Amid rural India tightening its belt due to high inflation and poor sentiments keeping customers at bay, India’s total vehicle retail for Feb 2023 posted double digit growth of 16 per cent year-on-year with all categories witnessing a significant uptick aided by what market analysts see as a sign of “receding headwinds, absorption of cost inflation at the customer level, realization of pent-up demand and improvement in the supply chain”. The acceleration rides on 15 per cent growth in the 2-wheeler segment, 81 per cent growth in 3-wheelers, 11 per cent in passenger vehicle, 14 per cent in tractor and 17 per cent growth in commercial vehicles, the Federation of Automobile Dealers Associations (FADA) said on Monday. “February 2023 continued to witness double digit growth YoY but was still down by 8 per cent when compared to pre-covid month of February 2020,” according to FADA President Manish Raj Singhania.
FADA data shows dealers dispatched 2,87,182 units of PVs as against 2,58,736 units in February 2022.