Festive season propels Auto retail sales by 48%

ENA Sectors 2022-11-07 11:20:23 New Delhi, Nov 7 (KNN) In the month of October, 2022 the Auto Retail sector saw an overall growth of 48 per cent with most of the month under festive period, said Vehicle Retail Data by the Federation of Automobile Dealers Associations (FADA). As per the report released on Monday the sentiments were extremely positive across all categories of Dealership outlets. <a href="https://bit.ly/3B9mZSj"><img alt="FOLLOW US on GOOGLE NEWS" src="https://knnindia.co.in//uploads/gallery/GoogleNews.jpg" style="border-style:solid; border-width:1px; height:95px; margin:1px; width:299px" /></a> Even when compared to pre-covid month of 2019, overall retails for the first time closed in green by growing 8%. Except 3W, which saw a marginal dip of -0.6% all the other categories like 2W, PV, Trac and CV grew by 6%, 18%, 47% and 13% respectively. Commenting on how October, 2022 and Festive Period performed, FADA President, Manish Raj Singhania said, Auto Retail for the month of October22 saw an overall growth of 48%. With most of the month under festive period, the sentiments were extremely positive across all categories of Dealership outlets. In last 4 years it was the festive year of 2022 which brought cheers to the Auto Industry as for the first time customers of every category came out in good numbers and took part in festive purchases. As anticipated earlier, PV segment saw the best year in a decade by outgrowing 2020 numbers by 2%. When compared to pre-covid festive of 2019, overall retails were up by 6%. All the categories were in green with 2W, 3W, CV, PV and Trac growing by 2%, 2%, 14%, 18% and 55% respectively. The 2W segment showed a huge growth of 51% YoY and for the first time, 6% compared to Oct19, a pre-covid year. With both Navratri and Deepawali majorly falling in a single month, the month of October saw double foot fall at Dealerships. Dealers say that sentiments have also started improving at the rural level but the same needs to sustain for at least next 3-4 months. Apart from this, new launches and good customer schemes also played a pivotal role in helping revival in demand. (KNN Bureau) 31124 https://knnindia.co.in/news/newsdetails/sectors/festive-season-propels-auto-retail-sales-by-48 2022-11-07 11:20:23 knnindia.co.in Festive season propels Auto retail sales by 48%