• February registrations continue to fall by -13.43% YoY.
  • While Tractors continued its positive momentum by growing 18.89% YoY, Passenger Vehicles also showed double digit growth at 10.59% YoY. This growth was majorly due to low base of last year as India had started transitioning from BS-4 to BS-6 emission norms.
  • On a YoY basis, 2W, 3W and CV continued their fall by -16.08%, -49.65% and -29.53% respectively.
  • Passenger vehicle waiting period continued to remain as high as 8 months as scarcity of semiconductors continued to linger around.
  • Dealer inventory for PV and 2W remained in range of 10-15 and 30-35 days.
  • Auto Retail Industry continues to await the fine prints of Voluntary Scrappage Policy.
  • The industry also urges Union Government to intervene and solve the semiconductor issue which is hampering Automobile manufacturing & sales, thus threatening post pandemic economic recovery.

9th March’21, New Delhi: The Federation of Automobile Dealers Associations (FADA) today released Monthly Vehicle Registration Data for February’21.

February’21 Registration

Commenting on how February’21 performed, FADA President, Mr. Vinkesh Gulati said, Auto Registrations continued to fall in double digits by -13.43% YoY in the month of February. While Tractors maintained their outperformance compared to the broader market, Passenger Vehicles witnessed double digit growth on low base of last year as India started transitioning from BS-4 to BS-6 emission norms. This coupled with the global semiconductor outrage kept waiting period of PV as high as 8 months. FADA Survey showed that 50% PV Dealers lost 20% + sales due to non-availability of vehicles.

2W continued to see sluggish demand as the new wave of Covid in certain states kept customers away. Enquiry levels also narrowed as many educational institutions were still reluctant to open. Fuel prices are at its historic high and has put a dampener in sentiments. This in-turn has pressed brake on sale of entry level price sensitive category.

Overall CV segment continues to falter as availability of finance, negligible sales of passenger buses due to closure of educational institutes and supply side constraints kept the registrations in deep red.  LCV’s which saw good pent up demand during last few months post unlocking has now started to fall flat. Tippers and HCV’s are in-turn showing initial signs of revival as Government’s infrastructure push has started creating its demand.

Near Term Outlook

India’s economy resurfaced to growth territory in the third quarter of FY20-21, clocking 0.4% rise in the GDP. India’s farm sector remained resilient, clocking a 3.9% growth in Gross Value Added (GVA) to the economy, after recording 3.3% and 3% rise in the first two quarters. Tractor registrations will hence continue to outperform overall registrations in near term.

The fuel consumption which had almost recovered from the lows of pandemic is once again witnessing headwinds due to historic price hikes. This will have a negative impact on 2W and CV sales.

Consumer spending, which is the driving force behind India’s economy and accounting for 60% of the GDP, fell 2.4% showing signs of sluggishness despite the quarter being in the festive season. This also reflects that consumers are still uncertain and worried about their income and cautious about spending.

India’s growth engine will only see full recovery depending on the pace of the world’s largest vaccination programme. A rapid increase in new covid cases will thus reduce the pace of recovery and hence impact overall Auto demand.

While FADA is thankful to Hon’ble Finance Minister for announcing the Voluntary Scrappage Policy, it continues to await the fine prints of the same. The Federation also urges the Union Government to hold diplomatic discussions with countries manufacturing semi-conductors (Taiwan & other similar countries) so that the momentum which was built thus far in Auto sales is not lost and Auto Industry continues to fuel the recovery process. Overall, FADA continues to remain guarded in its optimism for vehicle registrations in March.

Key Findings from our Online Members Survey

  • Sentiments
    • 51.9% dealers rated it as Good
    • 33.3% dealers rated it as Neutral
    • 14.8% dealers rated it as Bad
  • Liquidity
    • 49.6% dealers rated it as Good
    • 36.7% dealers rated it as Neutral
    • 13.7% dealers rated it as Bad
  • Expectation in March
    • 55.9% dealers rated it as Growth
    • 24.8% dealers rated it as Flat
    • 19.3% dealers rated it as De-growth
  • Inventory
    • Average inventory for Passenger Vehicles ranges from 10 – 15 days
    • Average inventory for Two-Wheeler ranges from 30 – 35 days

Chart showing Vehicle Registration Data for February’21 with YoY comparison can be found below:

All India Vehicle Registration Data for February’21

CATEGORYFEB’21FEB’20YoY %
2W10,91,288 13,00,364-16.08%
3W33,319 66,177-49.65%
PV2,54,058 2,29,73410.59%
TRACTOR61,351 51,60218.89%
CV59,020 83,751-29.53%
LCV34,898 51,609-32.38%
MCV3,785 4,528-16.41%
HCV16,333 24,261-32.68%
Others4,004 3,35319.42%
Total14,99,036 17,31,628-13.43%

