Vehicle sales in India 2022: In 2022, 34,31,497 passenger vehicles were sold, which was 16.35% more than in 2021, when only 29,49,182 passenger vehicles were sold. In 2022, 1,533,88,062 two-wheelers were sold in stores. This was 13.37% more than in 2021 when only 1,35,76,682 were sold.
Manish Raj Singhania, President of the FADA, said this about retail sales in 2022: “For CY2022, total vehicle retails grew by 15% year-over-year and by 17% compared to CY20. However, they didn’t grow enough to beat CY19 retails, which was a year before Covid, and they fell by 10%. During this time, the PV category continued to make progress, with 34,31 lakh retail sales for the whole year. This is by far the most money PV has ever made at a store.”
A recovery of the rural market
Still, the two-wheeler industry has not been able to get better as quickly as was hoped. Singhania said that the slow recovery of the internal combustion engine two-wheeler segment was caused by a rise in inflation, a rise in the cost of ownership, a recovery of the rural market, and more sales of EVs.
In CY2022, there were 865,344 retail sales of commercial vehicles. This is up 31.97% from CY2021 when there were 655,696 retail sales.
The three-wheeler market, which was hit by the Covid pandemic
Singhania said the same thing, “The CV segment has kept growing throughout CY2022, and it is now almost at the same level as retails in CY2019. Because of the ongoing push for infrastructure development by the government, there has been an increase in demand for LCVs (light commercial vehicles), HCVs (heavy commercial vehicles), buses, and construction equipment. This segment has been able to remain profitable as a result. “The three-wheeler market, which was hit the hardest by the Covid pandemic, has also made a strong comeback. Retail sales were 640,559 units, which was a 71.47 per cent increase from the 373,562 units sold in 2021. The sector has been able to close the gap between itself and CY2019 (pre-Covid). The new electric three-wheelers are making the market for them grow.
“Within the segment, the electric rickshaw subsegment is experiencing triple-digit growth, thereby pushing the EV market share above the 50% threshold,” Singhania explained.
769,638 tractors were sold in stores
With 7.94 lakh units sold, 2022 will be the best year ever for tractor sales, said Singhania. This is because of a good monsoon, better cash flow for farmers, higher MSPs for crops, and the government’s focus on better procurements. On the other hand, 769,638 tractors were sold in stores. Timing the planting of rabi crops and having a normal holiday season after a three-year break also helped tractors sell a lot.
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December retail Sales
When it came to retail sales in December 2022, the number of cars sold dropped to 16,22,317, which was a 5.4% drop from December 2021, when 17,14,942 cars were sold. At 280,016 units, passenger vehicle sales were up 8.15 per cent from the same time last year, when they were at 258,921 units. In December of last year, 66,945 commercial vehicles were sold, which was 10.67% more than in December of 2021, when only 60,491 vehicles were sold.
But there was a big drop in the number of two-wheelers sold. Last month, 11,33,138 units were sold, which is 11.19% less than the 12,75,894 units sold in December 2021.
Prices will go up even more in all categories
“Automobile original equipment manufacturers implemented and announced routine price increases in December and January of this year. With the BS-VI phase II rules coming into effect, prices will go up even more in all categories “FADA said in its statement. It also told automakers to start special programmes to keep the growth going.
FADA said that people should be careful at the beginning of 2023 because prices are going up and vehicle rules are changing. Also, global geopolitical headwinds, tightening monetary policy, and the effects of the pandemic are likely to make the last quarter of FY2023 difficult.
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