PANAJI
Rising prices coupled with high taxation led to noticeable slowdown in sales of vehicle registrations in Goa in 2024 compared to 2023. Though the coastal State witnessed little over 3.50 per cent growth in new vehicle purchase, the rise is much lower compared to 2023, which reported over 14.81 per cent growth.
The official data reveals a downward trend in the annual vehicle registrations growth; from 39.98 per cent growth in 2022, it has come down to 3.69 per cent in 2024. Officials say that the consumers are deterred by the increased cost of buying a car.
The State saw registration of 84,311 vehicles in 2024 -- 3.69 per cent increase -- against 81,313 in 2023. Though, there is recovery in Goa’s vehicle registrations since the pandemic years, only moderate growth is seen in last two years.
In 2022, the registration surged to 70,821, a remarkable 38.98 per cent jump, compared to 50,963 in 2021. For the current calendar year, 15,726 new vehicles have been registered as on date.
Two-wheelers maintained their market dominance with over 55,000 units, accounting for almost 65 per cent of the total vehicle sales. Light motor vehicles -- cars, jeeps, vans, hatchbacks, sedans and SUVs -- achieved sales of 20,984 units, becoming the second most popular category in the market. Around 9,869 transport vehicles were purchased during the year.
Petrol and diesel vehicles dominated the sales with 52,958 petrol and 5,330 diesel vehicles getting registered. Almost 9,300 electric vehicles were also registered during the year.
“Though there is annual growth in vehicle registration, the trend is not very impressive. The growth was very minimal in 2024. There could be various factors but two crucial factors are rising automobile prices and high taxation in the State,” a senior official said.
As per the road tax slab, government charges 10 per cent of the total cost of the vehicle priced upto Rs 6 lakh and 12 per cent for vehicles ranging between Rs 6 lakhs to Rs 15 lakhs and 14 per cent for vehicles up to Rs 35 lakhs.
The sales saw fluctuating trends throughout the year. The maximum number of vehicle sales was reported in October --10,495, which the authorities are attributing to the festive season.
While September recorded above 8,000 new registrations, the vehicle sale remained between 7,000 to 8,000 in January, March, April, August and November, while it was close to 7,000 in December. June recorded the lowest number of sales -- 4,920.
The State’s total vehicle population as on date stands at 13,68,541.
The data also shows that the transport department’s annual revenue witnessed a 10.59 per cent jump with total revenue generated at Rs 440.41 crore.
Despite an annual rise since 2022, the revenue growth has dropped from 44.58 per cent. In 2023, the revenue growth was 23. 52 per cent.