Source: FADA Research

Disclaimer:

  1. The above numbers do not have figures from AP, MP, LD & TS as they are not yet on Vahan 4.
  2. Vehicle Registration Data has been collated as on 07.03.21 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,274 out of 1,481 RTOs.
  3. CV is subdivided in the following manner
    1. LCV – Light Commercial Vehicle (incl. Passenger & Goods Vehicle)
    2. MCV – Medium Commercial Vehicle (incl. Passenger & Goods Vehicle)
    3. HCV – Heavy Commercial Vehicle (incl. Passenger & Goods Vehicle)
    4. Others – Construction Equipment Vehicles and others

OEM wise Market Share Data for the Month of February’21 with YoY comparison

Two-Wheeler (2W)
Two-Wheeler OEMFEB’21Market Share (%), FEB’21FEB’20Market Share (%), FEB’20
HERO MOTOCORP LTD3,50,53332.12%4,93,12137.92%
HONDA MOTORCYCLE AND SCOOTER INDIA (P) LTD2,97,02927.22%3,12,93924.07%
TVS MOTOR COMPANY LTD1,66,08915.22%1,82,80714.06%
BAJAJ AUTO LTD1,20,31711.03%1,51,16311.62%
ROYAL-ENFIELD (UNIT OF EICHER LTD)52,7134.83%56,5064.35%
SUZUKI MOTORCYCLE INDIA PVT LTD47,0484.31%47,7983.68%
INDIA YAMAHA MOTOR PVT LTD44,4134.07%43,3803.34%
PIAGGIO VEHICLES PVT LTD4,5830.42%4,6960.36%
CLASSIC LEGENDS PVT LTD2,1910.20%4,1420.32%
BMW INDIA PVT LTD2420.02%3070.02%
ADISHWAR AUTO RIDE INDIA PVT LTD1580.01%4660.04%
INDIA KAWASAKI MOTORS PVT LTD1140.01%2560.02%
TRIUMPH MOTORCYCLES (INDIA) PVT LTD710.01%750.01%
H-D MOTOR COMPANY INDIA PVT LTD210.00%2150.02%
DUCATI INDIA PVT LTD130.00%280.00%
DUCATI MOTOR HOLDING S.P.A0.00%40.00%
Others including EV5,7530.53%2,4610.19%
Total10,91,288100.00%13,00,364100.00%

Source: FADA Research

Disclaimer:

  1. The above numbers do not have figures from AP, MP, LD & TS as they are not yet on Vahan 4.
  2. Vehicle Registration Data has been collated as on 07.03.21 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,274 out of 1,481 RTOs.
Three-Wheeler (3W)
Three-Wheeler OEMFEB’21Market Share (%), FEB’21FEB’20Market Share (%), FEB’20
BAJAJ AUTO LTD12,25336.77%27,98942.29%
PIAGGIO VEHICLES PVT LTD5,18015.55%13,04219.71%
MAHINDRA & MAHINDRA LIMITED1,3874.16%4,8227.29%
ATUL AUTO LTD1,3324.00%4,1826.32%
TVS MOTOR COMPANY LTD8602.58%1,1751.78%
Others including EV12,30736.94%14,96722.62%
Total33,319100.00%66,177100.00%

Source: FADA Research

Disclaimer:

  1. The above numbers do not have figures from AP, MP, LD & TS as they are not yet on Vahan 4.
  2. Vehicle Registration Data has been collated as on 07.03.21 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,274 out of 1,481 RTOs.
Commercial Vehicle (CV)
Commercial Vehicle OEMFEB’21Market Share (%), FEB’21FEB’20Market Share (%), FEB’20
TATA MOTORS LTD24,70941.87%36,41043.47%
MAHINDRA & MAHINDRA LIMITED11,99320.32%21,19825.31%
ASHOK LEYLAND LTD8,83814.97%11,96714.29%
VE COMMERCIAL VEHICLES LTD3,6946.26%4,4225.28%
MARUTI SUZUKI INDIA LTD3,2195.45%2,3472.80%
DAIMLER INDIA COMMERCIAL VEHICLES PVT. LTD1,1571.96%1,5821.89%
FORCE MOTORS LIMITED, A FIRODIA ENTERPRISE6541.11%1,0891.30%
SML ISUZU LTD4650.79%8371.00%
Others4,2917.27%3,8994.66%
Total59,020100.00%83,751100.00%

