Excelsior Correspondent
JAMMU, Jan 8: Despite various challenges, auto retail sales in the Union Territory of Jammu and Kashmir have experienced a growth of 4.45%. This information was shared by the Federation of Automobile Dealers Associations (FADA) during a press release today. The data for vehicle retail for CY 2024 and December 2023 indicates a total retail figure of 179,164 for CY 2024 compared to 171,536 for CY 2023, reflecting a 4.45% increase.
Sanjay Aggarwal, Chairperson of FADA Jammu, commented that despite facing numerous obstacles in CY 2024—such as heat waves, elections at both central and state levels, and inconsistent monsoons—the automotive retail sector in Jammu and Kashmir demonstrated remarkable resilience, achieving a year-over-year growth of 4.45%. Notably, the 2-Wheeler, 3-Wheeler, and Tractor segments marked increases of 9.79%, 17.11%, and 19.51% year-on-year, respectively, while the Commercial Vehicle and Passenger Vehicle segments reported declines of 5.35% and 4.31%.
Aggarwal expressed optimism for the future, stating that a recovery in the market, along with strategic support from Original Equipment Manufacturers (OEMs) and clear policy directions, is expected to bolster the automotive retail industry’s performance in CY 2025.
In terms of December 2024 statistics, the 2-Wheeler category saw a decline of 9.54% with 3,319 units sold, down from 3,669 in December 2023. The 3-Wheeler category also faced a setback of 16.46%, reporting 939 units sold compared to 1,124 units in the same month last year. The Commercial Vehicle sector observed a decline of 17.06%, with 739 units sold versus 891 units in December 2023. Conversely, the Passenger Vehicle category experienced a slight growth of 0.19%, totaling 4,730 units, compared to 4,721 units in December 2023. The Tractor Vehicle segment saw significant growth of 33.85%, with sales reaching 348 units, up from 260 units a year prior.
Overall, total retail sales for December 2024 reached 10,075 units compared to 10,665 units in December 2023, indicating a decline of 5.53%.
