- On YoY basis, total vehicle retail for Feb’23 grew by 16%. All categories witnessed double digit growth with 2-Wheeler, 3-Wheeler, Passenger Vehicle, Tractor and Commercial Vehicles growing by 15%, 81%, 11%, 14% and 17% respectively.
- While the 2-Wheeler segment showed growth on YoY basis, it is yet to recover and reach pre-pandemic levels.
- The 3-Wheeler segment for the first-time breached pre-pandemic level of Feb’20 as it grew by 3.3% when compared to Feb’20.
- Passenger Vehicle category continues to hold on to its growth despite rural market which is yet to see full recovery.
- Bharat tightening its belt due to inflation adds as a key risk for rise in automobile sales
- The US government weather agency, National Oceanic and Atmospheric Administration, in its forecast earlier this month had predicted that El Niño could return as early as June, when the southwest monsoon sets over the Kerala coast. This may act as a threat to normal monsoon and thus impact Automobile sales going ahead.
6th March’23, New Delhi: The Federation of Automobile Dealers Associations (FADA) today released Vehicle Retail Data for February’23.
February’23 Retails
Commenting on how February’23 performed, FADA President, Mr. Manish Raj Singhania said, “February’23 continued to witness double digit growth of 16% YoY but was still down by -8%, when compared to pre-covid month of February’20. All categories also witnessed double digit growth with 2-Wheeler, 3-Wheeler, Passenger Vehicle, Tractor and Commercial Vehicles growing by 15%, 81%, 11%, 14% and 17% respectively on YoY basis.
The 2-Wheeler category witnessed a growth of 15% YoY but was down by -14% when compared to pre-covid month of February’20. The change in OBD norms which comes into effect from April along with marriage season kept the sales ticking. On the overall, high inflation and poor sentiment has kept the customers at bay.
The 3-Wheeler segment has seen 81% growth YoY and has also grown by 3% when compared to pre-covid month of February’20. This category has seen a drastic growth due to Central & State Government’s subsidy along with good scheme promotion done by the states. Along with this, aggressive finance schemes continues to aid growth for this category.
The Passenger Vehicle segment saw a growth of 11% YoY and 16% when compared to pre-covid month of February’20. Launch of new models, continuously improving supply coupled with healthy booking to cancellation ratio and wedding bells kept the momentum going for this already well to do segment.
The Commercial Vehicle category has also shown robust growth by growing 17% YoY though it fell by -10% when compared to pre-covid month of February’20. Walk-in enquiries improved during the month. Apart from this, demand has also increased due to change in OBD norms which is will see price hikes. On the Government’s side, infrastructure spending has been healthy. This is also aiding better sales.”
Near Term Outlook
The month of march has multiple festivals like Holi, Ugadi, Gudi Padwa, Navratri etc. This will help push auto sales. Apart from this, better availability of vehicles, last month of the Financial Year, change in OBD norms from April which will increase vehicle prices, the industry may see schemes being rolled out by the OEMs thus aiding higher sales.
On the flipside, India’s chief economic advisor said that urban demand recovery is taking place at a faster pace then rural. This along with sharp slowdown in private consumption expenditure to a 2-year low suggests a softening in household spending demand amid inflationary pressure as post covid pent-up demand starts to fade.
Apart from this, the Finance Ministry has released a statement that the predictions of a return of El Niño conditions in the Pacific could presage a weaker monsoon in India, resulting in lower output and higher prices. This will act as a dampener for Auto sales.
While the month of March looks good for Auto Sales, on a medium-term outlook, FADA remains cautious till the time a better monsoon forecast is not announced by IMD.
