 Early Times Report
JAMMU, June 10: 10th June'24, New Delhi: The Federation of Automobile Dealers Associations (FADA) today released Vehicle Retail Data for May'24 for the UT of Jammu and Kashmir.
Jammu and Kashmir Vehicle Retail Data for May'24
The 2-Wheeler category witnessed a downfall of -15.51% at 7,676 units in May 2024, as compared to 9,085 units in May 2023.
The 3-Wheeler category witnessed a growth of 3.15% at 1,047 units in May 2024, as compared to 1,015 units in May 2023.
The Commercial Vehicle category witnessed a growth of 5.92% at 1,073 units in May 2024, as compared to 1,013 units in May 2023.
The Passenger Vehicle category witnessed a downfall of -19.08% at 4,278 units in May 2024, as compared to 5,298 units in May 2023.
The Tractor Vehicle category witnessed a growth of 42.06% at 358 units in May 2024, as compared to 252 units in May 2023.
In total the retail is 14,441 in MAY'24 compared to it is 16,663 in MAY'23 thereby registering a downfall of -13.33%.
Commenting on how May'24 performed, FADA Jammu UT Chairperson, Mr. Sanjay Aggarwal said, "May 2024 witnessed a degrowth of 13.33 % over corresponding month of previous year. Major portion of degrowth is by 2W and PV, whereas 3W and CV showed slight growth. However tractor segment showed a good growth of 42.06 % as compared to last year's May Month which is a good sign.
Aggarwal said that the near-term outlook for the Automobile Retail is 'cautiously optimistic', influenced by a mix of positive and challenging factors across various segments. Post-election results are expected to bring stability and improve market sentiment, while the formation of a continued government could boost infrastructure projects and economic activities. The India Meteorological Department (IMD) has forecast above normal rains at 106% of the long-period average (LPA) this year, which is expected to enhance rural demand and support economic activities which will enhance sale of more tractors and CV's he added." |
