New Delhi, January 8, 2024 (BHARAT) – The Federation of Automobile Dealers Associations (FADA) today announced a significant growth in the auto retail sector for both December 2023 and the entire calendar year (CY) 2023. The sector observed a 21% year-over-year (YoY) increase in December, with all categories such as two-wheelers (2W), three-wheelers (3W), passenger vehicles (PV), tractors (Trac), and commercial vehicles (CV) reporting positive growth.
December 2023: A Month of Substantial Growth
- Two-Wheelers (2W): Growth by 28%.
- Three-Wheelers (3W): Increase by 36%.
- Passenger Vehicles (PV): Rise by 3%.
- Tractors (Trac): Slight growth of 0.2%.
- Commercial Vehicles (CV): Expansion by 1.3%.
Calendar Year 2023: An Overall Prosperous Year for Auto Retail
- 2W: Growth of 9.5%.
- 3W: Significant increase of 58.5%.
- PV: Growth of 11%.
- Tractors: Rise by 7%.
- CV: Increase of 8%.
FADA President, Manish Raj Singhania, commented on the growth, highlighting the influence of factors like marriage dates, harvest payments, model variety, and financial options in the 2W category. The CV category benefited from industrial activity, infrastructure development, and rural liquidity, though retail cases were somewhat subdued. In the PV category, demand for SUVs remained high, though high inventory levels posed a challenge.
Short-Term Outlook for January 2024
- 2W: Positive trend expected post mid-January.
- CV: Growth anticipated, especially after mid-January.
- PV: Focus on clearing pending bookings and launching new 2024 models.
Despite the inauspicious Kharmas period (16th December 2023 to 15th January 2024), the industry remains cautiously optimistic. The effective management of supply and inventory, especially in the PV category, is crucial for continued success.
Long-Term Outlook for CY 2024
The auto retail sector foresees a positive trajectory across all categories, driven by factors such as new model launches, government spending, and improved customer sentiment. The resurgence in the CMIE Index of Consumer Sentiments for December 2023 further bolsters this optimistic forecast.
Key Findings from FADA’s Online Members Survey
- Inventory as of December 2023: Average inventory for PVs ranged from 55-58 days, while for 2Ws, it was 15-20 days.
- Liquidity: 44.76% rated as good, 39.16% neutral, and 16.08% bad.
- Sentiment: 47.55% positive, 36.01% neutral, and 16.43% negative.
- Expectation for January: 58.74% anticipate growth, 33.92% expect flat performance, and 7.34% foresee a decline.
The CY’24 outlook remains positive, with the industry set to navigate dynamic market conditions, backed by a strategic focus on supply and inventory management.
Chart showing Vehicle Retail Data for Dec’23 and Calendar Year 2023
All India Vehicle Retail Data for Dec’23
| CATEGORY | DEC’23 | DEC’22 | YoY% | NOV’23 | MoM% |
| 2W | 14,49,693 | 11,36,465 | 27.56% | 22,47,366 | -35.49% |
| 3W | 95,449 | 69,976 | 36.40% | 99,890 | -4.45% |
| E-RICKSHAW(P) | 45,108 | 30,936 | 45.81% | 41,708 | 8.15% |
| E-RICKSHAW WITH CART (G) | 3,688 | 1,965 | 87.68% | 3,201 | 15.21% |
| THREE-WHEELER (GOODS) | 9,048 | 7,809 | 15.87% | 9,862 | -8.25% |
| THREE-WHEELER (PASSENGER) | 37,522 | 29,225 | 28.39% | 45,024 | -16.66% |
| THREE-WHEELER (PERSONAL) | 83 | 41 | 102.44% | 95 | -12.63% |
| PV | 2,93,005 | 2,85,429 | 2.65% | 3,60,431 | -18.71% |
| TRAC | 78,872 | 78,700 | 0.22% | 61,969 | 27.28% |
| CV | 73,896 | 72,944 | 1.31% | 84,586 | -12.64% |
| LCV | 41,804 | 42,925 | -2.61% | 48,322 | -13.49% |
| MCV | 4,808 | 4,305 | 11.68% | 5,276 | -8.87% |
| HCV | 23,050 | 22,847 | 0.89% | 26,690 | -13.64% |
| Others | 4,234 | 2,867 | 47.68% | 4,298 | -1.49% |
| Total | 19,90,915 | 16,43,514 | 21.14% | 28,54,242 | -30.25% |
Source: FADA Research
All India Vehicle Retail Data for Calendar Year 2023
| CATEGORY | CY’23 | CY’22 | YoY% |
| 2W | 1,70,61,112 | 1,55,88,352 | 9.45% |
| 3W | 10,80,653 | 6,81,812 | 58.50% |
| E-RICKSHAW(P) | 4,74,276 | 3,06,239 | 54.87% |
| E-RICKSHAW WITH CART (G) | 35,202 | 21,900 | 60.74% |
| THREE-WHEELER (GOODS) | 1,07,441 | 84,723 | 26.81% |
| THREE-WHEELER (PASSENGER) | 4,62,844 | 2,68,344 | 72.48% |
| THREE-WHEELER (PERSONAL) | 890 | 606 | 46.86% |
| PV | 38,60,268 | 34,89,953 | 10.61% |
| TRAC | 8,71,627 | 8,13,923 | 7.09% |
| CV | 9,94,330 | 9,18,284 | 8.28% |
| LCV | 5,58,905 | 5,51,010 | 1.43% |
| MCV | 69,271 | 60,444 | 14.60% |
| HCV | 3,22,409 | 2,79,765 | 15.24% |
| Others | 43,745 | 27,065 | 61.63% |
| Total | 2,38,67,990 | 2,14,92,324 | 11.05% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS & LD.
