New Delhi – The Federation of Automobile Dealers Associations (FADA) has released its vehicle retail data for November 2024, painting a picture of mixed fortunes across the Indian automobile sector. While segments like Two-Wheelers (2W), Three-Wheelers (3W), and Tractors (Trac) registered Year-over-Year (YoY) growth, Passenger Vehicles (PV) and Commercial Vehicles (CV) saw notable declines.
Key Takeaways: November Auto Sales Performance
- Two-Wheelers (2W): A bright spot, with YoY growth of 15.8% and a record high for November registrations. Festive spillovers from October played a significant role, but marriage season sales were lackluster.
- Passenger Vehicles (PV): A challenging month, marked by a YoY decline of 13.72%. High inventory levels and weak market sentiment weighed heavily on this segment.
- Commercial Vehicles (CV): Sales dropped by 6.08% YoY as infrastructure activity remained sluggish, compounded by subdued coal and cement industries.
- Tractors (Trac): A strong performer, with a YoY increase of 29.88%, driven by rural stability and robust demand.
Understanding the Numbers
- Festive Spillover: The late Diwali in October extended its impact into November, bolstering 2W and Trac sales but failing to lift PV and CV categories.
- Rural Demand: Although rural markets provided a cushion, their influence was primarily limited to 2Ws, offering minimal support for other segments.
- Inventory Challenges: PV inventory levels, while reduced by 10 days, remain high at 65–68 days, prompting FADA to urge manufacturers to rationalize supply.
Segment Analysis
Two-Wheelers:
The 2W segment registered a YoY growth of 15.8% and Month-over-Month (MoM) growth of 26.67%, achieving a new benchmark for November sales. However, rural demand and year-end schemes are expected to offer only moderate support in December, keeping growth prospects stable but subdued.
Passenger Vehicles:
The PV segment struggled, with a YoY decline of 13.72% and MoM dip of 33.37%. Limited new launches, weak consumer sentiment, and inventory challenges were significant roadblocks. Dealers emphasized the need for aggressive inventory corrections to avoid deeper discounts in the coming months.
Commercial Vehicles:
The CV segment faced MoM and YoY declines of 15.85% and 6.08%, respectively. Market conditions were affected by slow infrastructure projects, elections, and a subdued marriage season. Dealers highlighted restricted product availability and limited financier support as additional hurdles.
Tractors:
The standout performer of November, Trac sales surged by 29.88% YoY, buoyed by favorable rural conditions and anticipation of a bumper Kharif harvest.
Dealer Sentiment and December Outlook
Survey Insights:
- Liquidity: 53.72% of dealers reported neutral liquidity, while 31.08% labeled it as bad.
- Sentiment: A mixed bag, with 49.66% expressing neutrality and 33.11% indicating negative sentiment.
- December Bookings: 69% of dealers reported a lack of traction in the booking pipeline.
Expectations for December:
- 40.54% anticipate flat sales, 39.19% foresee growth, and 20.27% predict a decline.
- Year-end offers and improved rural demand may provide a lift, particularly for 2Ws and PVs.
FADA’s Perspective
FADA President, Mr. C.S. Vigneshwar, remarked, “November sales reflected a tug-of-war between residual festive momentum and persistent market challenges. While rural demand and festive spillovers provided relief, subdued marriage season sales and inventory pressures held back stronger performance.”
What Lies Ahead
Looking forward, a potential bumper Kharif harvest could ease inflationary pressures and bolster consumer confidence. However, high PV inventory levels, sluggish CV demand, and cautious buyer sentiment suggest a mixed December outlook.
The industry remains cautiously optimistic, with pockets of growth expected through targeted discounts, year-end schemes, and stable rural demand. While no dramatic rebound is on the horizon, incremental gains could set the stage for a steadier 2025.
