Commercial vehicles registered a 4.07% YoY growth to 83,059 units in May 2024 from 79,807 units sold in May 2023 – MoM sales declined
In a robust display of market resilience, the commercial vehicle (CV) sector reported a 4.07% year-on-year growth in retail sales for May 2024, reveals FADA India. The total CV sales for the month reached 83,059 units, up from 79,807 units in May 2023, signalling positive momentum in the industry. The overall market share distribution saw Tata Motors and Mahindra securing the top spots, holding 35.38% and 23.90% of the market, respectively.
CV Retail Sales May 2024 – Tata Motors Leads the Pack
Tata Motors continued its dominance in the CV market with an impressive 29,383 units sold in May 2024, marking a 9.14% increase from the 26,923 units sold in the same period last year. This performance solidified Tata’s market share at 35.38%, further extending its lead over competitors.
Mahindra also posted strong numbers, selling 19,855 units, a significant 15.12% increase from May 2023’s 17,247 units. Mahindra’s market share now stands at 23.90%, positioning it firmly as the second-largest player in the CV segment. Ashok Leyland experienced a decline, with sales dropping by 996 units to 13,518, a 6.86% decrease compared to May 2023. Similarly, VECV saw a 9.29% decrease in sales, moving 6,559 units compared to 7,231 units last year.
Maruti Suzuki’s performance also dipped slightly, with a 4.50% reduction in sales, from 3,508 units in May 2023 to 3,350 units this year. Despite these declines, these companies maintain substantial market shares, with Ashok Leyland holding 16.28% and VECV at 7.90%. Force Motors exhibited the most remarkable growth, with a 32.79% increase in sales. The company sold 1,616 units in May 2024, up from 1,217 units the previous year.
Isuzu also showed solid growth, with sales rising by 7.91% to 1,310 units from 1,214 units in May 2023. Daimler managed a slight increase in sales, up 0.38% from 1,823 units in May 2023 to 1,830 units this year. This steady performance helped Daimler maintain a 2.20% share of the CV market.
CV Retail Sales May 2024 – MoM Comparison
The commercial vehicle (CV) market experienced a significant decline in May 2024, when taking into account MoM data. The total number of units sold in May was 83,059, down from 90,707 in April, indicating a challenging month for the industry. Tata Motors saw a substantial decrease in sales. The company sold 29,383 units in May 2024, down from 32,194 units in April 2024. Mahindra’s sales fell by 3.71%, with 19,855 units sold in May compared to 20,620 units in April.
Ashok Leyland experienced the most significant decline among major players, with sales dropping by 17.69%. The company sold 13,518 units in May, down from 16,423 units in April. VECV saw a 4.40% decrease in sales, with 6,559 units sold in May compared to 6,861 units in April. Maruti’s sales dropped by 1.15%, from 3,389 units in April to 3,350 units in May. Daimler sales decreased by 7.72%, with 1,830 units sold in May compared to 1,983 in April.
Force Motors also faced a significant drop of 11.89%, selling 1,616 units in May compared to 1,834 units in April. Amid the overall decline, Isuzu was the only manufacturer to report growth, with sales increasing by 21.75%. The company sold 1,310 units in May, up from 1,076 units in April. Isuzu’s market share is now 1.19%, reflecting its improved performance.