- Vehicle Retail Data has been collated as on 06.01.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,355 out of 1,442 RTOs.
- Commercial Vehicle is subdivided in the following manner
- LCV – Light Commercial Vehicle (incl. Passenger & Goods Vehicle)MCV – Medium Commercial Vehicle (incl. Passenger & Goods Vehicle)HCV – Heavy Commerc
- ial Vehicle (incl. Passenger & Goods Vehicle)
- Others – Construction Equipment Vehicles and others
- 3-Wheeler is sub-divided in the following manner
- E-Rickshaw – Passenger
- E-Rickshaw – Goods
- 3-Wheeler – Goods
- 3-Wheeler – Passenger
- 3-Wheeler – Personal
OEM wise Market Share Data for the Month of Dec’23 with YoY comparison
| Two-Wheeler OEM | DEC’23 | Market Share (%) DEC’23 | DEC’22 | Market Share (%) DEC’22 |
| HERO MOTOCORP LTD | 4,63,593 | 31.98% | 3,30,666 | 29.10% |
| HONDA MOTORCYCLE AND SCOOTER INDIA (P) LTD | 3,44,139 | 23.74% | 2,94,477 | 25.91% |
| TVS MOTOR COMPANY LTD | 2,32,695 | 16.05% | 1,76,605 | 15.54% |
| BAJAJ AUTO GROUP | 1,82,030 | 12.56% | 1,26,157 | 11.10% |
| BAJAJ AUTO LTD | 1,82,030 | 12.56% | 1,26,157 | 11.10% |
| CHETAK TECHNOLOGY LIMITED | – | 0.00% | – | 0.00% |
| SUZUKI MOTORCYCLE INDIA PVT LTD | 66,262 | 4.57% | 53,214 | 4.68% |
| ROYAL-ENFIELD (UNIT OF EICHER LTD) | 55,103 | 3.80% | 56,557 | 4.98% |
| INDIA YAMAHA MOTOR PVT LTD | 48,192 | 3.32% | 39,965 | 3.52% |
| OLA ELECTRIC TECHNOLOGIES PVT LTD | 30,263 | 2.09% | 17,372 | 1.53% |
| ATHER ENERGY PVT LTD | 6,493 | 0.45% | 7,695 | 0.68% |
| PIAGGIO VEHICLES PVT LTD | 2,984 | 0.21% | 2,764 | 0.24% |
| GREAVES ELECTRIC MOBILITY PVT LTD | 2,975 | 0.21% | 171 | 0.02% |
| CLASSIC LEGENDS PVT LTD | 2,481 | 0.17% | 2,720 | 0.24% |
| Others Including EV | 12,483 | 0.86% | 28,102 | 2.47% |
| Total | 14,49,693 | 100% | 11,36,465 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS & LD.
- Vehicle Retail Data has been collated as on 06.01.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,355 out of 1,442 RTOs.