All India Vehicle Retail Data for YTD FY’25 (April’24 to Nov’24)
| CATEGORY | YTD FY’25 | YTD FY’24 | Growth % |
| 2W | 1,32,59,744 | 1,16,27,404 | 14.04% |
| 3W | 8,26,509 | 7,68,057 | 7.61% |
| CV | 6,57,634 | 6,59,515 | -0.29% |
| PV | 26,97,934 | 25,89,501 | 4.19% |
| TRAC | 5,50,810 | 5,69,570 | -3.29% |
| Total | 1,79,92,631 | 1,62,14,047 | 10.97% |
Source: FADA Research
All India Vehicle Retail Data for November’24
| CATEGORY | Nov’24 | Oct’24 | Nov’23 | MoM% | YoY% |
| 2W | 26,15,953 | 20,65,095 | 22,58,970 | 26.67% | 15.80% |
| 3W | 1,08,337 | 1,22,846 | 1,03,939 | -11.81% | 4.23% |
| E-RICKSHAW(P) | 40,391 | 43,982 | 41,718 | -8.16% | -3.18% |
| E-RICKSHAW WITH CART (G) | 5,423 | 5,892 | 3,188 | -7.96% | 70.11% |
| THREE-WHEELER (GOODS) | 10,940 | 12,709 | 10,524 | -13.92% | 3.95% |
| THREE-WHEELER (PASSENGER) | 51,466 | 60,169 | 48,418 | -14.46% | 6.30% |
| THREE-WHEELER (PERSONAL) | 117 | 94 | 91 | 24.47% | 28.57% |
| PV | 3,21,943 | 4,83,159 | 3,73,140 | -33.37% | -13.72% |
| TRAC | 80,519 | 64,433 | 61,996 | 24.97% | 29.88% |
| CV | 81,967 | 97,411 | 87,272 | -15.85% | -6.08% |
| LCV | 47,530 | 56,015 | 49,751 | -15.15% | -4.46% |
| MCV | 5,473 | 6,557 | 5,476 | -16.53% | -0.05% |
| HCV | 24,441 | 29,525 | 27,635 | -17.22% | -11.56% |
| Others | 4,523 | 5,314 | 4,410 | -14.89% | 2.56% |
| Total | 32,08,719 | 28,32,944 | 28,85,317 | 13.26% | 11.21% |
Source: FADA Research
All India Vehicle Retail Strength YoY and MOM comparison for Nov’24.
| Category | MoM% | YoY% | Category | MoM% | YoY% |
| 2W | CV | ||||
| Urban | 2.05% | 9.08% | Urban | -20.16% | -6.03% |
| Rural | 46.40% | 19.93% | Rural | -11.26% | -6.13% |
| 3W | TRAC | ||||
| Urban | -14.59% | 1.26% | Urban | 21.15% | 34.41% |
| Rural | -9.22% | 6.98% | Rural | 25.96% | 28.79% |
| PV | Total | ||||
| Urban | -34.87% | -16.01% | Urban | -7.47% | 3.66% |
| Rural | -31.02% | -10.10% | Rural | 31.77% | 16.53% |
Source: FADA Research
All India Vehicle Retail Strength YoY comparison for YTD FY’25 (April’24 to Nov’24).
| Category | YoY% | Category | YoY% |
| 2W | CV | ||
| Urban | 11.56% | Urban | -1.45% |
| Rural | 15.40% | Rural | 0.06% |
| 3W | TRAC | ||
| Urban | 1.69% | Urban | -10.72% |
| Rural | 13.59% | Rural | -1.47% |
| PV | Total | ||
| Urban | -0.83% | Urban | 7.36% |
| Rural | 7.19% | Rural | 13.01% |
Source: FADA Research
Motor Vehicle Road Tax Collection (in Rs Crore)
| Nov’24 | Oct’24 | Nov’23 | MoM% | YoY% | |
| Motor Vehicle Road Tax Collection | 7,589 | 9,707 | 7,540 | -21.8% | 0.7% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 05.12.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,369 out of 1,431 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 Nov’24 with YoY comparison
| Two-Wheeler OEM | NOV’24 | Market Share (%) NOV’24 | NOV’23 | Market Share (%) NOV’23 |
| HERO MOTOCORP LTD | 9,15,468 | 35.00% | 8,04,498 | 35.61% |
| HONDA MOTORCYCLE AND SCOOTER INDIA (P) LTD | 6,54,564 | 25.02% | 5,15,128 | 22.80% |
| TVS MOTOR COMPANY LTD | 4,20,990 | 16.09% | 3,66,896 | 16.24% |
| BAJAJ AUTO GROUP | 3,04,221 | 11.63% | 2,75,119 | 12.18% |
| BAJAJ AUTO LTD | 3,04,221 | 11.63% | 2,75,045 | 12.18% |
| CHETAK TECHNOLOGY LIMITED | – | 0.00% | 74 | 0.00% |
| ROYAL-ENFIELD (UNIT OF EICHER LTD) | 93,530 | 3.58% | 83,974 | 3.72% |
| SUZUKI MOTORCYCLE INDIA PVT LTD | 91,972 | 3.52% | 83,121 | 3.68% |
| INDIA YAMAHA MOTOR PVT LTD | 68,266 | 2.61% | 64,133 | 2.84% |
| OLA ELECTRIC TECHNOLOGIES PVT LTD | 29,204 | 1.12% | 30,073 | 1.33% |
| ATHER ENERGY PVT LTD | 12,760 | 0.49% | 9,342 | 0.41% |
| GREAVES ELECTRIC MOBILITY PVT LTD | 4,469 | 0.17% | 4,416 | 0.20% |
| CLASSIC LEGENDS PVT LTD | 4,148 | 0.16% | 3,316 | 0.15% |
| PIAGGIO VEHICLES PVT LTD | 3,154 | 0.12% | 3,475 | 0.15% |
| Others Including EV | 13,207 | 0.50% | 15,479 | 0.69% |
| Total | 26,15,953 | 100% | 22,58,970 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 05.12.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,369 out of 1,431 RTOs.
