(MENAFN- KNN India)
New Delhi, Nov 16 (KNN)
The Indian automobile market witnessed a festive boom, with retail sales rising by 11.76 per cent during the 42-day festive season compared to the previous year.
Data from the Federation of Automobile Dealers Associations (FADA) revealed that 42.88 lakh vehicles were sold between October 3 and November 13, up from 38.37 lakh units in 2023.
This uptick was driven primarily by two-wheelers and passenger vehicles, showcasing a robust recovery in consumer demand.
Two-wheeler sales registered an impressive 13.79 per cent growth, reaching 33.11 lakh units, compared to 29.10 lakh units in the same period last year. The surge was fuelled by strong rural demand and improved market sentiment, especially in non-urban areas.
“The festive season often aligns with rural harvest cycles, and this year's sales underscore the resilience of rural purchasing power,” a FADA official noted.
Passenger vehicle sales also rebounded, growing by 7.10 per cent to 6.03 lakh units. The segment benefitted from pent-up demand and attractive festive discounts, marking a turnaround after recent sluggishness.
“This growth signals renewed consumer confidence and the effectiveness of festive marketing strategies,” said industry analysts.
The festive season, spanning from Navratri to 15 days after Dhanteras, is a critical period for India's automobile sector, accounting for a significant chunk of annual sales.
Meanwhile, Mercedes-Benz India announced a price hike of up to 3 per cent across its model range, effective
January 1, citing increased input costs and inflationary pressures.
The decision reflects the broader trend of rising operational expenses impacting automakers globally.
As the auto industry rides the wave of festive success, stakeholders remain optimistic about sustained demand into the new year.
However, inflationary pressures and potential price hikes across segments could test consumer sentiment in the months ahead.
With a strong festive season behind it, India's automobile market appears poised for steady growth in the near term.
(KNN Bureau)
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