The Federation of Automobile Dealers Associations (FADA) has published May 2023 vehicle retail data, which shows an overall growth of just over 10.1% compared with May 2022 data. The Passenger Vehicle (PV) segment, in particular, sold a total of 2,98,873 units last month, registering a YoY growth of just over 4.3%. Tata Motors and Mahindra continue to hold their 3rd and 4th place, respectively, in the PV segment. Mahindra dealers retailed over 15,800 PVs more than Kia last month, keeping the latter in 5th place.
The two-wheeler segment grew by just over 9.3% last month, thanks to seasonal factors including marriages, while the three-wheeler segment showed strong growth of over 78%. All other segments show significant growth percentages. FADA President Manish Raj Singhania had the following to say:
May has been an encouraging month for the auto retail industry, demonstrating a robust 10% YoY growth across all vehicle categories. We have witnessed a resurgence in the 2W, 3W, PV, Tractor, and CV segments with growth rates of 9%, 79%, 4%, 10%, and 7% respectively. While there has been a slight 2% decline compared with pre-COVID levels, the overall retail figures have shown improvement.
Electric Vehicles made impressive strides this month, contributing to 8% of the total vehicle retail. This was buoyed by a surge in 2W EV sales that contributed 7% and 3W EV sales contributing a substantial 56% of their respective total sales. The CV and PV categories also marked their presence in the EV landscape, with respective contributions of 0.5% and 2.5%.
The 2W sales were positively influenced by seasonal factors like the marriage season, changes in the FAME subsidies effective from June, and the recovery of rural demand, which hint towards a promising future in the aftermath of the pandemic. In the Passenger Vehicle segment, the improved availability of vehicles, the strength of pending orders, and the robust demand for new launches drove a positive momentum, helping the segment rebound after a slump in the previous month.
OEM-wise market share data for May 2023 with YoY comparison:
Recommended for you
Leave a Reply
Note: Comments that are unrelated to the post above get automatically filtered into the trash bin.
