Automobile retail sales log double-digit growth in FY24

#New Delhi
Automobile retail sales in India saw double-digit growth in 2023-24 driven by record offtake of passenger vehicles, three-wheelers and tractors, dealers’ body FADA said on Monday. The retail sales across segments rose by 10% to 2,45,30,334 units last fiscal as compared with 2,22,41,361 units in 2022-23.

The Indian automobile sector achieved a commendable double-digit growth across categories with two-wheelers, three-wheelers, passenger vehicles (PV), tractors and commercial vehicles registering strong demand, Federation of Automobile Dealers Associations (FADA) President Manish Raj Singhania said in a statement.
​​​​​​​
“Economic growth, favourable government policies and an anticipated good monsoon are expected to fuel demand, especially in rural areas and the commercial vehicle sector, which is closely linked to infrastructure projects and economic activity,” it stated.