The commercial vehicle segment posted YoY and MoM decline in retail sales to 72,747 units in June 2024
There was a slump in commercial vehicle retail sales last month. Sales which had stood at 76,364 units in June 2023 fell to 72,747 units last month relating to a 4.74% YoY decline while MoM sales also fell by 12.42% over 83,059 units sold in May 2024. When taking into account segment wise sales, it was only the MCV segment that saw rising demand with positive YoY and MoM growth while LCV and HCV segments suffered severe decline.
CV Retail Sales June 2024 – Tata Motors, Mahindra – 60% Market Share
Tata Motors and Mahindra secured top two spots on the list, holding 35.63% and 24.01% market share respectively. Each of the OEMs however, except for Mahindra and SML Isuzu have posted YoY decline in retail sales.
Tata Motors, one of India’s largest manufacturers of trucks and buses saw its commercial vehicle retail sales dip to 25,919 units last month from 26,799 units sold in June 2024. Tata Motors has announced increase in prices of commercial vehicles by up to 2% from July 1, 2024 due to rising commodity costs.
Mahindra retail sales of CVs grew to 17,468 units last month from 16,938 units sold in June 2023 thereby increasing market share to 24.01% from 22.18% YoY. The 2024 Mahindra Bolero MaXX Pik-Up range launched earlier this year with several feature updates continues to be a hot favorite in this segment.
At no. 3 on the CV retail sales list was Ashok Leyland. Sales dipped to 11,257 units last month from 12,696 units sold in June 2023. Despite this decline, the company commanded a 15.47% market share. De-growth was also experienced by VECV with 5,872 units retailed last month, down from 6,135 units sold in June 2023. Market share however, improved from 8.03% to 8.07% YoY.
Maruti, Force Motors, Daimler – YoY De-Growth
Lower down the sales list, Maruti, Force Motors and Daimler each posted a YoY de-growth in commercial vehicle retail sales. Maruti sales dipped to 2,883 units from 3,483 units sold in June 2023 while Force Motors sales fell to 1,507 units in June 2024 from 1,625 units sold in the same month last year.
Daimler retail sales were down to 1,499 units last month from 1,575 units even as market share was maintained at 2.06%. SML Isuzu posted a YoY growth in retail sales to 1,497 units in June 2024, up from 1,265 units sold in the corresponding month last year thereby taking up market share to 2.06% from 1.66% YoY.
There were others on this list that also added 4,845 units to total CV retail sales last month, significantly lower when compared to 5,848 units sold in the same month last year.
