New Delhi, India – The Federation of Automobile Dealers Associations (FADA) has released October 2024’s vehicle retail data, showing an extraordinary surge across all segments, with total retail sales leaping by 32% year-on-year and an impressive 64% month-on-month. This robust growth reflects the confluence of peak festive demand and strong rural market support, especially bolstered by increased Minimum Support Prices (MSP) for Rabi crops.
Strong Overall Growth Across Segments
In October, all vehicle categories saw notable increases in sales: two-wheelers (2W) soared by 36% year-on-year, passenger vehicles (PV) by 32%, three-wheelers (3W) by 11%, commercial vehicles (CV) by 6%, and tractors (Trac) by 3%. The alignment of Navratri and Diwali in the same month significantly boosted consumer sentiment and purchase levels, a trend bolstered by rural prosperity due to favorable monsoons and positive agricultural outlooks.
2W Sales Surge
The two-wheeler segment stood out with an extraordinary 36% year-on-year and 71% month-on-month increase. Dealers credit this growth to an alignment of festive celebrations and appealing promotional offers, which were especially welcomed in rural markets where good monsoons and crop yields have boosted disposable incomes. Enhanced stock availability and new model launches allowed dealerships to capitalize on heightened consumer demand.
PV Sales Remain Strong Amid Inventory Concerns
Passenger vehicles also saw substantial growth, climbing 32% year-on-year and a staggering 75% month-on-month. The SUV category continued to attract buyers, driven by aggressive offers and appealing new model launches. However, the high inventory levels, estimated between 75–80 days, may lead to prolonged discounting until year-end as dealers aim to clear excess stock.
CV Sales Face Mixed Fortunes
The commercial vehicle segment, though more modest at 6% year-on-year growth, was supported by agricultural demand and bulk orders for container movements. Festive season demand provided an uptick, yet challenges such as slower construction activity and rising vehicle costs hindered broader growth.
Looking Forward: Wedding Season Set to Drive Demand
With an estimated 4.8 million weddings scheduled in November and December, auto dealers anticipate further demand growth, particularly for two-wheelers and passenger vehicles. Rural sentiment remains positive, supported by strong agricultural yields and favorable market conditions, promising sustained interest in these segments.
However, dealers remain cautious, especially in the CV segment, where challenges such as financial constraints and stagnant construction demand may impact future sales. FADA has advised PV manufacturers to manage inventories prudently to prevent an oversupply situation that could depress prices and erode margins.
Industry Sentiments and Expectations
FADA’s survey reflects a balanced outlook among members: 48.35% reported favorable liquidity, while 50.64% felt positive about future prospects. Nevertheless, mixed expectations about November’s performance reveal that 39.69% expect a flat month, while 37.15% foresee growth, and 23.16% anticipate a decline.
Strategic Outlook
As the year winds down, the auto industry remains optimistic about closing 2024 on a high note, supported by the wedding season and sustained rural demand. Nonetheless, concerns over inventory management and economic challenges persist, urging the sector to proceed with strategic caution.
Upcoming Report: FADA will release detailed data for the entire festive season on November 14, 2024, providing a comprehensive overview of this critical period for India’s auto market.
