India’s car industry accomplishes million figure mark during the festive season
28 November 2023: Industrial screen printing segment is buoyant on witnessing the retail sales numbers during the festive season. News reports across publications hailed the Indian car market crossing the 1 million mark during the festive season. Heads of most of the car manufacturer brands expressed happiness at the development during a peak time for the sales of vehicles. This, comes as very good news for the industrial screen printing segment, which provides a significant amount of elements for each automobile.
Recent reports by Federation of Automobile Dealers Associations (FADA) also provided reasons to cheer. Commenting on the October 2023 Auto Retails, FADA President Manish Raj Singhania said, “When compared MoM, Auto Retails flourished, achieving a 13% increase, with contributions from all categories. Two-wheelers, three-wheelers, passenger vehicles, tractors, and commercial vehicles expanded by 15%, 2%, 7%, 15%, and 10%, respectively, underscoring the sector’s robust growth momentum. Navratri of 2023 marked a milestone with retail sales soaring by 18% year-over-year, surpassing the figures of Navratri 2017. Two-wheelers, three-wheelers, commercial vehicles, and passenger vehicles experienced increases of 22%, 43%, 9%, and 7%, respectively.”
With passenger vehicle inventory levels soaring to an all-time high of 63-66 days, dealerships are signalling capacity concerns. FADA has issued a red flag, urging OEMs to not only moderate vehicle dispatches but also to introduce more aggressive and attractive schemes promptly. This dual approach is essential to help dealers clear their inventory before year-end.
The 2W category during the Navratri period and throughout October saw several positive trends, buoyed by festive cheer and stronger rural demand. Enhanced availability of models, especially those in high demand from the previous year, along with better financial schemes, contributed to a solid market momentum. States going into elections also injected optimism into the market, leading to an increase in government spending and improved liquidity. Despite a shift in festival dates, with Diwali moving to November, the anticipation of the festive season stimulated purchase intent and dealers reported good stock preparation and robust ground efforts that led to an uptick in sales figures, showcasing a resilient and adaptive market.
The PV segment navigated a complex landscape, marked by both enthusiasm and caution. During Navratri, despite regional variability, the industry witnessed a surge in bookings, buoyed by the introduction of compelling new models, particularly SUVs and the availability of attractive consumer offers. Throughout the month, the anticipation for Diwali in November and the launch of new models generated a steady demand. The period overall saw a resilient PV market, supported by a stronger product line-up unlike last year, when stock availability was a major issue.
