Thursday, 10 Oct, 2024
By: Yash Gupte
The three-wheeler vehicle segment recorded the highest year-on-year growth of 66 per cent while the second highest year-on-year growth was recorded by the two-wheeler vehicles at 51 per cent. Image Source: IANS
The two-wheeler segment showed a huge growth of 51 per cent year-on-year for the first time. With both Navratri and Diwali majorly falling in a single month, the month of October saw double foot fall at Dealerships
The Federation of Automobile Dealers Associations (FADA) released its monthly vehicle sales data for October. According to the data released by FADA, the total vehicle retail sales for the month of October 2022 saw a growth of 48 per cent year-on-year. All the segments of the vehicles registered a positive growth. The three-wheeler vehicle segment recorded the highest year-on-year growth of 66 per cent while the second highest year-on-year growth was recorded by the two-wheeler vehicles at 51 per cent. One of the reasons behind the robust growth of two-wheeler sales in the month of October is the long festive season. October marked the celebration of important festivals like Navratri, Durga Ashtami, Dusshera, Diwali and Chath Pooja. FADA also marked that the festive season of 2022 is the best in last four years.
Manish Raj Singhania, President of the Federation of Automobile Dealers Association, commenting on the October sales said that, “Auto Retail for the month of October 2022 saw an overall growth of 48 per cent. With most of the month under festive period, the sentiments were extremely positive across all categories of Dealership outlets. Festive 22 brings 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 thus making it the best in last four years. The 2W segment showed a huge growth of 51 per cent year-on-year for the first time. With both Navratri and Diwali majorly falling in a single month, the month of October saw double foot fall at Dealerships.” This is the reason behind robust growth in the sale of two-wheelers.
The chart below shows the sale of two wheelers in last four years.
Source: Federation of Automobile Dealers Association
October 2022 recorded the highest sale of two-wheelers in India. Total number of two-wheelers sold in October 2022 was 15,71,165. The vehicle segment recorded a year-on-year growth of 51 per cent as the total number of two wheelers sold in October 2021 was 10,39,845 which was lowest in four years. October 2021 recorded the lowest sale of two-wheelers in last four years due to the economic impact of the COVID-19 pandemic on people across the country. With limited job growth and growing expenses, consumers were forced to make cuts in their non-essential purchases. This severely affected the sales of two-wheelers during the pandemic. October 2020 also narrated a similar tale due to the pandemic as it witnessed a sale of only 11,11,785 two-wheelers. This was down from the October sales of 2019 as it reported a sale of 14,85,240 two-wheeler vehicles.
The chart below takes a look at year-on-year sales of two-wheelers in the month of October.
Source: Autocar Professional
The strongest growth of 84.44 per cent was recorded by Royal Enfield from 40,511 units of domestic sales in October 21 to 76,528 units in October 22. The reason behind this is the high demand for its best-seller classic 350 motorcycle. Suzuki Motorcycle India recorded a growth of 22.63 per cent as it sold 69,634 units of two-wheelers in October 2022 as compared to a sale of 56,780 units in October 2021.
A tough competition in sales was witnessed between Honda Motorcycle and Scooter India (HMSI) and Hero MotoCorp. While Honda recorded a sale of 4,25,000 units in October 2022, Hero reported a sale of 4,42,825 two-wheelers. Though Hero sold more units than Honda, it witnessed a drop in its year-on-year sale in October 2022 as its sales dropped from 5,27,779 units in October 2021 to 4,42,825 in October 2022.
TVS motor company registered a year-on-year growth of 7 per cent in its sales of two-wheelers. The Pune based Bajaj Auto reported 3.72 per cent year-on-year growth as it witnessed an increase in the sale of two-wheelers from 1,98,738 in October 2021 to 2,06,000 in October 2022.
The record sales of two-wheelers in October has brought a wave of hope among the manufacturers and the trend is expected to continue with improving economic conditions.
