Vehicle retail sales rise by 7 per cent in FY 2021-22
New Delhi [India], April 5 (ANI): Retail sales of vehicles increased by 7 per cent in the financial year 2021-22 when compared with the previous year, according to data released by the Federation of Automobile Dealers Associations (FADA) on Tuesday.
ANI
Apr 05, 2022 19:03 IST
New Delhi [India], April 5 (ANI): Retail sales of vehicles increased by 7 per cent in the financial year 2021-22 when compared with the previous year, according to data released by the Federation of Automobile Dealers Associations (FADA) on Tuesday.
However, when compared with the pre-COVID period of 2019-20, the sale during 2021-22 was 25 per cent lower.
On a year-on-year basis, total vehicle retail for the month of March 2022 declined by 3 per cent. However, when compared with the corresponding month of 2019-20, the total vehicle retail sales in March 2022 was 30 per cent lower.
"Indian Auto Industry during March tried its best to be at par YoY but fell short by 3 per cent and by 30 per cent when compared to March 2020," said FADA President Vinkesh Gulati.
The 2-wheeler segment, which was already a non-performer due to rural distress, saw further dampening due to rise in vehicle ownership cost coupled with rising fuel cost.
The 3-wheeler segment witnessed a shrinkage in market size due to permit issues, educational institutions being closed and the work-from-home phenomenon, FADA said in a statement.
The passenger vehicle segment continues to see high demand and long waiting period as semi-conductor availability still remains a challenge even though supplies slightly improved from the previous month, it said.
"The Russia-Ukraine war and China lockdown will further dent supplies and hence press brakes on vehicle availability thus making waiting period more frustrating for customers," FADA added in the statement. (ANI)
Get the App
