Early Times Report
JAMMU, Dec 10: The Federation of Automobile Dealers Associations (FADA) today released Vehicle Retail Data for Nov'24 for the UT of Jammu and Kashmir.
The 2-Wheeler category witnessed a downfall of -10.72% at 7,818 units in November 2024, as compared to 8,757 units in November 2023. The 3-Wheeler category witnessed a growth of 7.03% at 1,294 units in November 2024, as compared to 1,209 units in November 2023. The Commercial Vehicle category witnessed a downfall of -13.91% at 786 units in November 2024, as compared to 913 units in November 2023.The Passenger Vehicle category witnessed a downfall of -12.57% at 4,589 units in November 2024, as compared to 5,249 units in November 2023. The Tractor Vehicle category witnessed a growth of 37.99% at 316 units in November 2024, as compared to 229 units in November 2023.
In total the retail is 14,803 in NOVEMBER'24 compared to it is 16,357 in NOVEMBER'23 thereby registering a downfall of -9.50.
Sanjay Aggarwal, Chairperson, Federation of Automobile Dealers Associations Jammu said that "While November was initially expected to build on its prior momentum, particularly due to the marriage season, dealer's feedback suggests that this segment underperformed overall expectations. Although rural markets offered some support, primarily in the two-wheeler category, marriage-related sales remained subdued. The late occurrence of Deepawali at the end of October also caused a spill over of festive registrations into November, affecting the month's sales trajectory
Commenting on how Nov'24 performed in UT of J & K, Mr Sanjay Aggarwal said, In J & K only Tractor Vehicle category witnessed a good growth of 37.99 % as compared to last November, rest of the categories witnessed degrowth with 2 Wheeler category witnessed a downfall of 10.72%, Passenger Vehicle downfall of 12.57%, Commercial vehicle downfall of 13.91%. However, 3 Wheeler Category witnessed a slight growth of 7.03%.
Mr Aggarwal said that, looking ahead with prospects of a bumper Kharif harvest likely to temper food inflation, the broader macroeconomic environment appears set to improve, potentially aiding consumer sentiment in the months ahead. However, the immediate December outlook derived from dealer feedback is mixed. 2Wheeler Dealers suggest that while some buyers remain hesitant-either awaiting new-year models or influenced by subdued post-festive sentiment-others could be drawn by potential year-end discounts and stable rural demand. Although momentum may not be robust, incremental schemes and easing inflation could lend mild support, placing 2W on a cautiously positive footing.
In the PV segment, heavy discounting and improved product availability are expected to help offset weak consumer sentiment and a general year-end lull. While some customers are deferring purchases for new-year models, overall interest could pick up due to aggressive offers and end-of year promotions. This sets a tone of cautious optimism, with a moderate chance of improved sales compared to November
The CV category faces a more challenging environment. Factors such as subdued infrastructure activity and customers holding back for newer model-year vehicles continue to dampen demand. Nonetheless, selective OEM schemes and year-end offers may provide a limited lift. On balance, while the CV segment's expectations are not uniformly positive, there is some hope that targeted incentives and stable financing conditions could prevent a sharper decline.
Summing up Mr Aggarwal said that, while the near-term outlook for December is not overwhelmingly strong across segments, it leans towards stability with pockets of potential growth, underlining a sentiment that remains overall remains cautiously optimist. |