Key Findings from our Online Members Survey
- Inventory at the end of February’23
- Average inventory for Passenger Vehicles ranges from 35 – 37 days
- Average inventory for Two – Wheelers ranges from 20 – 25 days
- Liquidity
- Good 35.59%
- Neutral 46.33%
- Bad 18.08%
- Sentiment
- Good 35.59%
- Neutral 45.20%
- Bad 19.21%
Chart showing Vehicle Retail Data for February’23
All India Vehicle Retail Data for February’23
| CATEGORY | FEB’23 | FEB’22 | YoY % (2022) |
| 2W | 12,67,233 | 11,04,309 | 14.75% |
| 3W | 72,994 | 40,224 | 81.47% |
| E-RICKSHAW(P) | 30,413 | 16,122 | 88.64% |
| E-RICKSHAW WITH CART (G) | 2,382 | 1,719 | 38.57% |
| THREE WHEELER (GOODS) | 8,021 | 6,207 | 29.23% |
| THREE WHEELER (PASSENGER) | 32,123 | 16,138 | 99.05% |
| THREE WHEELER (PERSONAL) | 55 | 38 | 44.74% |
| PV | 2,87,182 | 2,58,736 | 10.99% |
| TRAC | 68,988 | 60,536 | 13.96% |
| CV | 79,027 | 67,391 | 17.27% |
| LCV | 44,392 | 39,601 | 12.10% |
| MCV | 4,808 | 4,419 | 8.80% |
| HCV | 26,469 | 21,358 | 23.93% |
| Others | 3,358 | 2,013 | 66.82% |
| Total | 17,75,424 | 15,31,196 | 15.95% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS & LD.
- Vehicle Retail Data has been collated as on 04.03.23 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,348 out of 1,434 RTOs.
- Commercia 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 February’23 with YoY comparison
| Two – Wheeler (2W) | ||||
| Two-Wheeler OEM | FEB’23 | Market Share (%), FEB’23 | FEB’22 | Market Share (%), FEB’22 |
| HERO MOTOCORP LTD | 3,90,673 | 30.83% | 3,48,394 | 31.55% |
| HONDA MOTORCYCLE AND SCOOTER INDIA (P) LTD | 3,02,184 | 23.85% | 2,46,784 | 22.35% |
| TVS MOTOR COMPANY LTD | 2,11,337 | 16.68% | 1,70,179 | 15.41% |
| BAJAJ AUTO LTD | 1,38,426 | 10.92% | 1,28,199 | 11.61% |
| ROYAL-ENFIELD (UNIT OF EICHER LTD) | 64,195 | 5.07% | 46,413 | 4.20% |
| SUZUKI MOTORCYCLE INDIA PVT LTD | 58,992 | 4.66% | 44,209 | 4.00% |
| INDIA YAMAHA MOTOR PVT LTD | 42,695 | 3.37% | 38,766 | 3.51% |
| OLA ELECTRIC TECHNOLOGIES PVT LTD | 17,647 | 1.39% | 3,910 | 0.35% |
| ATHER ENERGY PVT LTD | 9,982 | 0.79% | 2,233 | 0.20% |
| HERO ELECTRIC VEHICLES PVT. LTD | 5,858 | 0.46% | 7,361 | 0.67% |
| AMPERE VEHICLES PRIVATE LIMITED | 5,839 | 0.46% | 4,306 | 0.39% |
| OKINAWA AUTOTECH PVT LTD | 3,837 | 0.30% | 5,924 | 0.54% |
| CLASSIC LEGENDS PVT LTD | 3,156 | 0.25% | 3,436 | 0.31% |
| PIAGGIO VEHICLES PVT LTD | 2,755 | 0.22% | 4,174 | 0.38% |
| CHETAK TECHNOLOGY LIMITED | 1,307 | 0.10% | – | 0.00% |
| Others Including EV | 8,350 | 0.66% | 50,021 | 4.53% |
| Total | 12,67,233 | 100% | 11,04,309 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS.
- Vehicle Retail Data has been collated as on 04.03.23 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,348 out of 1,434 RTOs.
- Others include OEMs accounting less than 0.1% Market Share.
