Vehicle retail sales up 14% in March 2023

Passenger vehicle sales went up by 14.42% compared to the previous year.

According to the data released by the Federation of Automobile Dealers Associations (FADA), vehicle retail sales grew by 13.89% in March 2023, compared to the same month last year.

Overall sales for the month of March 2023 stood at 20,41,847 units, compared to 17,92,802 units in March 2022.

Tractor sales increased by 3.84%, from 78,070 units in March 2022 to 81,067 units last month.

Two-wheeler sales went up by 12.42% to 14,45,867 units from 12,86,109 units in March 2022.

Three-wheeler sales were up by 68.71% in March 2023. 86,857 units were sold, compared to 51,483 units in March 2022.

Passenger vehicle sales went up by 14.42% compared to the previous year. 3,35,266 units were sold last month, compared to 2,93,016 units in March 2022.

Commercial vehicle sales also increased by 10.30%. 92,790 units were sold in March 2023, compared to 84,124 units in the previous year.

The passenger vehicle segment saw decent growth supported by better supplies and sales. Apart from this, the increase in prices of OBD 2A vehicles coupled with multiple festivals kept the sales healthy. However, inquiry levels have now started decreasing.

Retail sales of passenger vehicles reached a record high of 3.6 million vehicles, growing 23% YoY. The previous high was in FY'19 when retail sales were 3.2 million vehicles.

Team-BHP's detailed analysis of the March 2023 sales figures.