2W, 3W, PV, Trac and CV segments registering growth rates of 9%, 49%, 8.45%, 8% and 5% respectively, setting record highs in the 3W, PV and Trac categories. During the entire financial year, PV retails hit 39,48,143 units vis-a-vis 36,40,399 units in FY 2022-23.

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