The Federation of Automobile Dealers Associations (FADA) has published August 2022 vehicle retail data, which shows an overall growth of just over 8.3% compared with August 2021 data. The Passenger Vehicle segment retailed a total of 2,74,448 units last month as opposed to 2,57,672 units during the same period last year, registering a growth of just over 6.5%. Tata Motors and Mahindra continue to hold their 3rd and 4th place, respectively, in the PV segment. Mahindra dealers retailed over 2,300 PVs more than Kia, keeping the latter in 5th place.
The two-wheeler segment recorded a respectable growth of just over 8.5% in August 2022, while the three-wheeler segment appears to have gone bonkers, registering a growth of over 83% last month compared with the sales during the same period last year. The three-wheeler growth is apparently due to operators switching over to electric ones. Tractor sales recorded a decline of nearly 32% last month, while the CV segment recorded a growth of over 24% last month compared with, of course, August 2021 data. But anyway, FADA’s new President Manish Raj Singhania had the following to say –
Auto retail for the month of August 2022 saw an overall growth of 8%. August opens the door for festival season to kick in. While dealers anticipated good Ganesh Chaturthi in August, the results thus far have not been encouraging. In spite of good monsoons, the festive season began with a dampener during Ganpati. When compared with August 2019, a pre-covid month, total vehicle retails fell by 7%. While PV outperformed handsomely by growing 41%, CV also turned positive by growing 6% and thus came out of the covid blues. All the other segments were in red with 2W, 3W and Tractors falling by 16%, 1% and 7% respectively.
Price hikes have made the 2W products out of reach for most entry-level customers. With erratic monsoon, the crop realization has been low and flood-like situation has restricted customer movement. The 3W space continues its healthy double-digit growth when compared YoY. It has now also equaled 2019 sales for the first time. Electrification is also the highest in this category as e-rickshaw leads the way. There is a clear indication that customers are now preferring electric vehicles over ICE vehicles as ICE 3W continues to see double-digit de-growth when compared to pre-covid levels.
The PV segment continues to be on a bull run as demand for all subcategories of vehicles except entry level remained strong. This is also aided by new feature-rich launches which OEMs are doing for the last few months. With semi-conductor shortage slowly becoming a passe, vehicle availability has definitely improved but the waiting period continues to remain due to high demand for higher feature-rich variants.
OEM-wise market share data for August 2022 with YoY comparison:
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