Excelsior Correspondent
JAMMU, Oct 8: The Federation of Automobile Dealers Associations (FADA) has released the vehicle retail data for September 2024 for the Union Territory of Jammu and Kashmir, revealing a significant drop in sales across most vehicle categories.
In the 2-wheeler segment, sales saw a decline of -16.73%, with 6,980 units sold in September 2024 compared to 8,382 units in September 2023. The 3-wheeler category also faced a dip, registering a -2.06% decline with 1,093 units sold compared to 1,116 units in the previous year.
The commercial vehicle sector experienced the most substantial drop, with sales plummeting by -32.42%, from 947 units in September 2023 to 640 units in September 2024. The passenger vehicle segment saw a decrease of -22.47%, with sales dropping from 4,792 units in September 2023 to 3,715 units this year.
However, the tractor vehicle category stood out as an exception, recording a notable growth of 32.42%. Tractor sales increased from 182 units in September 2023 to 241 units in September 2024.
Overall, vehicle retail sales in J&K witnessed a -17.84% decline in September 2024, with a total of 12,669 units sold, compared to 15,419 units in September 2023.
Sanjay Aggarwal, Chairperson of FADA Jammu, expressed concern over the decline, noting that despite the onset of festivals like Ganesh Chaturthi, the performance in vehicle sales remained largely stagnant. The market sentiment during these festive periods has been underwhelming, with a trend towards flat or negative growth.
Looking ahead, Aggarwal shared a cautiously optimistic outlook for October, given that both Navratri and Diwali fall in the same month. This is expected to drive a surge in 2-wheeler, passenger vehicle, and tractor sales, especially with new launches planned. However, he warned that high inventory levels in the passenger vehicle segment could put dealers under financial pressure if sales do not pick up as expected.
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