Indians' Love For Cars, Two-Wheelers Propel Motor Vehicle Sales By 10% In FY2023-24

The Federation of Automobile Dealers Association (FADA) has reported a significant surge in motor vehicle sales in India during the financial year 2023-24. With a 10% increase compared to the previous fiscal year, the industry has seen robust growth across various segments. Let's delve into the details of this remarkable performance.

Overall Motor Vehicle Sales

In FY2023-24, the retail sales of motor vehicles soared to 2,45,30,334 units, marking a substantial rise from the 2,22,41,361 units sold in FY2022-23. This growth trend underscores the resilience and vitality of India's automotive sector.

Key Highlights 

1. Passenger Vehicles (PV):
   Despite a slight decline of 6% in March 2024, with sales totaling 3,22,345 units compared to 3,43,527 units in March 2023, the overall performance of PVs remained strong throughout the fiscal year. Record-breaking sales in this category contributed significantly to the overall growth of motor vehicle sales.

2. Two-Wheelers:
   March 2024 witnessed a 5% increase in two-wheeler registrations, reaching 15,29,875 units compared to 14,50,913 units in the corresponding period last year. This uptick reflects sustained consumer demand and market buoyancy in the two-wheeler segment.

3. Three-Wheelers:
   The sales of three-wheelers surged by an impressive 17% year-on-year in March 2024, with 1,05,222 units sold. This segment's performance underscores its importance in urban and last-mile transportation solutions.

4. Commercial Vehicles (CV):
   Although CV sales experienced a 6% decline in March 2024, totaling 91,289 units compared to 96,984 units in March 2023, the segment continues to be a crucial contributor to India's logistics and transportation infrastructure.

5. Tractors:
   Tractor registrations dipped by 3% in March 2024, amounting to 78,446 units. Despite this minor setback, the tractor segment remains pivotal in supporting India's agricultural sector and rural economy.

As the country continues its journey towards sustainable mobility and technological advancements, these sales figures provide a promising outlook for the automotive sector's future growth and development