Early Times Report
JAMMU, Sept 6: The Federation of Automobile Dealers Associations (FADA) today released Vehicle Retail Data for Aug'24 for the UT of Jammu and Kashmir.
The 2-Wheeler category witnessed a growth of 18.38% at 10,253 units in August 2024, as compared to 8,661 units in August 2023. The 3-Wheeler category witnessed a growth of 13.00% at 1,156 units in August 2024, as compared to 1,023 units in August 2023. The Commercial Vehicle category witnessed a downfall of -9.94% at 843 units in August 2024, as compared to 936 units in August 2023. The Passenger Vehicle category witnessed a downfall of -27.34% at 4,494 units in August 2024, as compared to 6,185 units in August 2023. The Tractor Vehicle category witnessed a growth of 77.40% at 314 units in August 2024, as compared to 177 units in August 2023.
In total the retail is 17,060 in AUGUST'24 compared to it is 16,982 in AUGUST'23 thereby registering a growth of 0.46%.
Commenting on how Aug'24 performed, FADA Jammu UT Chairperson, Mr Sanjay Aggarwal said, Tractor Vehicle category saw the highest growth of above 77% amongst all the categories in the month of August 2024.Two wheelers and three wheelers showed the growth of 18% and 13% respectively. However de growth was seen in commercial vehicle and passenger vehicles. The sales of passenger vehicles were most affected in the month of August 2024 showing a downfall of 27%.
Aggarwal said that, Festivals such as Ganesh Chaturthi, and Navratri are expected to uplift consumer sentiment, particularly in urban areas.
Favourable rainfall in some regions has improved agricultural prospects, which may boost rural sales post-monsoon. However Shraddh period, an inauspicious period for purchases is expected to pause PV sales in September. High inventory levels, aggressive discounting practices and weak market sentiment continue to pressure dealer profitability he added.
Aggarwal said that overall outlook is cautiously optimistic. While the festive season presents promising growth opportunities, the auto retail market faces several headwinds, particularly from weather-related uncertainties and high inventory levels. Strategic inventory management and targeted marketing efforts will be key to capitalizing on the festive period while navigating these challenges effectively. |
