Summary:

Vehicle registrations increased by 32% year-on-year in October, boosted by the simultaneous occurrence of Navratri and Diwali. Two-wheeler sales rose by 36.34% to 20,65,095 units, while total retail sales increased to 28,32,944 units from 21,43,929 units the previous year. However, the comparison is not entirely accurate because the events occurred in both October and November in 2023. Passenger car sales rose by 32.38% to 4,83,159 units.

The rural market played a key role in driving growth, particularly in two-wheelers and passenger cars. The government's hike in MSP for Rabi crops boosted market sentiment. Other segments also saw growth, with three-wheelers up 11%, tractors up 3%, and commercial vehicles up 6%. However, high inventory levels remain a concern, with only a five-day reduction, leaving inventories at 75-80 days.

Source: IBEF 

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