Today, The Federation of Automobile Dealers unveiled the latest data on vehicle retail sales, revealing a significant 10% year-on-year increase in auto retail sales in India. In June 2023, the sales reached 18,63,868 units, compared to 17,01,105 units in June 2022.
Although the auto retail sector experienced a 10% growth in June compared to the previous year, it has observed an 8% month-on-month decline, suggesting a temporary slowdown in sales.
Despite experiencing a slight decline of 3% compared to pre-COVID levels, the overall retail figures showed signs of improvement, with the exception of two-wheeler sales, which witnessed a significant setback of 14%. On a positive note, commercial vehicles managed to break free from the impact of COVID-19 and achieved a growth of 1.5% in comparison to June 2019.
In June 2023, all vehicle categories recorded positive year-on-year growth. Two-wheelers saw a rise of 6.77% from 12,27,149 units to 13,10,186 units, while three-wheelers experienced a substantial increase of 75.48%, going from 49,299 units to 86,511 units. Similarly, within the three-wheeler segment, passenger vehicles witnessed a remarkable surge of 120.97%, escalating from 16,373 units to 36,180 units.
Within the passenger vehicle segment, the number of units increased by 4.79% to reach 2,95,299 units, compared to 2,81,811 units previously. Additionally, the tractor segment experienced a remarkable growth of 41.04%, with the number of units rising from 69,952 to 98,660 units.
The commercial vehicle segment demonstrated a modest growth of just 0.44%, with the number of units increasing from 72,894 to 73,212. However, within this segment, light commercial vehicles experienced a negative growth of 4.58% in June 2023, going from 43,989 units to 41,975 units.
In total, a substantial number of 18,63,868 units were sold in June 2023, representing a 9.57% increase compared to the same month in the previous year.