Auto Retail Sector Grows 13.84% Y-O-Y
ECONOMY & POLICY

Auto Retail Sector Grows 13.84% Y-O-Y

The auto retail sector has experienced a significant boost, with sales increasing by 13.84% year-over-year (Y-O-Y) to 20.34 lakh units in July 2024. This growth reflects a strong recovery and heightened consumer demand in the automotive market.

The notable rise in sales is attributed to several factors, including improved consumer confidence, favorable financing options, and the launch of new vehicle models. The increase highlights a positive trend in the sector, as consumers continue to invest in automobiles despite broader economic uncertainties.

Key segments contributing to this growth include both passenger and commercial vehicles. The demand for electric and hybrid vehicles has also seen an uptick, reflecting a shift towards more sustainable automotive solutions.

The robust performance in July 2024 follows a period of fluctuating sales, marking a rebound for the industry. Industry stakeholders view this growth as a sign of a strengthening market and are optimistic about continued momentum in the coming months.

Overall, the 13.84% Y-O-Y increase in auto retail sales underscores the sector's resilience and its role in driving economic activity. The trend suggests a vibrant automotive market with strong consumer interest and potential for further expansion.

The auto retail sector has experienced a significant boost, with sales increasing by 13.84% year-over-year (Y-O-Y) to 20.34 lakh units in July 2024. This growth reflects a strong recovery and heightened consumer demand in the automotive market. The notable rise in sales is attributed to several factors, including improved consumer confidence, favorable financing options, and the launch of new vehicle models. The increase highlights a positive trend in the sector, as consumers continue to invest in automobiles despite broader economic uncertainties. Key segments contributing to this growth include both passenger and commercial vehicles. The demand for electric and hybrid vehicles has also seen an uptick, reflecting a shift towards more sustainable automotive solutions. The robust performance in July 2024 follows a period of fluctuating sales, marking a rebound for the industry. Industry stakeholders view this growth as a sign of a strengthening market and are optimistic about continued momentum in the coming months. Overall, the 13.84% Y-O-Y increase in auto retail sales underscores the sector's resilience and its role in driving economic activity. The trend suggests a vibrant automotive market with strong consumer interest and potential for further expansion.

Next Story
Infrastructure Energy

Adyant Enersol & UPC Renewables Secure SJVN's 600 MW Wind Project

Adyant Enersol (Datta Infra) and UPC Renewables secured contracts in SJVN’s auction to develop 600 MW inter-state transmission system (ISTS)-connected wind power projects under a build-own-operate model. Adyant Enersol was awarded 70 MW with a tariff of Rs 3.98/kWh, while UPC Renewables secured 100 MW at a tariff of Rs 3.99/kWh. The tender for these projects was issued in March 2024, allowing bidders to submit proposals for capacities ranging from a minimum of 50 MW to a maximum of 300 MW, with project sizes specified in multiples of 10 MW. The selected developers are required to establis..

Next Story
Infrastructure Energy

Bridge and Roof Secures SJVN Contract for 100 MW Solar Project

Bridge and Roof Company, a government enterprise under the Ministry of Heavy Industries, has secured the engineering, procurement, and construction contract from SJVN Green Energy to establish a 100 MW solar power project in Rajasthan’s Didwana-Kuchaman district. The project is valued at approximately Rs 3.5 billion. The tender was issued in April 2024. The scope of work includes land development, design and engineering, procurement of equipment and materials, testing at the manufacturer’s facility, packing, transportation, supply, unloading, on-site storage, installation, erection, test..

Next Story
Infrastructure Transport

NHAI Uses AI and Drones to Detect 1,000 Encroachments on Highways

The National Highway Authority of India (NHAI) has implemented artificial intelligence (AI) and drone technology to detect approximately 1,000 encroachments on four major national highways. This initiative aims to address obstacles that hinder road construction projects and ensure their timely completion. The survey covered a span of about 360 kilometres, utilising high-frequency drones to capture detailed aerial images of the highways. AI-driven algorithms analysed these images to identify potential encroachments, including parked vehicles, construction materials, and makeshift structures. F..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000