Tata Motors, Mahindra, Ashok Leyland and VECV Drive Strong CV Growth in January 2026
India’s commercial vehicle (CV) segment sustained its growth momentum in January 2026, supported by continued infrastructure spending, steady rural activity and improved tourism-led mobility demand. Retail sales rose 15.07% year-on-year to 1,07,486 units, compared to 93,420 units in January 2025. On a year-to-date basis, FY26 sales stand at 8,56,834 units, marking a 9.56% increase over 7,82,056 units recorded during the same period in FY25.
Segment-wise performance remained broadly positive. Light Commercial Vehicles (LCVs) led volumes with 65,505 units, up 14.94% YoY. Medium Commercial Vehicles (MCVs) grew 18.87% to 7,648 units, while Heavy Commercial Vehicles (HCVs) rose 14.61% to 34,287 units. The growth trend reflects stable freight movement, replacement demand and gradual improvement in fleet utilisation.
CV Retail Sales – January 2026
Tata Motors retained leadership in the CV segment with 36,571 units sold in January 2026, commanding a 34.02% market share. This marks a strong improvement over 31,609 units in January 2025, with month-on-month volumes also rising from 29,560 units in December 2025. The company recently expanded its portfolio with 17 new-generation trucks spanning 7 to 55 tonnes and introduced the Tata Trucks.ev brand, further strengthening its presence across diesel and electric platforms including Prima, Sigma and Ultra.
Mahindra secured the second position with 31,884 units, up from 27,550 units a year earlier, translating to a 29.66% market share. Growth was supported by steady performance in the LCV and last-mile mobility segments, with Mahindra Last Mile Mobility Ltd contributing 2,131 units to overall volumes.
Ashok Leyland reported retail sales of 19,205 units in January 2026, compared to 16,017 units in the same month last year, reflecting healthy YoY growth. VE Commercial Vehicles (VECV) followed with 8,078 units, also registering strong annual growth driven by steady demand in the medium and heavy truck categories.
In the LCV space, Maruti Suzuki’s Super Carry maintained consistent performance with 5,456 units, marginally higher than 5,238 units in January 2025. Daimler India Commercial Vehicles recorded 2,444 units, up from 2,193 units a year ago.
Force Motors was the only OEM among major players to report a decline. Sales fell to 1,692 units from 1,844 units in January 2025, with market share slipping from 1.97% to 1.57% YoY. SML Isuzu contributed 919 units, while other manufacturers collectively added 1,237 units to total retail sales.
Overall, January 2026 reflects a stable and expanding CV market, with leading OEMs capitalising on infrastructure push, logistics demand and gradual economic recovery to post double-digit growth.
