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Indian auto industry cruises to 11% growth in 2023
The Business Guardian
|January 09, 2024
The Federation of Automobile Dealers Associations (FADA) reported a substantial 11 per cent surge in India's automobile retail sales in 2023 compared to the previous year, buoyed by robust consumer demand across various segments.
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The overall domestic automobile retail sales marked a significant increase, reaching 2,38,67,990 units in the calendar year 2023, up from 2,14,92,324 units in 2022.
The passenger vehicle segment witnessed a notable uptick, recording sales of 38,60,268 units last year, reflecting an 11 percent growth from 34,89,953 units in 2022.
Similarly, two-wheeler sales saw a commendable rise of 9 percent, reaching 1,70,61,112 units in 2023, up from 1,55,88,352 units in the same period of 2022.
In a striking surge, three-wheeler retail sales skyrocketed by an impressive 58 percent, escalating to 10,80,653 units in 2023 from 6,81,812 units in 2022. Commercial vehicle retails increased by 8 percent to 9,94,330 units, while tractor retails marked a 7 percent jump, reaching 8,71,627 units in 2023.
This story is from the January 09, 2024 edition of The Business Guardian.
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