Commercial Vehicle retail sales increased 32.80 percent YoY in Nov 2022 with growth seen across all segments
As per data released by FADA, commercial vehicle retail sales were buoyed by the increased Government of India attention to infrastructure, new mining projects and a revival of inter-state movement of passengers. In fact, sales in November 2022 have even surpassed that of November 2019, a pre-covid month by a notable margin.
CV sales were up 32.80 percent YoY to 79,369 units in Nov 2022, this was a growth over 59,765 units sold in Nov 2021. MoM sales also improved significantly by 51.87 percent from 52,261 units sold in Oct 2022. Such is the growth in this segment that retail sales figures have surpassed pre-covid times by 6.37 percent from 74,614 units sold in Nov 2019. Growth both YoY and MoM was seen across all segments be it LCVs MCVs and HCVs.
Commercial Vehicle Sales Nov 2022
Tata Motors was the highest selling CV maker in Nov 2022 with 30,282 units sold in the month. This was a growth over 26,469 units sold in Nov 2021 though market share dipped from 44.29 percent to 38.15 percent YoY. Tata Motors has updated its entire fleet introducing new and improved features such as ADAS and driver fatigue alert and paid close attention to reducing its carbon footprint with a new lineup of CNG trucks and LCVs.
At No. 2 was Mahindra with its CV sales at 20,081 units in Nov 2022, up from 12,044 units sold in Nov 2021. Market share improved to 25.30 percent from 20.15 percent YoY. It was Ashok Leyland at No. 3 with 13,084 units sold in Nov 2022 up from 7,879 units sold in Nov 2021. Market share currently stands at 16.49 percent as against 13.18 percent held in Nov 2021. The company is set to launch the electric Dost and Bada Dost sometime mid 2023.
VE Commercial Vehicles Limited saw its retail sales increase to 5,270 units in Nov 2022, up from 3,786 units sold in Nov 2021. Market share improved to 6.64 percent from 6.33 percent YoY. It was followed by Maruti Suzuki with 3,82 units sold last month from 3,664 units sold in Nov 2021. Market share however, dipped to 4.82 percent from 6.13 percent YoY.
Daimler commercial vehicle retail sales stood at 1,555 units in Nov 2022 up from 1,149 units sold in Nov 2021. The company also saw marginal growth in market share to 1.96 percent from 1.92 percent YoY.
Force Motors and SML Isuzu – Nov 2022
Lower down the list was Force Motors with CV retail sales at 675 units, up from 650 units sold in the same month of the previous year. Market share however, dipped to 0.85 percent from 1.09 percent YoY.
SML Isuzu Ltd had 586 units of CVs sold last month from 568 units sold in Nov 2021 and noted a dip in market share to 0.74 percent from 0.95 percent YoY. There were other commercial vehicle OEMs in this segment that also contributed 4,008 units to retail sales in Nov 2022 up from 3,556 units sold in Nov 2021.