| Three-Wheeler (3W) | |||||
| Three-Wheeler OEM | FEB’23 | Market Share (%), FEB’23 | FEB’22 | Market Share (%), FEB’22 | |
| BAJAJ AUTO LTD | 27,678 | 37.9% | 14,188 | 35.27% | |
| PIAGGIO VEHICLES PVT LTD | 6,098 | 8.4% | 4,123 | 10.25% | |
| MAHINDRA & MAHINDRA LIMITED | 2,932 | 4.0% | 1,302 | 3.24% | |
| YC ELECTRIC VEHICLE | 2,583 | 3.5% | 1,836 | 4.56% | |
| ATUL AUTO LTD | 1,908 | 2.6% | 1,240 | 3.08% | |
| SAERA ELECTRIC AUTO PVT LTD | 1,839 | 2.5% | 891 | 2.22% | |
| MAHINDRA REVA ELECTRIC VEHICLES PVT LTD | 1,611 | 2.2% | 772 | 1.92% | |
| DILLI ELECTRIC AUTO PVT LTD | 1,528 | 2.1% | 711 | 1.77% | |
| TVS MOTOR COMPANY LTD | 1,323 | 1.8% | 733 | 1.82% | |
| CHAMPION POLY PLAST | 1,236 | 1.7% | 729 | 1.81% | |
| MINI METRO EV L.L.P | 942 | 1.3% | 529 | 1.32% | |
| J. S. AUTO (P) LTD | 909 | 1.2% | 443 | 1.10% | |
| UNIQUE INTERNATIONAL | 814 | 1.1% | 579 | 1.44% | |
| Others including EV | 21,593 | 29.58% | 12,148 | 30.20% | |
| Total | 72,994 | 100% | 40,224 | 100% | |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS & LD.
- Vehicle Retail Data has been collated as on 04.03.23 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,348 out of 1,434 RTOs.
- Others include OEMs accounting less than 1% Market Share.
| Commercial Vehicle (CV) | ||||
| Commercial Vehicle OEM | FEB’23 | Market Share (%), FEB’23 | FEB’22 | Market Share (%), FEB’22 |
| TATA MOTORS LTD | 30,280 | 38.32% | 28,392 | 42.13% |
| MAHINDRA & MAHINDRA LIMITED | 18,845 | 23.85% | 14,225 | 21.11% |
| ASHOK LEYLAND LTD | 13,331 | 16.87% | 10,418 | 15.46% |
| VE COMMERCIAL VEHICLES LTD | 5,638 | 7.13% | 4,039 | 5.99% |
| MARUTI SUZUKI INDIA LTD | 3,209 | 4.06% | 3,331 | 4.94% |
| DAIMLER INDIA COMMERCIAL VEHICLES PVT. LTD | 1,785 | 2.26% | 1,449 | 2.15% |
| FORCE MOTORS LIMITED, A FIRODIA ENTERPRISE | 880 | 1.11% | 415 | 0.62% |
| SML ISUZU LTD | 542 | 0.69% | 529 | 0.78% |
| Others | 4,517 | 5.72% | 4,593 | 6.82% |
| Total | 79,027 | 100.00% | 67,391 | 100.00% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS & LD.
- Vehicle Retail Data has been collated as on 04.03.23 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,348 out of 1,434 RTOs.
| Passenger Vehicle (PV) | ||||
| PV OEM | FEB’23 | Market Share (%), FEB’23 | FEB’22 | Market Share (%), FEB’22 |
| MARUTI SUZUKI INDIA LTD | 1,18,892 | 41.40% | 1,09,611 | 42.36% |
| HYUNDAI MOTOR INDIA LTD | 39,106 | 13.62% | 38,688 | 14.95% |
| TATA MOTORS LTD | 38,965 | 13.57% | 34,055 | 13.16% |
| MAHINDRA & MAHINDRA LIMITED | 29,356 | 10.22% | 18,264 | 7.06% |
| KIA MOTORS INDIA PVT LTD | 19,554 | 6.81% | 13,623 | 5.27% |
| TOYOTA KIRLOSKAR MOTOR PVT LTD | 12,068 | 4.20% | 8,019 | 3.10% |
| SKODA AUTO VOLKSWAGEN GROUP | 6,859 | 2.39% | 5,594 | 2.16% |
| SKODA AUTO VOLKSWAGEN INDIA PVT LTD | 6,711 | 2.34% | 5,390 | 2.08% |
| VOLKSWAGEN AG/INDIA PVT. LTD. | 2 | 0.00% | 41 | 0.02% |