- Others include OEMs accounting less than 0.1% Market Share.
| Three-Wheeler OEM | NOV’24 | Market Share (%) NOV’24 | NOV’23 | Market Share (%) NOV’23 |
| BAJAJ AUTO LTD | 39,061 | 36.06% | 39,514 | 38.02% |
| PIAGGIO VEHICLES PVT LTD | 8,843 | 8.16% | 8,963 | 8.62% |
| MAHINDRA & MAHINDRA LIMITED | 7,872 | 7.27% | 6,428 | 6.18% |
| MAHINDRA LAST MILE MOBILITY LTD | 7,824 | 7.22% | 5,106 | 4.91% |
| MAHINDRA & MAHINDRA LIMITED | 48 | 0.04% | 1,322 | 1.27% |
| YC ELECTRIC VEHICLE | 3,977 | 3.67% | 3,690 | 3.55% |
| ATUL AUTO LTD | 2,512 | 2.32% | 2,108 | 2.03% |
| SAERA ELECTRIC AUTO PVT LTD | 2,263 | 2.09% | 2,701 | 2.60% |
| TVS MOTOR COMPANY LTD | 2,137 | 1.97% | 1,588 | 1.53% |
| DILLI ELECTRIC AUTO PVT LTD | 2,044 | 1.89% | 2,027 | 1.95% |
| ENERGY ELECTRIC VEHICLES | 1,232 | 1.14% | 1,080 | 1.04% |
| MINI METRO EV L.L.P | 1,227 | 1.13% | 1,342 | 1.29% |
| UNIQUE INTERNATIONAL | 1,166 | 1.08% | 1,191 | 1.15% |
| Others including EV | 36,003 | 33.23% | 33,307 | 32.04% |
| Total | 1,08,337 | 100% | 1,03,939 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 05.12.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,369 out of 1,431 RTOs.
- Others include OEMs accounting less than 1% Market Share.
| Commercial Vehicle OEM | NOV’24 | Market Share (%) NOV’24 | NOV’23 | Market Share (%) NOV’23 |
| TATA MOTORS LTD | 27,671 | 33.76% | 30,382 | 34.81% |
| MAHINDRA & MAHINDRA LIMITED | 23,046 | 28.12% | 23,536 | 26.97% |
| ASHOK LEYLAND LTD | 12,824 | 15.65% | 13,721 | 15.72% |
| VE COMMERCIAL VEHICLES LTD | 5,517 | 6.73% | 5,773 | 6.61% |
| MARUTI SUZUKI INDIA LTD | 3,696 | 4.51% | 3,765 | 4.31% |
| DAIMLER INDIA COMMERCIAL VEHICLES PVT. LTD | 1,573 | 1.92% | 1,837 | 2.10% |
| FORCE MOTORS LIMITED | 1,297 | 1.58% | 1,214 | 1.39% |
| SML ISUZU LTD | 730 | 0.89% | 571 | 0.65% |
| Others | 5,613 | 6.85% | 6,473 | 7.42% |
| Total | 81,967 | 100.00% | 87,272 | 100.00% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 05.12.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,369 out of 1,431 RTOs.
