Automobile retail sales in India saw a double-digit growth in 2023-24, driven by a record offtake of passenger vehicles, three-wheelers and tractors, dealers’ body FADA said on Monday. The retail sales across segments rose 10 per cent to 2,45,30,334 units last fiscal compared with 2,22,41,361 units in 2022-23.

Passenger vehicle (PV) registrations rose to 39,48,143 units last fiscal, an increase of 8 per cent compared with 36,40,399 units in 2022-23.

“Enhanced supply dynamics, strategic marketing efforts, ever expanding road infrastructure and strong demand in the SUV segment significantly contributed to this success,” Manish Raj Singhania, president of the Federation of Automobile Dealers Associations (FADA), said.

Three-wheeler retails saw an increase of 49 per cent to 11,65,699 units last fiscal from 7,83,257 units in FY23. The sales growth in the segment was fuelled by the introduction of cost-effective CNG fuel options and new EV models.

Tractor sales rose to 8,92,313 units last fiscal from 8,29,639 units in 2022-23. Two-wheeler sales rose 9 per cent to 1,75,17,173 units in FY24 from 1,60,27,411 a year ago.

Commercial vehicle registrations rose 5 per cent last fiscal to 10,07,006 units.

In March, overall registrations saw an increase of 3 per cent year-on-year at 21,27,177 units. PV retails declined 6 per cent to 3,22,345 units from 3,43,527 units in March 2023.

Two-wheeler registrations, however, rose 5 per cent to 15,29,875 units from 14,50,913 units a year ago. Three-wheeler sales rose 17 per cent to 1,05,222 units last month.

Commercial vehicle sales declined by 6 per cent to 91,289 units from 96,984 units in March 2023. Tractor registrations declined by 3 per cent to 78,446 units from 81,148 units in the year-ago period.