| AUDI AG | 145 | 0.05% | 74 | 0.03% |
| SKODA AUTO INDIA/AS PVT LTD | 1 | 0.00% | 89 | 0.03% |
| HONDA CARS INDIA LTD | 5,744 | 2.00% | 8,284 | 3.20% |
| RENAULT INDIA PVT LTD | 4,916 | 1.71% | 6,385 | 2.47% |
| MG MOTOR INDIA PVT LTD | 3,604 | 1.25% | 3,568 | 1.38% |
| NISSAN MOTOR INDIA PVT LTD | 2,246 | 0.78% | 3,172 | 1.23% |
| MERCEDES -BENZ GROUP | 1,043 | 0.36% | 1,038 | 0.40% |
| MERCEDES-BENZ INDIA PVT LTD | 955 | 0.33% | 1,012 | 0.39% |
| MERCEDES -BENZ AG | 86 | 0.03% | 19 | 0.01% |
| DAIMLER AG | 2 | 0.00% | 7 | 0.00% |
| FORCE MOTORS LIMITED, A FIRODIA ENTERPRISE | 673 | 0.23% | 188 | 0.07% |
| FIAT INDIA AUTOMOBILES PVT LTD | 649 | 0.23% | 803 | 0.31% |
| PCA AUTOMOBILES INDIA PVT LTD | 623 | 0.22% | 32 | 0.01% |
| BMW INDIA PVT LTD | 610 | 0.21% | 761 | 0.29% |
| BYD INDIA PRIVATE LIMITED | 228 | 0.08% | 12 | 0.00% |
| JAGUAR LAND ROVER INDIA LIMITED | 158 | 0.06% | 107 | 0.04% |
| VOLVO AUTO INDIA PVT LTD | 139 | 0.05% | 103 | 0.04% |
| ISUZU MOTORS INDIA PVT LTD | 87 | 0.03% | 96 | 0.04% |
| PORSCHE AG GERMANY | 43 | 0.01% | 29 | 0.01% |
| Others | 1,619 | 0.56% | 6,304 | 2.44% |
| Total | 2,87,182 | 100% | 2,58,736 | 100% |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS & LD.
- Vehicle Retail Data has been collated as on 04.03.23 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,348 out of 1,434 RTOs.
| Tractor (TRAC) | |||||
| Tractor OEM | FEB’23 | Market Share (%), FEB’23 | FEB’22 | Market Share (%), FEB’22 | |
| MAHINDRA & MAHINDRA LIMITED (TRACTOR) | 15,884 | 23.02% | 11,362 | 18.77% | |
| MAHINDRA & MAHINDRA LIMITED (SWARAJ DIVISION) | 12,473 | 18.08% | 8,424 | 13.92% | |
| INTERNATIONAL TRACTORS LIMITED | 8,617 | 12.49% | 7,259 | 11.99% | |
| ESCORTS LIMITED (AGRI MACHINERY GROUP) | 7,343 | 10.64% | 5,042 | 8.33% | |
| TAFE LIMITED | 6,603 | 9.57% | 6,216 | 10.27% | |
| JOHN DEERE INDIA PVT LTD(TRACTOR DEVISION) | 5,977 | 8.66% | 4,397 | 7.26% | |
| EICHER TRACTORS | 3,924 | 5.69% | 3,698 | 6.11% | |
| CNH INDUSTRIAL (INDIA) PVT LTD | 2,655 | 3.85% | 2,124 | 3.51% | |
| KUBOTA AGRICULTURAL MACHINERY INDIA PVT.LTD. | 1,965 | 2.85% | 1,503 | 2.48% | |
| V.S.T. TILLERS TRACTORS LIMITED | 462 | 0.67% | 419 | 0.69% | |
| FORCE MOTORS LIMITED, A FIRODIA ENTERPRISE | 345 | 0.50% | 385 | 0.64% | |
| MANKU AGRO TECH PVT LTD | 301 | 0.44% | 107 | 0.18% | |
| PREET TRACTORS PVT LTD | 276 | 0.40% | 339 | 0.56% | |
| GROMAX AGRI EQUIPMENT LTD | 254 | 0.37% | 197 | 0.33% | |
| Others | 1,909 | 2.77% | 9,064 | 14.97% | |
| Total | 68,988 | 100.00% | 60,536 | 100.00% | |
Source: FADA Research
Disclaimer:
- The above numbers do not have figures from TS & LD.
- Vehicle Retail Data has been collated as on 04.03.23 in collaboration with Ministry of Road Transport & Highways, Government of India and has been gathered from 1,348 out of 1,434 RTOs.
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