Even before the Corona crisis, the Indian automobile industry was almost gasping for breath. While the sales were continuously declining, the crisis arising out of chip supply during the Corona period caused a big loss to the industry. But now things have started improving. Every hour 450 cars are being sold in the country’s car showrooms, while car companies are selling more than 11000 cars every day.
Retail sales of passenger vehicles (PV) in the country grew by 14 per cent year-on-year to 3,35,266 units in March on improved supply of electronic components. The Federation of Vehicle Dealer Associations (FADA) gave this information on Tuesday. Passenger vehicle registrations in the domestic market stood at 3,35,266 units last month. In March 2022, this number was 2,93,016 units.
Sales of two wheelers also increased
Retail sales of two-wheelers also grew by 12 per cent to 14,45,867 units last month, FADA said in a statement. A year ago, 12,86,109 two-wheelers were sold in the same month. Similarly, sales of commercial vehicles also increased to 92,790 units last month. This figure is 10 percent higher than 84,124 units in March last year. Retail sales of three-wheelers grew by 69 per cent year-on-year to 86,857 units during the period under review. On the other hand, tractor sales increased by four percent last month. It increased from 78,070 units to 81,607 units. Total vehicle registrations increased to 20,41,847 units last month. This was 14 percent more than the figure of 17,92,802 units registered in March 2022.
23% jump in vehicle registration
According to statistics, in the last financial year 2022-23, the registration of passenger vehicles increased by 23 percent to 36,20,039 units. In the previous financial year i.e. 2021-22, it was 29,42,273 units. Retail sales of two-wheelers increased by 19 percent to 1,59,95,968 units in FY 2022-23 from 1,34,94,214 units. Similarly, retail sales of commercial vehicles grew by 33 per cent in the ended financial year.
Sales of tractors showed signs of improvement
Retail sales of three-wheelers grew by 84 percent and tractors by eight percent year-on-year. At the same time, total vehicle sales increased by 21 percent to 2,21,50,222 units. In the financial year 2021-22, a total of 1,83,27,326 vehicles were sold.
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