All India Vehicle Retail Data for YTD FY’25 (April’24 to Oct’24)
| CATEGORY | YTD FY’25 | YTD FY’24 | Growth % |
| 2W | 1,06,36,263 | 93,68,261 | 13.54% |
| 3W | 7,18,111 | 6,63,519 | 8.23% |
| CV | 5,75,160 | 5,72,066 | 0.54% |
| PV | 23,61,768 | 22,16,258 | 6.57% |
| TRAC | 4,70,276 | 5,07,576 | -7.35% |
| Total | 1,47,61,578 | 1,33,27,680 | 10.76% |
Source: FADA Research
All India Vehicle Retail Data for October’24
| CATEGORY | Oct’24 | Sep’24 | Oct’23 | MoM% | YoY% |
| 2W | 20,65,095 | 12,04,259 | 15,14,634 | 71.48% | 36.34% |
| 3W | 1,22,846 | 1,06,524 | 1,10,221 | 15.32% | 11.45% |
| E-RICKSHAW(P) | 43,982 | 44,043 | 45,745 | -0.14% | -3.85% |
| E-RICKSHAW WITH CART (G) | 5,892 | 4,569 | 3,019 | 28.96% | 95.16% |
| THREE-WHEELER (GOODS) | 12,709 | 9,108 | 10,958 | 39.54% | 15.98% |
| THREE-WHEELER (PASSENGER) | 60,169 | 48,714 | 50,433 | 23.51% | 19.30% |
| THREE-WHEELER (PERSONAL) | 94 | 90 | 66 | 4.44% | 42.42% |
| PV | 4,83,159 | 2,75,681 | 3,64,991 | 75.26% | 32.38% |
| TRAC | 64,433 | 62,542 | 62,507 | 3.02% | 3.08% |
| CV | 97,411 | 74,324 | 91,576 | 31.06% | 6.37% |
| LCV | 56,015 | 41,715 | 51,340 | 34.28% | 9.11% |
| MCV | 6,557 | 6,090 | 6,164 | 7.67% | 6.38% |
| HCV | 29,525 | 22,941 | 29,869 | 28.70% | -1.15% |
| Others | 5,314 | 3,578 | 4,203 | 48.52% | 26.43% |
| Total | 28,32,944 | 17,23,330 | 21,43,929 | 64.39% | 32.14% |
Source: FADA Research
All India Vehicle Retail Strength YoY and MOM comparison for Oct’24.
| Urban | Rural | |||
| CATEGORY | MoM% | YOY% | MoM% | YOY% |
| 2W | -5.24% | -1.41% | 4.64% | 1.16% |
| 3W | 3.76% | 0.81% | -3.26% | -0.74% |
| CV | 0.70% | 0.54% | -0.74% | -0.57% |
| PV | -1.94% | -3.83% | 3.19% | 6.64% |
| TRAC | 21.79% | 5.44% | -4.46% | -1.33% |
| Total | -2.66% | -1.53% | 2.50% | 1.40% |
Source: FADA Research
All India Vehicle Retail Strength YoY comparison for YTD FY’25 (April’24 to Oct’24).
| Category | Urban | Rural |
| 2W | -1.07% | 0.81% |
| 3W | -5.97% | 5.96% |
| CV | -0.90% | 0.93% |
| PV | -3.00% | 5.31% |
| TRAC | -9.39% | 2.35% |
| Total | -2.00% | 1.73% |
Source: FADA Research
Motor Vehicle Road Tax Collection (in Rs Crore)
| Oct’24 | Sep’24 | Oct’23 | MoM% | YoY% | |
| Motor Vehicle Road Tax Collection | 9,707 | 5,947 | 7,278 | 63.2% | 33.4% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 04.11.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,366 out of 1,430 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 Commercial 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 Oct’24 with YoY comparison
| Two-Wheeler OEM | OCT’24 | Market Share (%) OCT’24 | OCT’23 | Market Share (%) OCT’23 |
| HERO MOTOCORP LTD | 5,76,532 | 27.92% | 4,18,672 | 27.64% |
| HONDA MOTORCYCLE AND SCOOTER INDIA (P) LTD | 5,54,249 | 26.84% | 4,03,604 | 26.65% |
| TVS MOTOR COMPANY LTD | 3,51,950 | 17.04% | 2,52,359 | 16.66% |
| BAJAJ AUTO | 2,30,254 | 11.15% | 1,79,308 | 11.84% |
| SUZUKI MOTORCYCLE INDIA PVT LTD | 1,06,362 | 5.15% | 80,278 | 5.30% |
| ROYAL-ENFIELD (UNIT OF EICHER LTD) | 95,113 | 4.61% | 69,873 | 4.61% |
| INDIA YAMAHA MOTOR PVT LTD | 68,153 | 3.30% | 55,497 | 3.66% |
| OLA ELECTRIC TECHNOLOGIES PVT LTD | 41,651 | 2.02% | 23,892 | 1.58% |
| ATHER ENERGY PVT LTD | 15,993 | 0.77% | 8,484 | 0.56% |
| CLASSIC LEGENDS PVT LTD | 4,180 | 0.20% | 2,776 | 0.18% |
| GREAVES ELECTRIC MOBILITY PVT LTD | 3,981 | 0.19% | 4,184 | 0.28% |
| PIAGGIO VEHICLES PVT LTD | 3,241 | 0.16% | 3,337 | 0.22% |
| Others Including EV | 13,436 | 0.65% | 12,370 | 0.82% |
| Total | 20,65,095 | 100% | 15,14,634 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 04.11.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,366 out of 1,430 RTOs.
