In April 2024, the Indian Auto Retail sector achieved a robust 27% YoY growth. While some attribute this growth to the shift in Navratri to April instead of March last year, the overall increase was significant. Comparing combined March and April 2024 with the same period last year shows a 14% YoY growth for the entire industry. Positive market sentiments, bolstered by stable fuel prices, a favourable monsoon outlook, festive demand and the marriage season, contributed to this rise. New model launches also helped drive growth, despite some delays in supply.
Vehicle Retail Data for April 2024 for the UT of Jammu and Kashmir as shared by The Federation of Automobile Dealers Associations (FADA):- Jammu and Kashmir Vehicle Retail Data for Apr’24
1. The 2-Wheeler category witnessed a growth of 38.46% at 8,723 units in April 2024, as compared to 6,300 units in April 2023.
2. The 3-Wheeler category witnessed a growth of 26.67% at 817 units in April 2024, as compared to 645 units in April 2023.
3. The Commercial Vehicle category witnessed a growth of 0.83% at 1,211 units in April 2024, as compared to 1,201 units in April 2023.
4. The Passenger Vehicle category witnessed a growth of 29.12% at 4,962 units in April 2024, as compared to 3,843 units in April 2023.
5. The Tractor category witnessed a downfall of -5.02%at 303 units in April 2024, as compared to 319 units in April 2023. The total retails were 16,016 in APR’24 compared to 12,308in APR’23 thereby registering an overall growth of 30.13%.
Source: FADA Research
Commenting on how April 2024 performed, FADA Jammu UT Chairperson, Mr. Sanjay Aggarwal said, “April 2024 witnessed a growth of 30.13% over corresponding month of previous year. April 2024 recorded multiple segments all-time highs as Two-wheelers (2W), Three-wheelers (3W), Commercial Vehicle (CV), and Passenger Vehicle (PV) showed maximum strength when compared to previous April. We are optimistic for the month of May being financial year started with attractive consumer offers by the OEM’s which will further push the sales.In the PV segment, new model launches are set to stimulate customer interest. The appeal of new electric models and sustained demand for conventional vehicles are likely to provide further momentum. The auto industry remains cautiously optimistic about its near-term outlook. Market opportunities exist with rising customer interest in new models.”