Early Times Report
JAMMU, Nov 8: The Federation of Automobile Dealers Associations (FADA) today released Vehicle Retail Data for Oct'24 for the UT of Jammu and Kashmir.
The 2-Wheeler category witnessed a growth of 89.98% at 12,831 units in October 2024, as compared to 6,754 units in October 2023. The 3-Wheeler category witnessed a growth of 27.13% at 1,415 units in October 2024, as compared to 1,113 units in October 2023. The Commercial Vehicle category witnessed a downfall of -17.92% at 742 units in October 2024, as compared to 904 units in October 2023.The Passenger Vehicle category witnessed a growth of 29.09% at 6,328 units in October 2024, as compared to 4,902 units in October 2023. The Tractor Vehicle category witnessed a growth of 72.92% at 332 units in October 2024,as compared to 192 units in October 2023. In total the retail is 21,648 in OCTOBER'24 compared to it is 13,865 in OCTOBER'23 thereby registering a growth of 56.13%.
Sanjay Aggarwal, Chairperson Federation of Automobile Dealers Associations Jammu said that "October 2024 witnessed the convergence of two major festivals, Navratri and Diwali, both occurring in the same month. These festivities traditionally account for 30-35% of total annual auto sales, so the industry's focus was keenly on how October would unfold. With dealers entering this crucial period fully committed and carrying all-time high inventory levels, the month did not disappointed.
Commenting on how October 2024 performed in UT of J&K, Sanjay Aggarwal said, all the categories showed a positive growth except Commercial Vehicles as compared to last year's October month. The 2-Wheeler category witnessed an exceptional growth of 89.9 %, 3-Wheeler category witnessed a growth of 27.13%, Passenger Vehicle category witnessed a growth of 29.09%, and Tractor Vehicle category witnessed a growth of 72.92%. However Commercial Vehicle category witnessed a downfall of -17.92%
Aggarwal said that, looking ahead, the Indian auto industry is poised for continued robust retail performance through the end of the calendar year. With an estimated 4.8 million weddings scheduled nationwide in November and December 2024, Indian retail is preparing for an unprecedented surge in demand for wedding-related goods and services. Vehicle purchases also traditionally witnesses an uptick during the wedding season and FADA anticipates that this will translate into strong sales in both, the 2W and PV segments in the near term he added. |
