In an encouraging signal of a booming economy, automobile retail sales grew in double-digits in the country last fiscal, driven by a record offtake of 36 lakh passenger vehicles, the Federation of Automobile Dealers Associations (FADA) said on Tuesday.
Total retail sales rose to 2,21,50,222 units last fiscal, up 21 percent from 1,83,27,326 units in FY22. The passenger vehicle registrations rose by 23 percent to 36,20,039 units, as against 29,42,273 units in 2021-22.
Two-wheelers retail sales rose by 19 percent to 1,59,95,968 units in FY23 compared to 1,34,94,214 units in 2021-22. Commercial vehicle retail sales rose 33 percent while three-wheeler registrations witnessed an 84 percent increase as compared with 2021-22.
Tractor retail sales grew by 8 percent last fiscal as compared with FY22.
“FY23 was the first full year without any impact of Covid after a gap of two years. Consequently, overall retail sales during the year experienced double-digit growth of 21 percent,” FADA President Manish Raj Singhania said.
He noted that last fiscal the retail sales of passenger vehicles reached a record high of 36 lakh vehicles, a growth of 23 percent as compared with FY22. The previous high was in FY19 when retail sales were at 32 lakh units.
The segment benefitted from numerous new launches and better product availability due to the easing of the semiconductor shortage, Singhania said.