- Others include OEMs accounting less than 0.1% Market Share.
| Three-Wheeler OEM | OCT’24 | Market Share (%) OCT’24 | OCT’23 | Market Share (%) OCT’23 |
| BAJAJ AUTO LTD | 47,978 | 39.06% | 41,961 | 38.07% |
| PIAGGIO VEHICLES PVT LTD | 9,041 | 7.36% | 9,364 | 8.50% |
| MAHINDRA & MAHINDRA LIMITED | 8,290 | 6.75% | 5,901 | 5.35% |
| MAHINDRA LAST MILE MOBILITY LTD | 8,251 | 6.72% | 2,957 | 2.68% |
| MAHINDRA & MAHINDRA LIMITED | 39 | 0.03% | 2,944 | 2.67% |
| YC ELECTRIC VEHICLE | 4,601 | 3.75% | 4,068 | 3.69% |
| ATUL AUTO LTD | 3,212 | 2.61% | 2,186 | 1.98% |
| SAERA ELECTRIC AUTO PVT LTD | 2,484 | 2.02% | 3,132 | 2.84% |
| TVS MOTOR COMPANY LTD | 2,451 | 2.00% | 1,584 | 1.44% |
| DILLI ELECTRIC AUTO PVT LTD | 2,388 | 1.94% | 2,186 | 1.98% |
| MINI METRO EV L.L.P | 1,384 | 1.13% | 1,356 | 1.23% |
| Others including EV | 41,017 | 33.39% | 38,483 | 34.91% |
| Total | 1,22,846 | 100% | 1,10,221 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 04.11.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,366 out of 1,430 RTOs.
- Others include OEMs accounting less than 1% Market Share.
| Commercial Vehicle OEM | OCT’24 | Market Share (%) OCT’24 | OCT’23 | Market Share (%) OCT’23 |
| TATA MOTORS LTD | 30,562 | 31.37% | 32,806 | 35.82% |
| MAHINDRA & MAHINDRA LIMITED | 27,769 | 28.51% | 22,984 | 25.10% |
| ASHOK LEYLAND LTD | 15,772 | 16.19% | 14,883 | 16.25% |
| VE COMMERCIAL VEHICLES LTD | 7,033 | 7.22% | 6,650 | 7.26% |
| MARUTI SUZUKI INDIA LTD | 5,238 | 5.38% | 3,989 | 4.36% |
| DAIMLER INDIA COMMERCIAL VEHICLES PVT. LTD | 1,894 | 1.94% | 1,956 | 2.14% |
| FORCE MOTORS LIMITED | 1,370 | 1.41% | 1,317 | 1.44% |
| SML ISUZU LTD | 852 | 0.87% | 660 | 0.72% |
| Others | 6,921 | 7.10% | 6,331 | 6.91% |
| Total | 97,411 | 100.00% | 91,576 | 100.00% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 04.11.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,366 out of 1,430 RTOs.
