Excelsior Correspondent
JAMMU, Aug 6: The retail data of vehicles for Jammu and Kashmir UT was released by the Federation of Automobile Dealers Associations (FADA) in a function held here today.
Speaking on the occasion, Sanjay Aggarwal, Chairperson, FADA Jammu said that despite India’s automobile retail sector saw a YoY growth of 13.84%, with almost all categories witnessing an increase.
Two-wheelers (2W) grew by 17%, three-wheelers (3W) by 13%, passenger vehicles (PV) by 10% and commercial vehicles (CV) by 6%. Tractors, however, continued to underperform, falling by 12% YoY.
“The near term outlook across the auto retail segments shows a blend of optimism and caution. 2W sales are expected to be buoyed by factors such as a growing rural economy, positive monsoon impacts and the introduction of new products. With the beginning of festival season and favourable agricultural conditions are also likely to contribute to increased sales. However, heavy rainfall, ongoing agricultural activities and inconsistent monsoon patterns may dampen demand in certain areas,” he added.
As per the details, the 2-Wheeler category witnessed a growth of 30.47% at 11,244 units in July 2024, as compared to 8,618 units in July 2023.
The 3-Wheeler category witnessed a growth of7.85% at 1,181 units in July 2024, as compared to 1,095 units in July 2023.
The Commercial Vehicle category witnessed a growth of 12.15% at 960 units in July 2024, as compared to 856 units in July 2023.
The Passenger Vehicle category witnessed a downfall of -11.74% at 5,317 units in July 2024, as compared to 6,024 units in July 2023.
The Tractor Vehicle category witnessed a growth of 23.13% at 362 units in July 2024, as compared to 294 units in July 2023.
In total 19,064 units in July’24 compared to it is 16,887 in July’23 there by registering a growth of 12.89%.
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