The Federation of Automobile Dealers Associations (FADA) has published February 2023 vehicle retail data, which shows an overall growth of nearly 16% compared with February 2022 data. The Passenger Vehicle (PV) segment, in particular, registered a YoY growth of nearly 11% last month. Tata Motors and Mahindra continue to hold their 3rd and 4th place, respectively, in the PV segment. Mahindra dealers retailed just over 9,800 PVs more than Kia last month, keeping the latter in 5th place.
All segments and sub-segments were in green last month with double-digit growth. The three-wheeler segment, in particular, registered nearly 81.5% growth in Feb 2023, thanks to the continued growth of e-commerce businesses. The Tractor segment with nearly 14% growth was not bad either. FADA President Manish Raj Singhania had the following to say:
February 2023 continued to witness double-digit growth of 16% YoY but was still down by 8% when compared to the pre-covid month of February 2020. All categories also witnessed double-digit growth with 2-Wheeler, 3-Wheeler, Passenger Vehicle, Tractor and Commercial Vehicles growing by 15%, 81%, 11%, 14% and 17% respectively on a YoY basis.
The 2-Wheeler category witnessed a growth of 15% YoY but was down by 14% when compared with the pre-covid month of February 2020. The change in OBD norms which comes into effect in April along with marriage season kept the sales ticking. Overall, high inflation and poor sentiment have kept the customers at bay. The 3-Wheeler segment has seen 81% growth YoY and has also grown by 3% when compared with the pre-covid month of February 2020. This category has seen drastic growth due to the Central & State Government’s subsidies along with good scheme promotion done by the states. Along with this, aggressive finance schemes continue to aid growth in this category.
The Passenger Vehicle segment saw a growth of 11% YoY and 16% when compared with the pre-covid month of February 2020. Launch of new models, continuously improving supply coupled with a healthy booking-to-cancellation ratio and wedding bells kept the momentum going for this already well-doing segment. The Commercial Vehicle category has also shown robust growth by growing 17% YoY though it fell by 10% when compared with the pre-covid month of February 2020. Walk-in enquiries improved during the month. Apart from this, demand has also increased due to changes in OBD norms which will see price hikes. On the Government’s side, infrastructure spending has been healthy. This is also aiding better sales.
OEM-wise market share data for Feb 2023 with YoY comparison: