CV retail sales experienced a 2.31% YoY but marginal de-growth on MoM basis in April 2024
The Federation of Automobile Dealers Associations (FADA) has released Vehicle Retail Data for April’24. The Indian Auto Retail sector as a whole has experienced a 27% YoY growth in April 2024 with growth seen across all segments. While 2W sales grew by 33.21%, PVs were up 15.94% and 3W sales also increased by 9.27% YoY. Speaking exclusively about the commercial vehicle (CV) segment, sales were up 2.31% YoY while the segment saw lower sales on a MoM basis.
CV Retail Sales April 2024
CV retail sales grew across LCV (47,009 units), MCV (6,704 units) and others (4,803 units). However, sales in the HCV segment suffered a 3.31% YoY setback down to 32,191 units sold last month from 33,293 units sold in April 2023. Commercial vehicle segment grew by 5% on a YoY basis in FY2024 to 10,07,006 units with Tata and Mahindra commanding the maximum market share.
With total CV retail sales at 90,707 units last month, the segment had Tata Motors in the lead even as YoY retail sales dipped to 32,194 units from 33,787 units sold in April 2023. Market share however, fell to 35.49% from 38.11% on a YoY basis. In the CV segment, the company sells the Prima series along with the Signa and Ace series while Tata Intra V70, Intra V20 Gold, Ace HT+, Intra V50 and Ace Diesel range also seen good demand in the country.
Bolero, Furio, Supro and Jeeto boosted Mahindra sales in April 2024 making it the No. 2 best-selling CV maker in India with 20,620 units sold last month, a reasonable improvement over 17,000 units sold in April 2023. Market share improved to 22.73% from 19.17% held in April 2023.
It was followed by Ashok Leyland that also saw lower YoY retail sales, down to 16,423 units in the past month from 16,777 units sold in April 2023. However, despite lower sales, market share saw only a marginal decline to 18.11%.
VE Commercial Vehicle retail sales dipped to 6,861 units last month from 7,509 units sold in the same month last year. Maruti CV sales also fell to 3,389 units last month from 3,576 units sold in April 2023.
Daimler, Force Motors, SML Isuzu – Retail Sales April 2024
Lower down the sales list was Daimler, which saw sales up to 1,983 units in April 2024. It was also a YoY growth for Force Motors, sales of which went up to 1,834 units. SML Isuzu suffered a setback to 1,076 units on a YoY basis. There were also others in this segment that contributed 6,327 units last month, down from 5,764 units sold in April 2023.
Increased demand was seen thanks to improved demand across the corporate and education sectors with new bus orders at the start of the financial year. However, the segment also had to face challenges in terms of limited finance options and water scarcity experienced across many regions in the country.
