40 pc surge in car deliveries during festive season fuels strong demand
As per the industry data, the spike highlights a significant rise in consumer demand for four-wheelers during the festive period, despite a modest year-on-year growth of just 1.8 per cent in the broader passenger vehicle sector, which recorded a total of 401,447 units.
ANI
Nov 04, 2024 15:00 IST
New Delhi [India], November 4 (ANI): Car deliveries surged by 40 percent this festive season, with a notable increase in light motor vehicles, including cars and SUVs, sold in October.
As per the industry data, the spike highlights a significant rise in consumer demand for four-wheelers during the festive period, despite a modest year-on-year growth of just 1.8 per cent in the broader passenger vehicle sector, which recorded a total of 401,447 units.
Industry insiders attribute the restrained growth in overall numbers to several carmakers deliberately limiting production to keep inventories balanced.
The data underscores a notable shift in consumer preference towards four-wheelers, particularly during festive seasons, a trend that manufacturers and dealers may strategically leverage moving forward.
Key cities like Bangalore, NCR, Hyderabad, and Pune saw substantial demand, with consumer preferences increasingly leaning towards automatic cars, SUVs, and flexible financing options--choices that align well with festive buying sentiments.
Accordring to Spinny data, automatic vehicle deliveries, for instance, rose by 57 per cent, reflecting a growing preference for convenience-oriented purchases.
Meanwhile, Spinny's exchange program saw a 39 per cent increase as more buyers opted to trade in their older vehicles for newer models, a trend particularly prominent during Dhanteras as consumers embrace the tradition of upgrading assets.
Petrol vehicles remained dominant, with a 50 per cent surge in demand, while SUVs and sedans experienced robust growth of 49 per cent and 46 per cent, respectively. In addition, women buyers made up more than 20 per cent of the total customer base in October, marking a substantial increase from last year.
Commenting on this festive spike, Niraj Singh, CEO and Founder of Spinny, noted, "The surge in demand reflects the joy of new purchases with a focus on more informed and convenient buying experiences, aligning perfectly with our promise of trust and transparency." (ANI)
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