March Auto Registrations fell by -28.64% YoY but grew 10.05% MoM, the Federation of Automobile Dealers Association said in a release.
• Tractors and Passenger Vehicles sustained its healthy momentum by growing 29.21% and 28.39% YoY on a low base, transition from BS-4 to BS-6 and India going under lockdown last year.
• On YoY basis, 2W, 3W and CV unrelentingly fell by -35.26%, -50.72% and -42.20% respectively. • On MoM basis 2W, 3W, CV, PV and Trac grew by 9.54%, 14.15%, 14,15%, 10,11% and 12.60% respectively.
• Passenger vehicle waiting period continued to hold its ground and remained as high as 7 months as scarcity of semiconductors remained put. 47% PV dealers said that they lost more than 20% sales due to supply side constraints.
• There was no significant change in Dealer inventory days as PV & 2W inventory remained in the range of 10-15 and 30-35 days.
• The second wave of Covid is not only spreading faster but is also trying to destabilize the growth which India has been able to achieve in last few months. Any lockdown at this point will severely hamper the momentum which is getting built for Auto Industry to come out of the woods.
Commenting on how March'21 performed, FADA President, Mr. Vinkesh Gulati said, "Auto Registrations for the month of March witnessed double digit fall to the tune of -28.64% YoY, in spite of 7 days of lockdown last year. Tractors and Passenger Vehicles were the only 2 categories which saw healthy double digit growth. This growth can be associated with multiple factors like low base of last year, transition from BS-4 to BS-6 and India going under total lockdown. Global shortage of wafers which is an input for semiconductor, continued to linger around and kept PV waiting period as high as 7 months."
According to FADA Survey, 47% PV dealers said that they lost more than 20% sales due to supply side constraints. Tractors continued its dream run as rural incomes saw improvements after successive monsoons and good rabi produce. If experts are to be believed, India will witness a normal monsoon for the 3rd year in a row. This will further see tractors performing well in FY 21-22.