The passenger vehicles segment achieved 19 per cent growth in September 2023 on an annual basis.
The trend of buying new cars across the country is very fast. In September, the registration of new trains (Registration of new vehicles) went to record high levels. This is what the latest retail data shows. Customers have turned to shopping due to new launches from companies, improved stock supplies and the start of the festive season. Registration of cars and SUVs is at the highest level in September figures so far. According to Financial Express news, the passenger vehicles segment achieved 19 per cent growth in September 2023 on an annual basis. According to Fada data, 3,32,248 unit passenger vehicles were registered in September.
New cars have big support.
According to the news, new cars such as Hyundai Exter, Maruti Suzuki Franks CNG, Hyundai Verna and Honda Elevate have been knocked out in recent months. It also supported registration (new vehicle Registration in September 2023 ). According to an estimate, passenger vehicles (passenger vehicles Registration) have a pending booking of 4,50,000 units. However, the festival season has raised concerns about high inventory levels. Fada says there is an average 6-65-day inventory for passenger vehicles. However, companies say the inventory for Maruti Suzuki is 30 days, while it is 22 days for Hyundai.
Customers then cancel the booking
Car manufacturers are constantly increasing their stock at dealerships so that customers who want to buy a car on the festival occasion do not miss it. In the last three years, it has been seen that car buyer cancel their bookings due to the long waiting period or avoid shopping at that time. There is a good chance for two-wheeler companies to celebrate in the festival season. Because its registration increased by 22 per cent on an annual basis in September. The segment sold 1.31 million units. The two-wheeler segment has grown heavily due to the festival season.
All segments and tractor segments achieved 20 per cent growth on an annual basis in September. These segments recorded a total registration (Registration of new vehicles) of 1.88 million in September 2023, compared to 1.56 million units in September 2022. The registration of the new tractor, however, declined by 10 per cent on an annual basis to 54,500 units
