FADA releases July 24 Vehicle Retail Data

Jammu Tawi: The Federation of Automobile Dealers Associations (FADA) today released Vehicle Retail Data for July'24.  FADA Vice President C S Vigneshwar provided insights on July 2024's auto retail performance, stating, “Following a deficient June, monsoons in India have intensified, resulting in above-normal cumulative rainfall for July. However, the geographical distribution was uneven, with Southern and Central India receiving excess rain, while 10 meteorological divisions experienced a double-digit deficit. Kharif sowing has increased by 2.3% since last year, but these figures are somewhat misleading due to poor sowing activity in the previous year caused by El Nino disruptions. Compared to July 2023, the sown area has actually decreased by 2.4%, according to experts.Despite these challenges, India's automobile retail sector saw a YoY growth of 13.84%, with almost all categories witnessing an increase. Two-wheelers (2W) grew by 17%, three-wheelers (3W) by 13%, passenger vehicles (PV) by 10% and commercial vehicles (CV) by 6%. Tractors, however, continued to underperform, falling by 12% YoY.The 2W segment experienced notable growth due to a thriving rural economy, positive monsoon effects, and government support programs enhancing rural incomes.”