The passenger car segment is in nitro boost mode and festivities will more than likely deliver an increased high.
October is all set to become a blockbuster for auto sales with dealers expecting to do some solid business due to the festivities on most of the 31 days. With the Covid-19 pandemic easing and largely positive sentiment in the Indian car market thanks to a slew of new launches throughout the year, there are indications that this month could well be the best October – in terms of sales – in about ten years.
According to the Federation of Automobile Dealers Associations (FADA), several indicators strongly point to the possibility of near-record sales this month. Referring to 24 days of the 31 witnessing festivities this month, FADA states that dealers are extremely optimistic. Helping the positive sentiment further is that supply chain issues have eased and production is largely on the rise, a good sign to deal with pent-up bookings and demand. “Better availability thanks to the easing of semiconductor supply, new launches and feature-rich products have made customers cling to dealers to get their favorite vehicles during the favorable period,” said Manish Raj Singhania, president of FADA, while specifically addressing be on the demand for SUVs. added that the average wait time for a new vehicle on the market is anywhere from three months to 24 months.
September car sales remained in the green, registering a 44 percent growth compared to pre-Covid 2019 September. And while overall industry numbers were still slightly lower last month than pre-Covid 2019 September, the worst lies clearly far behind and the full potential is on the doorstep. However, FADA continues to urge manufacturers to match supply and demand so that the segment as a whole can “get a further nitro boost.”
Date of first publication: 05 Oct 2022, 10:11 IST