The automotive sector witnessed an impressive 18% growth in sales during November, according to data released by the Federation of Automobile Dealers Associations (FADA). This surge encompassed significant growth across two-wheelers, three-wheelers, and passenger vehicles.
The FADA report highlights Maruti Suzuki, Hyundai Motor, and Tata Motors as the top contenders in the passenger vehicle market. Tata Motors and Mahindra emerged as the primary sellers in the commercial vehicle segment.
Setting a new benchmark, November sales clocked in at 28.54 lakh vehicles, surpassing the previous record set in March 2020 during the shift from BS-4 to BS-6 emission norms when 25.69 lakh vehicles were sold.
Two-wheeler and passenger vehicle segments hit record highs with an unprecedented number of units sold. November witnessed the sale of 22.47 lakh two-wheelers and 3.6 lakh passenger vehicles. The festive season particularly boosted two-wheeler sales, soaring by 49% compared to the previous month, while passenger vehicle sales grew by 2%, resulting in an industry-wide 35% month-on-month growth.
FADA President Manish Raj Singhania attributed the surge in two-wheeler sales to Diwali celebrations and robust rural sentiments. Singhania also noted that new product launches and improved model supplies contributed to market expansion, with electric vehicle sales showing promising growth.
Singhania underscored the role of Diwali festivities and new model launches in driving passenger vehicle sales. However, he highlighted a post-festive slowdown, coupled with inventory challenges due to a mismatch between demand and supply that remains unresolved.
Among the top two-wheeler sellers were Hero Motocorp, selling 8,02,234 units, and Honda Motorcycle and Scooter, selling 5,12,865 units. Maruti Suzuki led the passenger vehicle sales with 1,49,929 units, followed by Tata Motors with 53,539 units and Hyundai Motor with 49,716 units.
While overall sales grew by 18% year-on-year, the two-wheeler, three-wheeler, and passenger vehicle categories experienced growth rates of 21%, 23%, and 17%, respectively. However, tractors and commercial vehicles faced a decline of 21% and 2%, respectively, compared to the previous year.