| PV OEM | NOV’24 | Market Share (%) NOV’24 | NOV’23 | Market Share (%) NOV’23 |
| MARUTI SUZUKI INDIA LTD | 1,28,521 | 39.92% | 1,53,103 | 41.03% |
| HYUNDAI MOTOR INDIA LTD | 43,996 | 13.67% | 51,288 | 13.74% |
| MAHINDRA & MAHINDRA LIMITED | 42,305 | 13.14% | 41,544 | 11.13% |
| TATA MOTORS LTD | 42,176 | 13.10% | 54,923 | 14.72% |
| TOYOTA KIRLOSKAR MOTOR PVT LTD | 20,261 | 6.29% | 17,936 | 4.81% |
| KIA INDIA PRIVATE LIMITED | 18,502 | 5.75% | 20,786 | 5.57% |
| SKODA AUTO VOLKSWAGEN GROUP | 5,671 | 1.76% | 8,003 | 2.14% |
| SKODA AUTO VOLKSWAGEN INDIA PVT LTD | 5,606 | 1.74% | 7,948 | 2.13% |
| VOLKSWAGEN AG/INDIA PVT. LTD. | 3 | 0.00% | 3 | 0.00% |
| AUDI AG | 20 | 0.01% | 49 | 0.01% |
| SKODA AUTO INDIA/AS PVT LTD | 42 | 0.01% | 3 | 0.00% |
| MG MOTOR INDIA PVT LTD | 5,002 | 1.55% | 4,260 | 1.14% |
| HONDA CARS INDIA LTD | 4,485 | 1.39% | 8,541 | 2.29% |
| RENAULT INDIA PVT LTD | 2,953 | 0.92% | 3,942 | 1.06% |
| NISSAN MOTOR INDIA PVT LTD | 2,354 | 0.73% | 2,521 | 0.68% |
| MERCEDES -BENZ GROUP | 1,396 | 0.43% | 1,380 | 0.37% |
| MERCEDES-BENZ INDIA PVT LTD | 1,248 | 0.39% | 1,232 | 0.33% |
| MERCEDES -BENZ AG | 120 | 0.04% | 140 | 0.04% |
| DAIMLER AG | 28 | 0.01% | 8 | 0.00% |
| BMW INDIA PVT LTD | 993 | 0.31% | 1,227 | 0.33% |
| FORCE MOTORS LIMITED | 579 | 0.18% | 520 | 0.14% |
| PCA AUTOMOBILES INDIA PVT LTD | 467 | 0.15% | 830 | 0.22% |
| FCA INDIA AUTOMOBILES PRIVATE LIMITED | 347 | 0.11% | 524 | 0.14% |
| BYD INDIA PRIVATE LIMITED | 329 | 0.10% | 140 | 0.04% |
| JAGUAR LAND ROVER INDIA LIMITED | 311 | 0.10% | 368 | 0.10% |
| VOLVO AUTO INDIA PVT LTD | 142 | 0.04% | 232 | 0.06% |
| Others | 1,153 | 0.36% | 1,072 | 0.29% |
| Total | 3,21,943 | 100% | 3,73,140 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 05.12.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,369 out of 1,431 RTOs.
| Tractor OEM | NOV’24 | Market Share (%) NOV’24 | NOV’23 | Market Share (%) NOV’23 |
| MAHINDRA & MAHINDRA LIMITED (TRACTOR) | 19,526 | 24.25% | 14,487 | 23.37% |
| MAHINDRA & MAHINDRA LIMITED (SWARAJ DIVISION) | 14,696 | 18.25% | 11,495 | 18.54% |
| INTERNATIONAL TRACTORS LIMITED | 10,858 | 13.49% | 8,293 | 13.38% |
| TAFE LIMITED | 9,383 | 11.65% | 7,234 | 11.67% |
| ESCORTS KUBOTA LIMITED (AGRI MACHINERY GROUP) | 7,395 | 9.18% | 6,272 | 10.12% |
| JOHN DEERE INDIA PVT LTD (TRACTOR DEVISION) | 5,982 | 7.43% | 4,423 | 7.13% |
| EICHER TRACTORS | 5,557 | 6.90% | 4,526 | 7.30% |
| CNH INDUSTRIAL (INDIA) PVT LTD | 3,102 | 3.85% | 2,338 | 3.77% |
| KUBOTA AGRICULTURAL MACHINERY INDIA PVT.LTD. | 1,273 | 1.58% | 1,008 | 1.63% |
| Others | 2,747 | 3.41% | 1,920 | 3.10% |
| Total | 80,519 | 100% | 61,996 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 05.12.24 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,369 out of 1,431 RTOs.
