Passenger vehicle, 2W sales down while EV demand skyrocketed in FY’22: FADA

Federation of Automobile Dealers Associations (FADA) has released sales numbers for all vehicles sold in the country in March 2022, as well as FY 2021-22. As per the data, both passenger vehicles and commercial vehicles registered a growth in sales in the last fiscal year. However, FADA says that the total vehicle retail for the month of March 2022 decreased by -3% when compared to March 2021, and -30% when compared to March 2020 – the month when a lockdown was announced in India.
The sales of two-wheelers have come down by -4% in March 2022, as compared to the same month last year, while passenger vehicles registered an almost -5% negative growth. However, when compared to FY 2020-21, the 2W space recorded a 3.81% growth in sales last fiscal, while the sales of passenger vehicles improved by 14.16%. Moreover, the CV space saw a massive 45.13% YoY growth in sales.

As per FADA, a total of 3,21,590 PV dispatches were made to dealers in the month of March 2022, 0.33% more than the 3,20,543 dispatches that were made in March last year. The commercial vehicle space registered a total dispatch number of 90,969 in the said month, as compared to the 75,906 units dispatched in March 2021. However, two-wheeler dispatches were reduced by -21.21% in the month, with Bajaj Auto, Hero MotoCorp, and Honda Motorcycle and Scooter India witnessing the biggest slide among major 2W manufacturers respectively.
FADA claims that the demand from the PV sector remains strong, but supply crunch due to various global
phenomenon including Russia – Ukraine war, China lockdown, and global semi-conductor chip shortage restricts customers from purchasing their favourite vehicle. However, PV segment for the entire year saw a high demand. International crude prices crossed US$ 100 mark for the first time since 2014, which resulted in petrol and diesel prices skyrocket thus negatively impacting consumer confidence, according to FADA.

Also, electric vehicles registered a massive growth in FY 2021-22, with almost 4.3 lakh units dispatched in these 12 months. Electric two-wheelers led the segment with 2,31,338 dispatches in the said period. Overall, the EV space witnessed a massive 218% year-on-year growth last fiscal.

Source link

About the author

Divyansh Singh

Talks about #technology #innovation #investing and #business.

View all posts

Leave a Reply

Your email address will not be published. Required fields are marked *