Vehicle retail sales up by 15.03% in January 2024

Passenger vehicle sales went up by 13.30% compared to the previous year.

According to the data released by the Federation of Automobile Dealers Associations (FADA), vehicle retail sales grew by 15.03% in January 2024 compared to the same month last year.

Overall sales for the month of January 2024 stood at 21,27,653 units, compared to 18,49,691 units in January 2023.

Tractor sales increased by 21.16%, from 73,184 units in January 2023 to 88,671 units last month.

Two-wheeler sales went up by 14.96% to 14,58,849 units from 12,68,990 units in January 2023.

Three-wheeler sales were up by 36.94% in January 2024. 97,675 units were sold, compared to 71,325 units in January 2023.

Passenger vehicle sales went up by 13.30% compared to the previous year. 3,93,250 units were sold last month, compared to 3,47,086 units in January 2023.

Commercial vehicle sales also increased by 0.11%. 89,208 units were sold in January 2024, compared to 89,106 units in the previous year.

The PV segment achieved all-time high retail sales last month. SUV demand, along with the introduction of new models, greater availability, effective marketing, consumer schemes and the auspicious wedding season, underpinned this strong performance. However, serious concerns remain regarding PV inventory levels, now in the 50-55 day range.

Team-BHP's detailed analysis of the January 2024 sales figures.