More

    Indian Auto Sector Records Negative Growth During 2021 Festive Season

    This years festive season is the worst ever for the Indian Indian Auto Sector, as they clocked a negative growth during the period According to the data released by Federation of Automobile Dealers Associations (FADA) for October 2021, overall retail sales (from dealer to customer) stood at 13,64,526 units, including cars and SUVs (passenger vehicles), two-wheelers, three-wheelers, commercial vehicles (CVs) and tractors.

    This figure is lower by over five percent compared to last year, and a whopping 26 percent down compared to the pre-COVID times of October 2019.

    Auto Sector record 26% negative growth in 2021 Festive Season

    2021 festive season sales down as compared to last two years
    Despite decline, car segment faring better than two-wheelers category
    Chip shortage, low demand for entry-level automobiles played spoilsport
    A similar trend is observed in the 42-day festival period this year (from October 7 to November 17), which saw total retail of 20,90,893 units across all categories according to FADA

    Chip shortage meant that automakers weren’t able to capitalise strong demand for SUVs. Entry-level cars and two-wheelers further suffered from subdued demand

    This number is 18 percent and 21 percent lower than the same period in 2020 and 2019, respectively, which prompted FADA to say, “This was the worst festive season in a decade for auto dealers as semi-conductor shortage in PV segment and low demand for entry-level two-wheeler segment kept the celebrations at bay.”

    Auto Sales highly subdued coupled with chip shortage

    The report shared by FADA stated 2021 festive season sales down as compared to last two years. Despite decline, car segment faring better than two-wheelers category Chip shortage, low demand for entry-level automobiles played spoilsport.

    Notably, while both two-wheeler and passenger vehicle sales have declined this year, between the two, the PV category has managed to fare better.

    Share

    Latest Updates

    Related Articles

    Djoker Makes a Big Vow to Defend His Wimbledon Title

    Wimbledon 2022: Djokovic will march to the championship this year to defend his championship....

    India’s Pandemic Response Hailed at the Quad Summit

    Quad Summit has put the spotlight on India Shining. US President Joe Biden praised...

    Anthony Albanese Takes Over as Australia’s New PM, Promises a “journey of change”

    Anthony Albanese, the leader of Australia's Labor Party, was sworn in as the country's...

    French Open: Alcaraz Smashes Out Lorendo to Enter Round Two

    Carlos Alcaraz, a 16-year-old wonder, defeated Argentine lucky loser Juan Ignacio Londero 6-4, 6-2,...