New Delhi [India], April 5 (ANI): Retail sales of vehicles increased by 7 per cent in the financial year 2021-22 when compared with the previous year, according to data released by the Federation of Automobile Dealers Associations (FADA) on Tuesday.
However, when compared with the pre-COVID period of 2019-20, the sale during 2021-22 was 25 per cent lower.
On a year-on-year basis, total vehicle retail for the month of March 2022 declined by 3 per cent. However, when compared with the corresponding month of 2019-20, the total vehicle retail sales in March 2022 was 30 per cent lower.
"Indian Auto Industry during March tried its best to be at par YoY but fell short by 3 per cent and by 30 per cent when compared to March 2020," said FADA President Vinkesh Gulati.
The 2-wheeler segment, which was already a non-performer due to rural distress, saw further dampening due to rise in vehicle ownership cost coupled with rising fuel cost.
The 3-wheeler segment witnessed a shrinkage in market size due to permit issues, educational institutions being closed and the work-from-home phenomenon, FADA said in a statement.
The passenger vehicle segment continues to see high demand and long waiting period as semi-conductor availability still remains a challenge even though supplies slightly improved from the previous month, it said.
"The Russia-Ukraine war and China lockdown will further dent supplies and hence press brakes on vehicle availability thus making waiting period more frustrating for customers," FADA added in the statement. (ANI)