Commercial vehicle retail sales improved by 6.37% on a YoY and by 31.06% on a MoM basis in October 2024
As revealed by Federation of Automobile Dealers Associations (FADA) vehicle retail sales in October 2024 showed improvement across all segments. Sales were boosted thanks to the festive season and other factors such as strong customer demand, favourable monsoons and improved rural buying. The 2W segment showed off a 36% growth while PV sales were up 32% and CV sales showed off a 6% YoY growth.
CV Retail Sales October 2024 – Tata Motors Leads Segment
As we break down commercial vehicle (CV) sales even further, we find that sales improved across the LCV and MCV segments while HCV sales dipped marginally. LCV sales were up 9.11% YoY while MCV sales grew by 6.38%. HCV sales however, suffered a 1.15% YoY decline in demand.
CV sales in Oct 2024 stood at 997,411 units. This was a 6% YoY growth from 91,576 units sold in Oct 2023. MoM retail sales which had stood at 74,324 in Sept 2024 saw a massive 31.06% improvement. Tata Motors continued to lead the segment as always despite suffering a YoY de-growth. It accounted for 30,562 unit retail sales to command a 31.37% share on this list. Its sales in Oct 2023 had stood at 32,806 when market share was higher at 35.86%.
Mahindra retail sales saw a YoY growth to 27,769 units in Oct 2024. This was over 22,984 unit sales as of Oct 2023 taking market share up to 28.51%. In Oct 2024 Mahindra launched the new ZEO EV. This electric 4W truck in India comes in at Rs 7.52 lakh. It is presented in two variants of Zeo V1 and Zeo V2 ideally suited for last mile mobility with a load capacity of 765 kgs.
At No. 3, Ashok Leyland sales also went up to 15,772 units in Oct 2024 from 14,883 units sold in Oct 2023. It was followed by VE Commercial Vehicles with 7,033 unit sales last month over 6,650 units sold in Oct 2023. Market share however, dipped from 7.26% to 7.22% on a YoY basis.
Maruti Suzuki also saw a significant rise in its commercial vehicles in Oct 2024. Sales went up to 5,238 units in the past month from 3,989 units sold in Oct 2023. Market share improved to 5.38% from 4.36% YoY.
CV Sales under 5k – October 2024
There were some commercial vehicle OEMs that saw its retail sales in the sub-5,000 unit segment. Daimler has posted a decline in retail sales to 1,894 units in Oct 2024 from 1,956 units sold in Oct 2023. This significantly brought down its market share to 1.94% from 2.14% YoY.
Force Motors saw a marginal rise in retail sales to 1,370 units from 1,317 units sold in Oct 2023. SML Isuzu CV retail sales also went up to 852 units in the past month. There had been 660 units sold in the same month last year. There were other CV manufacturers who added 6,921 units to total retail sales in Oct 2024, up from 6,331 units sold in Oct 2023.
