March vehicle registrations keep up with Feb. recovery trend

• Commercial segment witnesses highest growth in registrations
• Two wheeler registrations sees massive dip MoM and YoY

Sri Lanka’s vehicle registrations were observed to be keeping up with the recovery witnessed in February this year, although March figures show a marginal month-on-month (MoM) dip of just two units.

Although vehicle registrations are inching towards a positive growth trajectory, a significant contraction was witnessed year-on-year (YoY) for the month of March, similar to the first two months of the year. 

Data compiled by Colombo-based equity brokerage and research house J B Securities showed that the total vehicle registrations for March 2021 declined to 3,556 units from 3,558 units in February. This figure was significantly down from the 13,219 units registered in the corresponding month in 2020.The comparative figure 24 months ago was 35,150 units. 

J B Securities shared that Zotye Z100, a locally manufactured car by a United Motors subsidiary, saw 22 new registrations in March, down from 79 units in February and 66 units 12 months ago.

Under SUVs/crossovers,locally manufactured Mahindra KUV 100, saw 79 units registered, one unit less from the total SUV registrations in the previous month.

Following suit was a locally assembled DFSK of United Motors that recorded 78 units in March, a contraction from the 113 units registered in February. However, the figure is six units more when compared with the registrations in March 2020.

Meanwhile, registrations of two-wheelers declined to 965 units in March from the 1,239 units in February. This segment once again witnessed a steep drop in registration when compared with the 9,619 registrations recorded in the corresponding month in 2020.

J B Securities said that of the 775-brand new 2-wheeler units, TVS recorded 175 units.

In the commercial segment, hand tractors recorded 275 units in March, an improvement from the 212 units registered in February. The registrations witnessed a significant expansion YoY from March 2020 where only of 23 units were registered.

Medium trucks too recorded an increase with 250 registration in March, up from 216 units in February and 95 units 12 months ago. 

In this segment, 42 were brand new registrations, whereas pre-owned accounted for 208 units. Isuzu claimed a category share of 68 percent, J B Securities said.

The highest growth was witnessed in large tractors where 740 units were recorded in March, an increase from 485 units in February, and 104 units from the corresponding month of the previous year. Tafe emerged as category leader with a 46 percent market share.