Compared to the year 2019 and the month before corona lockdown also, for the first time, overall retail grew by 8%. Barring three wheelers, almost all the segments have seen growth. Three wheelers saw a marginal decline of 0.6% last month, while all other segments such as two wheelers, passenger vehicles, tractors and commercial vehicles grew by 6%, 18%, 47% and 13%, respectively.
The two-wheeler segment witnessed a massive growth of 51% year-on-year. Let us tell you that 15,71,165 units of two-wheelers were sold in October 2022 as against 10,39,845 units in October 2021. At the same time, for the first time before Corona, there was an increase of 6% compared to October 2019.
Due to both Navratri and Diwali being in the same month, there was an improvement in the sales of vehicles in the dealerships. Dealers say that this time the demand has been witnessed from the village level and that will remain for at least the next 3-4 months. Apart from this, new launches and good customer plans also played an important role in improving demand.
The festive season of the year 2022 has brought happiness for the auto industry. This is because for the first time ever, a good number of customer purchases across all segments have helped in increasing the festival purchases. Thus making it the best in the last 4 years.
As estimated earlier, the passenger vehicle segment witnessed a growth of 2% over 2020 which turned out to be the best year in a decade. Compared to the pre-Covid festive of 2019, overall retail grew by 6%. Two-wheelers, three-wheelers, commercial vehicles, passenger vehicles and tractors saw growth among all segments with growth of 2%, 2%, 14%, 18% and 55% respectively.
The PV segment witnessed a year-on-year growth of 18% as compared to 2019. The PV segment has witnessed high demand, especially in the SUV and compact SUV segment, which includes higher variants across most of the product categories. With improved vehicle availability coupled with new launches, the segment has also witnessed the best festive period in a decade by over 2% of 2020 festive sales.
The CV segment continues to be back on track with a growth of 25% year-on-year and 13% as compared to 2019. The festivities ignited improved fleet sales. With the increase in mining and infrastructure projects in various sectors, the demand remains good and is also getting back on track.
The three-wheeler segment showed a massive year-on-year growth of 66%, but saw a marginal decline from -0.6% growth in 2019. The sub-segment data clearly shows that there is a shift towards EV adoption while ICE vehicles are no longer the favourite. The sale of new vehicles has been affected during the month due to the hassle of permits.