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Retail sales of passenger automobiles fell 9.48% month over month and 1% year over year in May. The car industry as a whole suffered a 5.28% fall in May. Due to wholesale pressures and an unfavourable market mood, the commercial vehicle industry saw an 8% month-over-month fall and a 4% year-over-year rise. Due to supply restrictions, the two-wheeler segment showed a 6.6% month-over-month reduction and 2.5% year-over-year growth.
“In May 2024, the Indian auto retail sector achieved a modest 2.61% y-o-y growth. Dealers cited the impact of elections, extreme heat and market liquidity issues as major factors. Despite better supply, some pending bookings and discount schemes, the lack of new models, intense competition and poor marketing efforts by OEMs affected sales. Additionally, increased customer postponements and low enquiries contributed to the challenging market conditions. Due to the extreme heat, the number of walk-ins to showrooms dropped by around 18%", President of the Federation Of Automobile Dealers Association (FADA).
“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. Dealers are hopeful for better supplies and positive movement in key sectors like cement, coal and iron ore. 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. However, extreme weather phenomena such as heatwaves and heavy rains, along with the reopening of schools in July, might delay purchase decisions. Despite these positive indicators, challenges persist, including intense competition, lack of new model launches and poor marketing efforts by OEMs. Liquidity issues and high inventory levels continue to strain profitability for dealerships. Although discount schemes and good product availability are in place, low customer enquiries and postponements due to seasonal factors remain concerns,” a statement from FADA said.
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