Source: FADA Research

Disclaimer:

  1. The above numbers do not have figures from AP, MP, LD & TS as they are not yet on Vahan 4.
  2. Vehicle Registration Data has been collated as on 07.03.21 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,274 out of 1,481 RTOs.
Passenger Vehicle (PV)
Passenger Vehicle OEMFEB’21Market Share (%), FEB’21FEB’20Market Share (%), FEB’20
MARUTI SUZUKI INDIA LTD1,19,24646.94%1,14,84849.99%
HYUNDAI MOTOR INDIA LTD43,87317.27%35,33715.38%
TATA MOTORS LTD20,9488.25%12,9785.65%
KIA MOTORS INDIA PVT LTD14,8285.84%10,3074.49%
MAHINDRA & MAHINDRA LIMITED14,6835.78%18,2267.93%
TOYOTA KIRLOSKAR MOTOR PVT LTD10,0553.96%6,4312.80%
HONDA CARS INDIA LTD8,1853.22%6,4852.82%
RENAULT INDIA PVT LTD6,7652.66%8,6263.75%
FORD INDIA PVT LTD3,6461.44%3,6621.59%
MG MOTOR INDIA PVT LTD3,6191.42%2,5051.09%
SKODA AUTO VOLKSWAGEN INDIA PVT LTD2,5250.99%130.01%
NISSAN MOTOR INDIA PVT LTD2,4470.96%1,9630.85%
MERCEDES-BENZ INDIA PVT LTD6270.25%9070.39%
BMW INDIA PVT LTD6260.25%7550.33%
FIAT INDIA AUTOMOBILES PVT LTD3070.12%6740.29%
JAGUAR LAND ROVER INDIA LIMITED1880.07%2980.13%
FORCE MOTORS LIMITED, A FIRODIA ENTERPRISE1840.07%6430.28%
VOLKSWAGEN AG/INDIA PVT. LTD.1400.06%1,3790.60%
VOLVO AUTO INDIA PVT LTD880.03%1230.05%
AUDI AG470.02%3140.14%
PORSCHE AG GERMANY330.01%400.02%
SKODA AUTO INDIA/AS PVT LTD250.01%1,3410.58%
MERCEDES -BENZ AG220.01%40.00%
BENTLEY MOTORS LIMITED30.00%40.00%
FERRARI INDIA PRIVATE LIMITED20.00%20.00%
AUTOMOBILI LAMBORGHINI S.P.A20.00%20.00%
ROLLS ROYCE10.00%20.00%
Others9430.37%1,8650.81%
Total2,54,058100.00%2,29,734100.00%

Source: FADA Research

Disclaimer:

  1. The above numbers do not have figures from AP, MP, LD & TS as they are not yet on Vahan 4.
  2. Vehicle Registration Data has been collated as on 07.03.21 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,274 out of 1,481 RTOs.
Tractor (TRAC)
Tractor OEMFEB’21Market Share (%), FEB’21FEB’20Market Share (%), FEB’20
MAHINDRA & MAHINDRA LIMITED (TRACTOR)13,49221.99%12,47124.17%
MAHINDRA & MAHINDRA LIMITED (SWARAJ DIVISION)10,19116.61%9,16617.76%
INTERNATIONAL TRACTORS LIMITED8,44313.76%6,18111.98%
ESCORTS LIMITED (AGRI MACHINERY GROUP)7,11811.60%5,76911.18%
TAFE LIMITED6,42010.46%4,9319.56%
JOHN DEERE INDIA PVT LTD(TRACTOR DEVISION)5,1238.35%4,1828.10%
EICHER TRACTORS3,9446.43%3,4026.59%
CNH INDUSTRIAL (INDIA) PVT LTD2,4363.97%1,9243.73%
KUBOTA AGRICULTURAL MACHINERY INDIA PVT.LTD.1,0981.79%9161.78%
V.S.T. TILLERS TRACTORS LIMITED3900.64%3540.69%
FORCE MOTORS LIMITED, A FIRODIA ENTERPRISE3200.52%4270.83%
INDO FARM EQUIPMENT LIMITED2390.39%1870.36%
CAPTAIN TRACTORS PVT. LTD.1350.22%610.12%
Others2,0023.26%1,6313.16%
Total61,351100.00%51,602100.00%

Source: FADA Research

Disclaimer:

  1. The above numbers do not have figures from AP, MP, LD & TS as they are not yet on Vahan 4.
  2. Vehicle Registration Data has been collated as on 07.03.21 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,274 out of 1,481 RTOs.

NC

Ka-Chow!