| PV OEM | OCT’24 | Market Share (%) OCT’24 | OCT’23 | Market Share (%) OCT’23 |
| MARUTI SUZUKI INDIA LTD | 1,99,675 | 41.33% | 1,47,762 | 40.48% |
| HYUNDAI MOTOR INDIA LTD | 67,981 | 14.07% | 52,170 | 14.29% |
| TATA MOTORS LTD | 65,011 | 13.46% | 49,798 | 13.64% |
| MAHINDRA & MAHINDRA LIMITED | 58,120 | 12.03% | 37,277 | 10.21% |
| KIA INDIA PRIVATE LIMITED | 28,612 | 5.92% | 21,958 | 6.02% |
| TOYOTA KIRLOSKAR MOTOR PVT LTD | 28,121 | 5.82% | 19,459 | 5.33% |
| SKODA AUTO VOLKSWAGEN GROUP | 8,571 | 1.77% | 8,234 | 2.26% |
| SKODA AUTO VOLKSWAGEN INDIA PVT LTD | 8,541 | 1.77% | 8,168 | 2.24% |
| VOLKSWAGEN AG/INDIA PVT. LTD. | – | 0.00% | 3 | 0.00% |
| AUDI AG | 24 | 0.00% | 59 | 0.02% |
| SKODA AUTO INDIA/AS PVT LTD | 6 | 0.00% | 4 | 0.00% |
| HONDA CARS INDIA LTD | 7,087 | 1.47% | 8,569 | 2.35% |
| MG MOTOR INDIA PVT LTD | 5,446 | 1.13% | 4,296 | 1.18% |
| RENAULT INDIA PVT LTD | 4,431 | 0.92% | 4,166 | 1.14% |
| NISSAN MOTOR INDIA PVT LTD | 2,649 | 0.55% | 2,300 | 0.63% |
| MERCEDES -BENZ GROUP | 1,792 | 0.37% | 1,374 | 0.38% |
| MERCEDES-BENZ INDIA PVT LTD | 1,637 | 0.34% | 1,266 | 0.35% |
| MERCEDES -BENZ AG | 137 | 0.03% | 105 | 0.03% |
| DAIMLER AG | 18 | 0.00% | 3 | 0.00% |
| BMW INDIA PVT LTD | 1,475 | 0.31% | 1,165 | 0.32% |
| PCA AUTOMOBILES INDIA PVT LTD | 780 | 0.16% | 737 | 0.20% |
| FORCE MOTORS LIMITED | 740 | 0.15% | 670 | 0.18% |
| JAGUAR LAND ROVER INDIA LIMITED | 484 | 0.10% | 442 | 0.12% |
| FCA INDIA AUTOMOBILES PRIVATE LIMITED | 466 | 0.10% | 481 | 0.13% |
| BYD INDIA PRIVATE LIMITED | 363 | 0.08% | 144 | 0.04% |
| VOLVO AUTO INDIA PVT LTD | 160 | 0.03% | 186 | 0.05% |
| Others | 1,195 | 0.25% | 3,803 | 1.04% |
| Total | 4,83,159 | 100% | 3,64,991 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 04.11.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,366 out of 1,430 RTOs.
| Tractor OEM | OCT’24 | Market Share (%) OCT’24 | OCT’23 | Market Share (%) OCT’23 |
| MAHINDRA & MAHINDRA LIMITED (TRACTOR) | 14,792 | 22.96% | 14,178 | 22.68% |
| MAHINDRA & MAHINDRA LIMITED (SWARAJ DIVISION) | 11,227 | 17.42% | 11,065 | 17.70% |
| TAFE LIMITED | 8,767 | 13.61% | 8,684 | 13.89% |
| INTERNATIONAL TRACTORS LIMITED | 7,983 | 12.39% | 7,713 | 12.34% |
| ESCORTS KUBOTA LIMITED (AGRI MACHINERY GROUP) | 6,043 | 9.38% | 6,267 | 10.03% |
| JOHN DEERE INDIA PVT LTD (TRACTOR DEVISION) | 5,884 | 9.13% | 4,558 | 7.29% |
| EICHER TRACTORS | 3,691 | 5.73% | 4,268 | 6.83% |
| CNH INDUSTRIAL (INDIA) PVT LTD | 2,596 | 4.03% | 2,481 | 3.97% |
| KUBOTA AGRICULTURAL MACHINERY INDIA PVT.LTD. | 1,161 | 1.80% | 1,092 | 1.75% |
| Others | 2,289 | 3.55% | 2,201 | 3.52% |
| Total | 64,433 | 100% | 62,507 | 100% |
Source: FADA Research
Disclaimer:
Vehicle Retail Data has been collated as on 04.11.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,366 out of 1,430 RTOs.
The above numbers do not have figures from TS.
