Vehicle retail sales up 14% in January 2023
Passenger vehicle sales went up by 21.92% compared to the previous year.
According to the data released by the Federation of Automobile Dealers Associations (FADA), vehicle retail sales grew by 13.56% in January 2023, compared to the same month last year.
Overall sales for the month of January 2023 stood at 18,26,669 units, compared to 16,08,505 units in January 2022.
Tractor sales increased by 7.96%, from 67,764 units in January 2022 to 73,156 units last month.
Two-wheeler sales went up by 10.07% to 12,65,069 units from 11,49,351 units in January 2022.
Three-wheeler sales were up by 58.59% in January 2023. 65,796 units were sold, compared to 41,487 units in January 2022.
Passenger vehicle sales went up by 21.92% compared to the previous year. 3,40,220 units were sold last month, compared to 2,79,050 units in January 2022.
Commercial vehicle sales also increased by 16.34%. 82,428 units were sold in January 2023, compared to 70,853 units in the previous year.
With China’s factory activity once again gaining pace, global supplies of parts and semiconductors will see a recovery thus aiding better vehicle supplies and lower waiting periods in future. This will further fuel growth for the Passenger Vehicle category. The recent announcements in Budget 2023-24 are also expected to help aid the overall growth of automobile retails.
Team-BHP’s detailed analysis of the January 2023 sales figures.
Source: Read Full Article