Thursday, October 06, 2022
By Manoj Kumawat
FADA Expects Festive Season To Boost Auto Industry
The arrival of the festive season has brought new hope for the auto industry which has been struggling for the last two years due to the global pandemic COVID-19 and the shortage of semiconductors. After witnessing an increase of 11% in retail sales during September 2022, the auto industry expects to witness a boom during the festivities of the upcoming festival in October 2022. According to a statement issued by the Federation of Auto Dealers Association (FADA) in Vehicle Retail Data for September 2022, dealers speculate the month of October to be the best season of the decade and will witness excessive sales.
In the words of Manish Raj Singhania, FADA President, "Auto retail for the month of September 2022 saw an overall growth of 11 per cent. September witnessed both, the inauspicious period of Shradh from September 10-25 and the festive period which began with Navratri on September 26. Due to this, the full potential for the month was not realised as it should have been”. According to the report, all segments of vehicles have shown encouraging responses, except for tractors. The sales of tractors declined up to 15 per cent, whereas the sales of two-wheelers, three-wheelers, passenger vehicles, and commercial vehicles recorded growth of 9%, 72%, 10%, and 19% respectively.
The report also reveals that the passenger vehicle continued to grow 10 per cent year-on-year and recorded a massive growth of 44 per cent in comparing the sales during September 2019. The report also adds, "Better availability due to easing semi-conductor supply, new launches and feature-rich products kept customers glued to dealerships for getting their favourite vehicles during the auspicious period. The waiting period continues to range between three months and 24 months, especially for sport utility vehicles”.
