The vehicle market experienced a rebound in May from a slow April due to the extensive New Year holiday. However on most categories demand remained weak due to high taxes, restrictions on LTV and high interest rates.
According to J. B. Securities survey, motor car registrations were 2,811 units in May up from 2,632 in April but significantly down from 3,664 units 12 months ago. Brand new car registrations recorded 981 units in May up from 885 units in April but significantly lower than 1,767 units 12 months ago. Small cars make up 94% of the category.
Pre-owned motor car registrations recorded 1,830 units in May marginally up from 1,747 in April but marginally down from 1,889 units 12 months ago. Premium brands recorded 64 units in May up from 50 units in April but down from 81 units 12 months ago. SUVs recorded 475 units in May up from 426 units in April but significantly down from 754 units 12 months ago. Hybrids recorded 1,821 units in May up from 1,682 units in April but down from 2,259 units 12 months ago. Only 15 units of 1,821 total registrations are categorized as brand new, the rest have been imported as preowned vehicles.
Vans recorded 807 units in May up from 695 units in April and significantly up from 319 units 12 months ago. Two-wheeler registrations were 30,917 units in May recovering from 26,261 units in April but slightly down from 32,469 units 12 months ago.
Pickup truck registrations recorded 167 units in May up from 123 units in April but down from 254 units 12 months ago.
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