FADA: PV retail up by 17% in November 2023


The Federation of Automobile Dealers Associations (FADA) has published November 2023 vehicle retail data, which shows an overall increase of over 18% compared with November 2022 data. The Passenger Vehicle (PV) segment, in particular, sold a total of 3,60,431 units last month, registering a YoY growth of over 17%. Tata Motors and Mahindra continue to hold their 3rd and 4th place, respectively, in the PV segment. Mahindra PV retailers sold over 19,000 units more than Kia last month, keeping the latter in the 5th place.


The two-wheeler segment registered a healthy double-digit growth last month, and although the three-wheeler segment also showed double-digit growth, it is significantly less than the previous months. The Tractor segment registered a decline of over 21% last month, and the CV segment registered a marginal decline of just over 1.8% last month. But anyway, FADA President Manish Raj Singhania had the following to say:

November 2023 has become a historic month for the Indian auto retail industry as during the month, 28.54 lakh vehicles were sold, thus overtaking the previous highs of March 2020 when the industry sold 25.69 lakh vehicles during the BS4 to BS6 transition. Apart from this, 2W and PV also created new records. The 2W category sold 22.47 lakh vehicles, an increase of 1.77 lakh vehicles compared with the previous high of March 2020. The PV category also sold 3.6 lakh vehicles, ~4K vehicles more when compared with previous highs of October 2022.

The CV category saw a challenging November 2023, driven by poor market sentiment. Seasonal slumps, exacerbated by unseasonal rains damaging crops and impacting transport demand, coupled with liquidity issues and delayed deliveries, further strained the industry. States going into elections also added to the woes, overshadowing the brief uplift from festive sales and the slight increase in tourism that helped in sales of buses.

November 2023 witnessed a strong surge in the PV category, primarily fuelled by Deepawali and the launch of new and appealing models. The improved supply chains, coupled with new launches, effectively catered to the festive demand, marking the peak point in sales. However, the period following the festivities saw a noticeable slowdown, coupled with a critical challenge of slow-moving inventory due to a mismatch in demand and supply which is still not resolved. This issue casts a shadow over the otherwise positive trends, highlighting the need for strategic adjustments in inventory management.

OEM-wise market share data for November 2023 with YoY comparison:






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