NL Corresspondent
Jammu Tawi: The Federation of Automobile Dealers Associations (FADA) today released Vehicle Retail Data for February' 23. According to FADA President, Manish Raj Singhania, “February'23 continued to witness double digit growth of 16% YoY but was still down by -8%, when compared to pre-covid month of February' 20. All categories also witnessed double digit growth with 2-Wheeler, 3-Wheeler, Passenger Vehicle, Tractor and Commercial Vehicles growing by 15%, 81%, 11%, 14% and 17% respectively on YoY basis.”
“The 2-Wheeler category witnessed a growth of 15% YoY but was down by -14% when compared to pre-covid month of February' 20. The change in OBD norms which comes into effect from April along with the marriage season kept the sales ticking. On the overall, high inflation and poor sentiment has kept the customers at bay.
The 3-Wheeler segment has seen 81% growth YoY and has also grown by 3% when compared to pre-covid month of February'20. This category has seen a drastic growth due to Central & State Government's subsidy along with good scheme promotion done by the states. Along with this, aggressive finance schemes continue to aid growth for this category.
The Passenger Vehicle segment saw a growth of 11% YoY and 16% when compared to pre-covid month of February'20. Launch of new models, continuously improving supply coupled with healthy booking to cancellation ratio and wedding bells kept the momentum going for this already well to do segment.
The Commercial Vehicle category has also shown robust growth by growing 17% YoY though it fell by -10% when compared to pre-covid month of February'20. Walk-in enquiries improved during the month. Apart from this, demand has also increased due to change in OBD norms which is will see price hikes. On the Government's side, infrastructure spending has been healthy. This is also aiding better sales.”
