Sales data for Nov 2024 shows a decline in commercial vehicle (CV) demand, experienced by most OEMs and also across all segments
Federation of Automobile Dealers Associations (FADA) has shared retail sales data for Nov 2024. 2W sales saw a 15.8% YoY growth while 3W and Tractor sales were up 4.23% and 29.88% respectively. Passenger vehicles experienced a 13.72% YoY decline while commercial vehicle sales dipped by 6.80%. Here as we assess commercial vehicle (CV) sales, dealerships face lower demand on account of various factors.
CV Sales Nov 2024 – Tata at No. 1 Spot
Total commercial vehicle sales in Nov 2024 stood at 81,867 units. This was a YoY decline of 6.08% from 87,272 units sold in Nov 2023. MoM sales also suffered a 15.85% de-growth from 97,411 unit sales of Oct 2024. A breakup across the CV segment shows that sales were subdued on an overall basis. LCV sales declined by 4.46% YoY and 15.15% MoM to 47,530 units. MCV sales dropped by 0.05% YoY and 16.33% MoM to 5,473 units while HCV sales saw double-digit decline of 11.56% YoY and 17.22% MoM to 24,441 units.
Tata Motors continued to rule this segment in Nov 2024. There was a YoY decline in sales with 27,671 unit sales in the past month. This was over 30,382 unit sales of Nov 2023 taking down market share to 33.76% from 34.81% on a YoY basis. At No. 2 was Mahindra with 23,046 unit sales in the last month. This was a marginal decline from 23,536 units sold in Nov 2023. Market share however, improved to 28.12% from 26.97%.
Ashok Leyland too suffered a YoY decline in retail CV sales to 12,824 units to command a 15.65% market share. There had been 13,721 units sold in Nov 2023 relating to a volume decline of 897 units. It was followed by VE Commercial Vehicles, a joint venture between Volvo and Eicher Motors, with 5,517 units sold in Nov 2024, down from 5,773 units sold in the same month of last year.
Maruti Suzuki CV Retail Sales Nov 2024
Even as the light commercial vehicle Super Carry has been well received, Maruti recorded lower YoY sales in Nov 2024. Maruti Suzuki sold 3,696 units in the past month. This was a YoY decline from 3,765 units sold in Nov 2023. Daimler also saw its sales dip to 1,573 units last month from 1,837 units sold in the same month of 2023.
Force Motors on the other hand was the only commercial vehicle OEM along with SML Isuzu to record a YoY growth in CV retail sales. Force Motor sales stood at 1,297 units, up from 1,214 units sold in Nov 2023 while SML Isuzu saw significantly higher sales at 730 units in Nov 2024 from 571 units sold in the same month last year. Other OEMs contributed 5,613 units to total sales last month, down from 6,473 units sold in Nov 2023.
