Lev Market Is Projected to Grow From USD 78.5 Billion in 2022 to USD 122.7 Billion by 2027

The Vehicle Retail Data for October’22 was made public by the Federation of Automobile Dealers Associations (FADA), who also forecasted the potential data by 2030.

October 22 witnessed an overall increase in auto retail of 48%. All kinds of Dealership outlets had exceptionally good feelings because the majority of the month fell during the holiday season.

For the first time, overall retail concluded in the black by gaining 8% from the pre-covid month of 2019. Except for 3W, which experienced a little decline of -0.6%, all other categories—including 2W, Passenger Vehicle, Trac, and Commercial Vehicle —saw increases of 6%, 18%, 47%, and 13%, respectively.

The auto industry is happy with Festive’22 since it was the best in the previous four years for the first time, with customers from every category turning out in large numbers to participate in holiday shopping.

The Passenger Vehicle sector had its greatest year in a decade, outpacing 2020 numbers by 2%, as was previously predicted. Retail sales as a whole increased by 6% compared to the pre-Covid holiday in 2019. With 2W, 3W, Commercial Vehicle, Passenger Vehicle, and Trac rising by 2%, 2%, 14%, 18%, and 55%, respectively, all the categories were in the green.

For the first time, the 2W segment increased by 6% in comparison to Oct. 19, a pre-covid year, and by a staggering 51% YoY. Due to the big holidays of Navratri and Deepawali being in the same month, dealerships experienced a spike in business in October. Dealers claim that although rural attitudes have already begun to improve, it must continue for at least the next three to four months. In addition, fresh product introductions and beneficial client programs were crucial in reviving demand.

Due to increasing government investment and infrastructure initiatives, it is projected that the market for Commercial vehicles would remain strong. While the Passenger Vehicle market continues to perform better than the competition, the demand in the entry-level market is still a little sluggish.

The majority of OEMs will now transition to producing automobiles that adhere to OBD-2 standards. As new vehicle categories enter the market, prices will rise significantly across the board. Many clients are also anticipating the arrival of vehicles made in the upcoming year as year-end approaches.

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In India, electric car adoption appears to have a promising future. In a study of more than 1000 people, 57% of Indian customers said they would invest in electric vehicles (EVs) because of their practical benefits, while 56% said they would do so because EVs are environmentally friendly. These are some of the key conclusions of the most recent report released by the survey firm YouGov India and the tech-first insurance company Acko.

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