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    IndiaFADA Releases June'24 Vehicle Retail Data for the JKUT

    FADA Releases June’24 Vehicle Retail Data for the JKUT

    Date:

    New Delhi: The Federation of Automobile Dealers Associations (FADA) today released Vehicle Retail Data for June'24 for the UT of and .

    The 2-Wheeler category witnessed a downfall of -2.65% at 7,708 units in June 2024, as compared to 7,918 units in June 2023. The 3-Wheeler category witnessed a downfall of -13.35% at 863 units in June 2024, as compared to 996 units in June 2023. The Commercial Vehicle category witnessed a downfall of -16.79% at 763 units in June 2024, as compared to 917 units in June 2023. The Passenger Vehicle category witnessed a downfall of -22.23% at 3,977 units in June 2024, as compared to 5,114 units in June 2023. The Tractor Vehicle category witnessed a downfall of -6.94% at 295 units in June 2024, as compared to 317 units in June 2023.In total the retail is 13,606 in JUNE'24 compared to it is 15,262 in JUNE'23 thereby registering a downfall of -10.85%.Aggarwal said, that the Indian automobile industry has historically been a good indicator of how well the is doing, as the automobile sector plays a key role in both macroeconomic expansion and technological advancement. The two-wheelers segment dominates the market in terms of volume, owing to a growing middle class and a huge percentage of 's population being young. Moreover, the growing interest of companies in exploring the rural markets further aided the growth of the sector. The rising logistics and passenger transportation industries are driving up demand for commercial vehicles. Future market growth is to anticipated be fueled by new trends including the electrification of vehicles, particularly three-wheelers and small passenger automobiles. Commenting on how June'24 performed, FADA Jammu UT Chairperson, Sanjay Aggarwal said, “Factors such as extreme heat which resulted in 13% less walk-in's, stalled monsoons and election-related market slowdowns particularly affected rural sales, which fell from 59.8% in May to 58.6% in June. J&K in June 24 witnessed degrowth of -10.85 % over corresponding month of previous year. Major portion of degrowth is by PV, CV & 3V, whereas 2W and Tractor showed less degrowth.Aggarwal said, “for two-wheelers, the arrival of the monsoon is expected to provide a boost, although challenges such as agricultural cash flow constraints and regional market variations remain. In the passenger vehicle segment, high inventory levels and ongoing low market sentiment necessitate cautious management. Meanwhile, the commercial vehicle sector looks forward to potential growth driven by renewed infrastructure projects and seasonal demands, despite current slowdowns.”

    Based on current market conditions, the overall rating for July auto retail performance is cautiously optimistic with a moderate outlook. While some segments may see improved activity, overall growth is likely to be tempered by persistent challenges he added.

    Northlines
    Northlines
    The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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