- Others include OEMs accounting less than 0.1% Market Share.
| Three-Wheeler OEM | DEC’23 | Market Share (%) DEC’23 | DEC’22 | Market Share (%) DEC’22 |
| BAJAJ AUTO LTD | 29,590 | 31.00% | 24,553 | 35.09% |
| PIAGGIO VEHICLES PVT LTD | 7,261 | 7.61% | 5,978 | 8.54% |
| MAHINDRA & MAHINDRA LIMITED | 5,912 | 6.19% | 4,558 | 6.51% |
| MAHINDRA LAST MILE MOBILITY LTD | 5,128 | 5.37% | – | 0.00% |
| MAHINDRA & MAHINDRA LIMITED | 778 | 0.82% | 2,702 | 3.86% |
| MAHINDRA REVA ELECTRIC VEHICLES PVT LTD | 6 | 0.01% | 1,856 | 2.65% |
| YC ELECTRIC VEHICLE | 3,820 | 4.00% | 2,376 | 3.40% |
| SAERA ELECTRIC AUTO PVT LTD | 2,653 | 2.78% | 1,997 | 2.85% |
| DILLI ELECTRIC AUTO PVT LTD | 2,290 | 2.40% | 1,560 | 2.23% |
| ATUL AUTO LTD | 1,937 | 2.03% | 1,775 | 2.54% |
| TVS MOTOR COMPANY LTD | 1,549 | 1.62% | 1,120 | 1.60% |
| MINI METRO EV L.L.P | 1,532 | 1.61% | 900 | 1.29% |
| HOTAGE CORPORATION INDIA | 1,331 | 1.39% | 516 | 0.74% |
| CHAMPION POLY PLAST | 1,302 | 1.36% | 980 | 1.40% |
| ENERGY ELECTRIC VEHICLES | 1,262 | 1.32% | 531 | 0.76% |
| UNIQUE INTERNATIONAL | 1,220 | 1.28% | 815 | 1.16% |
| J. S. AUTO (P) LTD | 1,155 | 1.21% | 680 | 0.97% |
| SKS TRADE INDIA PVT LTD | 1,081 | 1.13% | 568 | 0.81% |
| KHALSA AGENCIES | 969 | 1.02% | 468 | 0.67% |
| ALLFINE INDUSTRIES PVT LTD | 961 | 1.01% | 776 | 1.11% |
| Others including EV | 29,624 | 31.04% | 19,825 | 28.33% |
| Total | 95,449 | 100% | 69,976 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS & LD.
- Vehicle Retail Data has been collated as on 06.01.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,355 out of 1,442 RTOs.
- Others include OEMs accounting less than 1% Market Share.
| Commercial Vehicle OEM | DEC’23 | Market Share (%) DEC’23 | DEC’22 | Market Share (%) DEC’22 |
| TATA MOTORS LTD | 26,205 | 35.46% | 27,743 | 38.03% |
| MAHINDRA & MAHINDRA LIMITED | 19,662 | 26.61% | 18,084 | 24.79% |
| ASHOK LEYLAND LTD | 11,427 | 15.46% | 11,287 | 15.47% |
| VE COMMERCIAL VEHICLES LTD | 4,851 | 6.56% | 4,443 | 6.09% |
| MARUTI SUZUKI INDIA LTD | 3,165 | 4.28% | 3,259 | 4.47% |
| DAIMLER INDIA COMMERCIAL VEHICLES PVT. LTD | 1,534 | 2.08% | 1,526 | 2.09% |
| FORCE MOTORS LIMITED, A FIRODIA ENTERPRISE | 877 | 1.19% | 761 | 1.04% |
| SML ISUZU LTD | 622 | 0.84% | 595 | 0.82% |
| Others | 5,553 | 7.51% | 5,246 | 7.19% |
| Total | 73,896 | 100.00% | 72,944 | 100.00% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS & LD.
- Vehicle Retail Data has been collated as on 06.01.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,355 out of 1,442 RTOs.
