Retail auto sales up 16% YoY in Feb but still lower than pre-Covid level
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Automobile retail sales in February saw a 16 per cent jump year-on-year (YoY), shows data released by the Federation of Automobile Dealers Association (FADA).
The change in onboard diagnostics and the wedding season were the key drivers of growth in the month.
However, the numbers were still below the pre-Covid-19 pandemic levels. Sales in February 2023 were 8 per cent lower than the pre-covid month of February 2020.
On a YoY basis, all categories witnessed double-digit growth, with two-wheeler, three-wheeler, passenger vehicle, tractor and commercial vehicle segments growing by 15 per cent, 81 per cent, 11 per cent, 14 per cent and 17 per cent, respectively.
Two-wheelers witnessed a growth of 15 per cent YoY but were down 14 per cent compared to the pre-Covid month of February 2020.
“The change in OBD norms which will come into effect from April along with the marriage season kept the sales ticking. The overall, high inflation and poor sentiment has kept the customers at bay,” said Manish Raj Singhania, president of FADA.
The three-wheeler segment has seen 81 per cent growth YoY and grew by 3 per cent compared to the pre-Covid month of February ’20. “This category has seen drastic growth due to central and state governments’ subsidy and good scheme promotion done by the states. Along with this, aggressive finance schemes continue to aid growth for this category,” he added.
The passenger vehicle segment saw a growth of 11 per cent YoY and 16 per cent compared to February 2020. The launch of new models, continuously improving supply, a healthy booking-to-cancellation ratio, and wedding bells kept momentum for this already well-to-do segment.
The commercial vehicle category has also shown robust growth by growing 17 per cent during the period though it fell by 10 per cent compared to February 2020. “Walk-in enquiries improved during the month. Apart from this, demand has also increased due to changes in OBD norms which is will see price hikes. On the government’s side, infrastructure spending has been healthy. This is also aiding better sales,” he added.
The auto industry body said that the month of March, with multiple festivals like Holi, Ugadi, Gudi Padwa and Navratri, will help push auto sales. “Apart from this, better availability of vehicles, last month of the financial year, change in OBD norms from April which will increase vehicle prices, the industry may see schemes being rolled out by the OEMs thus aiding higher sales,” it added. According to the industry body, the average inventory for passenger vehicles ranged from 35 to 37 days, and the average inventory for two-wheelers ranged from 20 to 25 days.
In the two-wheeler segment, Hero Motocorp saw its market share decreasing marginally from 31.55 per cent in February 2022 to 30.83 per cent in February 2023. On the other hand, Honda Motorcycle and TVS Motor saw a marginal increase during the period.
Among three-wheelers, Bajaj Auto strengthened its position by increasing the market share to 37.9 per cent, compared to 35.27 per cent last year. The commercial vehicles segment witnessed a major change when Tata Motor’s market share declined from 42.13 per cent last year to 38.32 per cent this February. Mahindra and Mahindra, with 23.85 per cent and Ashok Leyland, with 16.87 per cent, were among the top three in market share.
Among passenger vehicles, market leader Maruti Suzuki saw its share decline from 42.36 per cent last year to 41.4 per cent this year.
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