In charts | Auto gross sales have a sluggish begin to 2023-24

Auto gross sales had a sluggish begin within the first month of the fiscal 12 months 2023-24, registering a 4% decline in April from a 12 months in the past, confirmed the most recent knowledge launched by the Federation of Vehicle Sellers’ Associations (FADA). The 2-wheeler and passenger automobile segments had been the toughest hit, whereas tractors and industrial autos skilled solely a modest progress.

Three-wheelers registered the strongest gross sales progress amongst segments, at 57%, with e-rickshaws accounting for the majority of the rise, mentioned FADA in its report. E-rickshaw gross sales grew by 71% throughout the identical interval. Gross sales of e-rickshaws have been constant for some time, however declined sequentially in April.

Tractor gross sales and industrial automobile gross sales grew by a modest 1.5-2.0% throughout the identical interval.

After setting a brand new gross sales document within the fiscal 12 months 2022-23, passenger automobile gross sales fell in April when in comparison with the identical month in 2022. Nevertheless, passenger automobile gross sales elevated 4.6% when in comparison with figures for a similar month 5 years in the past.

The 2-wheelers phase had the worst progress efficiency of all of the automobile segments, experiencing a decline each from pre-pandemic ranges and from a 12 months in the past. It shrank by 7.3% on a year-on-year foundation, and by 2.1% between April 2019 and 2023.

“The 2-wheelers phase continues to face challenges, with entry-level autos attracting fewer patrons,” famous a press release within the FADA report. The affiliation urged the GST Council to cut back the tax price for the phase from 28% to 18% to assist revive it. The phase accounts for about three-fourths of the general auto gross sales quantity.

Regardless of a sequential decline, Maruti Suzuki maintains a big share of 39% within the passenger automobile market, which is slowly gaining extra curiosity amongst automobile homeowners.

The battle for the second place by way of passenger automobile market share persists between rivals Tata Motors and Hyundai Motors. In April, Hyundai Motors climbed to the second place with a market share of 14.8%, up from 13.6% in March, whereas Tata Motors additionally skilled a rise in market share from 14% in March to 14.6% in April, however dropped to 3rd.

Catch all of the Auto Information and Updates on Reside Mint. Obtain The Mint Information App to get Each day Market Updates & Reside Enterprise Information.
Extra Much less