| PV OEM | DEC’23 | Market Share (%) DEC’23 | DEC’22 | Market Share (%) DEC’22 |
| MARUTI SUZUKI INDIA LTD | 1,18,295 | 40.37% | 1,18,194 | 41.41% |
| TATA MOTORS LTD | 43,859 | 14.97% | 37,190 | 13.03% |
| HYUNDAI MOTOR INDIA LTD | 39,501 | 13.48% | 41,998 | 14.71% |
| MAHINDRA & MAHINDRA LIMITED | 31,544 | 10.77% | 27,678 | 9.70% |
| KIA MOTORS INDIA PVT LTD | 15,765 | 5.38% | 18,481 | 6.47% |
| TOYOTA KIRLOSKAR MOTOR PVT LTD | 14,389 | 4.91% | 10,491 | 3.68% |
| HONDA CARS INDIA LTD | 7,896 | 2.69% | 6,993 | 2.45% |
| SKODA AUTO VOLKSWAGEN GROUP | 6,985 | 2.38% | 7,035 | 2.46% |
| SKODA AUTO VOLKSWAGEN INDIA PVT LTD | 6,915 | 2.36% | 6,994 | 2.45% |
| VOLKSWAGEN AG/INDIA PVT. LTD. | – | 0.00% | 5 | 0.00% |
| AUDI AG | 70 | 0.02% | 31 | 0.01% |
| SKODA AUTO INDIA/AS PVT LTD | – | 0.00% | 5 | 0.00% |
| MG MOTOR INDIA PVT LTD | 3,370 | 1.15% | 3,133 | 1.10% |
| RENAULT INDIA PVT LTD | 2,955 | 1.01% | 5,906 | 2.07% |
| NISSAN MOTOR INDIA PVT LTD | 2,084 | 0.71% | 2,335 | 0.82% |
| MERCEDES -BENZ GROUP | 1,319 | 0.45% | 1,379 | 0.48% |
| MERCEDES-BENZ INDIA PVT LTD | 1,167 | 0.40% | 1,342 | 0.47% |
| MERCEDES -BENZ AG | 143 | 0.05% | 35 | 0.01% |
| DAIMLER AG | 9 | 0.00% | 2 | 0.00% |
| BMW INDIA PVT LTD | 1,128 | 0.38% | 869 | 0.30% |
| PCA AUTOMOBILES INDIA PVT LTD | 670 | 0.23% | 644 | 0.23% |
| FIAT INDIA AUTOMOBILES PVT LTD | 477 | 0.16% | 812 | 0.28% |
| FORCE MOTORS LIMITED, A FIRODIA ENTERPRISE | 467 | 0.16% | 416 | 0.15% |
| JAGUAR LAND ROVER INDIA LIMITED | 272 | 0.09% | 179 | 0.06% |
| VOLVO AUTO INDIA PVT LTD | 176 | 0.06% | 160 | 0.06% |
| BYD INDIA PRIVATE LIMITED | 170 | 0.06% | 52 | 0.02% |
| PORSCHE AG GERMANY | 80 | 0.03% | 32 | 0.01% |
| Others | 1,603 | 0.55% | 1,452 | 0.51% |
| Total | 2,93,005 | 100% | 2,85,429 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS & LD.
- Vehicle Retail Data has been collated as on 06.01.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,355 out of 1,442 RTOs.
| Tractor OEM | DEC’23 | Market Share (%) DEC’23 | DEC’22 | Market Share (%) DEC’22 |
| MAHINDRA & MAHINDRA LIMITED (TRACTOR) | 18,580 | 23.56% | 19,393 | 24.64% |
| MAHINDRA & MAHINDRA LIMITED (SWARAJ DIVISION) | 14,377 | 18.23% | 12,922 | 16.42% |
| INTERNATIONAL TRACTORS LIMITED | 11,335 | 14.37% | 9,731 | 12.36% |
| ESCORTS LIMITED (AGRI MACHINERY GROUP) | 8,154 | 10.34% | 7,761 | 9.86% |
| TAFE LIMITED | 8,056 | 10.21% | 7,873 | 10.00% |
| EICHER TRACTORS | 5,643 | 7.15% | 5,024 | 6.38% |
| JOHN DEERE INDIA PVT LTD(TRACTOR DEVISION) | 5,232 | 6.63% | 6,507 | 8.27% |
| CNH INDUSTRIAL (INDIA) PVT LTD | 3,349 | 4.25% | 3,290 | 4.18% |
| KUBOTA AGRICULTURAL MACHINERY INDIA PVT.LTD. | 1,518 | 1.92% | 2,386 | 3.03% |
| GROMAX AGRI EQUIPMENT LTD | 358 | 0.45% | 288 | 0.37% |
| V.S.T. TILLERS TRACTORS LIMITED | 288 | 0.37% | 461 | 0.59% |
| CAPTAIN TRACTORS PVT. LTD. | 285 | 0.36% | 223 | 0.28% |
| Others | 1,697 | 2.15% | 2,841 | 3.61% |
| Total | 78,872 | 100% | 78,700 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS & LD.
- Vehicle Retail Data has been collated as on 06.01.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,355 out of 1,442 RTOs.
