The commercial vehicle segment has posted outstanding retail sales growth across all segments in July 2024
Commercial Vehicle (CV) retail sales showed a 5.93% Year-on-year (YoY) and 10.05% month-on-month (MoM) growth in July 2024. Several factors brought about this positive effect, the most prominent being outstanding growth in the construction and mining segment.
However, the segment also faced certain limitations in terms of unprecedented rainfall and financing constraints that proved challenging. The segment now looks forward to even more favorable sales in the coming months with the upcoming season.
CV Retail Sales July 2024
Total commercial vehicle retail sales stood at 80,057 units in July 2024. This was a 5.93% growth over 75,573 units sold in July 2023 while MoM sales improved by 10.05% from 72,747 units sold in June 2024.
Every segment has shown off positive sales. The LCV segment (45,336 units) grew by 2.04% YoY while the MCV segment (7,124 units) improved by 9.45% and HCV (24,066 units) by 11.80% on a YoY basis. There were others in this segment that posted a 13.50% YoY growth to 3,531 units last month but saw its sales decline by 2.40% on a MoM basis.
CV Retail Sales July 2024 – Tata Motors at 35% MS
Tata Motors, India’s largest manufacturers of trucks and buses, headed this list with retail sales at 27,492 units in July 2024. This was a very marginal growth over 27,379 units sold in July 2023 while the company currently commands a 34.34% market share.
At No. 2 was Mahindra, sales of which improved to 19,023 units in the past month from 17,637 units sold in July 2023. Market share went up marginally from 23.34% held in July 2024 to 23.76% last month.
Ashok Leyland followed with 13,914 unit retail sales in July 2024, from 12,380 units sold in the same month last year. The company did however, show up a notable improvement in market share at 17.38%. Retail sales of VE Commercial Vehicles also improved to 6,607 units last month from 5,515 units sold in July 2023 while market share stood at 8.25%
Maruti, Force Motors, Daimler – YoY Growth
Maruti commercial vehicle retail sales stood at 3,519 units in the past month, a growth over 3,362 units sold in July 2023 while Force Motors also reported YoY improvement in retail sales to 1,866 units, up from 1,711 units sold in the same month last year.
Lower down the list was Daimler and SML Isuzu with 1,576 units and 1,252 units sold respectively, each posting a YoY growth. There were other CV manufacturers on this list that added 4,808 units to total retail sales, however, this was a YoY de-growth over 4,951 units sold in July 2023.