New Delhi . Twowheeler retail sales grew by a strong 14 percent during the festive season (October 3November 13). This information was given in a report released on Monday.
In the wholesale sales outlook issued by credit rating agency ICRA for the twowheeler industry, it was said that the volume growth of the industry could be 11 to 14 percent in FY 25. This is due to stable replacement demand and strong rural demand due to good monsoon.
The report further said that retail sales of passenger vehicles during the festive season have increased by 6 percent yearonyear to 6.5 lakh units. The reason for this is the attractive discounts and good financing options.
However, high inventory levels dampened wholesale volume growth despite good retail sales in the festive season.
Based on channel check in the report, it was said that there has been a good increase in bookings, especially in semiurban and rural areas. With this there has been an increase in footfall. Inventory levels have also returned to normal levels.
Total twowheeler sales in the country increased by 14.2 percent to 21.64 lakh units in the month of October, whereas it was 18.96 lakh units in October 2023.
Sales of passenger vehicles, including cars and SUVs, also rose to their highest monthly level of 3.93 lakh units in October, higher than the base figure of 3.9 lakh units in October 2023, according to the latest data from the Society of Indian Automobile Manufacturers (SIAM). Which is more than 0.9 percent.
Market experts say that higher sales of twowheelers means increase in income in rural areas due to better crops due to good monsoon.
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Image Credit: KhasKhabar.