Early Times Report
JAMMU, Oct 8: The Federation of Automobile Dealers Associations (FADA) today released Vehicle Retail Data for September'24 for the UT of Jammu and Kashmir.
The 2-Wheeler category witnessed a downfall of -16.73% at 6,980 units in September 2024, as compared to 8,382 units in September 2023. The 3-Wheeler category witnessed a downfall of -2.06% at 1,093 units in September 2024, as compared to 1,116 units in September 2023. The Commercial Vehicle witnessed a downfall of -32.42% at 640 units in September 2024, as compared to 947 units in September 2023.The Passenger Vehicle witnessed a downfall of -22.47% at 3,715 units in September 2024, as compared to 4,792 units in September 2023. The Tractor Vehicle category witnessed a growth of 32.42% at 241 units in September 2024, as compared to 182 units in September 2023.
In total the retail is 12,669 in SEPTEMBER'24 compared to it is 15,419 in SEPTEMBER'23 thereby registering a downfall of -17.84%.
Sanjay Aggarwal, Chairperson Federation of Automobile Dealers Associations Jammu said, when compared with September month of 2023, this year in September UT of J & K witnessed downfall in sales of all categories except Tractor vehicle category, which is a matter of concern for the automobile dealers of J & K.
Aggarwal said that despite the onset of festival such as Ganesh Chaturthi, dealers have reported that the performance has been largely stagnant. This suggests that overall market sentiment during these festive periods has been underwhelming, with a trend leaning towards flat or negative growth. The Shraddh period further impacted sales negatively, leading to a YoY decline in retail sales across various categories. Discounts and offers have been introduced across segments to stimulate demand, but these have yet to translate into a significant improvement in sales he added.
Aggarwal said that, the near-term outlook for Automobile Retail is cautiously optimistic as both Navratri and Diwali fall in the same month, creating strong expectations for a surge in vehicle sales. With healthy water levels in reservoirs and improved crop yields supporting rural demand, the festive season is expected to drive a substantial boost in 2W, PV, and Tractor sales with new launches been planned for the month. However, the PV segment faces a critical situation due to high inventory levels at dealerships. If sales do not pick up as expected in October, Dealers could face significant financial pressure from unsold stock piling up in their warehouses.
Aggarwal shared that the festive season presents an opportunity for recovery, the high stakes in October make it crucial for Dealers and OEMs to clear existing inventory. Strategic inventory management and targeted festive promotions are key to capitalizing on the expected surge in demand and stabilizing market conditions. |
