Festivities in the country coupled by strong construction activities boosted sales across the commercial vehicle segment in October 2023
The commercial vehicle (CV) segment has seen outstanding growth both on a YoY and MoM basis in India in October 2023. Sales grew by 10.26 percent YoY to 88,699 units from 80,446 units sold in October 2022 while MoM sales improved by 9.77 percent when compared to 80,804 units sold in September 2023. Every CV maker on this list has posted a YoY growth and performance increased across all segments, be it LCVs, MCVs and HCVs.
CV Retail Sales October 2023
In the CV segment, LCV sales improved by 1.25 percent YoY and 7.47 percent MoM to 49,666 units while MCV sales stood at 5,980 units numbers went up 24.79 percent YoY and 6.35 percent MoM to 5,980 units. HCVs sold 28,940 units and saw double digit growth by 19.09 percent YoY and 14.67 percent MoM to 28,940 units sold in October 2023. There were others in this segment with 4,113 units sold last month relating to a 78.75 percent YoY and 10.24 percent MoM growth.
Like clockwork, Tata Motors headed the commercial vehicle sales list with 32,006 units sold last month. This was a growth registered over 28,905 units sold in October 2022. Retail sales of the company were also significantly higher on a MoM basis when compared to 29,229 units sold in September 2023. At No. 2 was Mahindra, catching up to Tata with 22,905 units sold last month.
Tata Motors takes on 36 percent Market Share
This was a growth over 21,054 units sold in October 2022 allowing the company to command a 25.82 percent market share. In the company’s LCV space, it was the Mahindra Bolero Maxx Pik-Up that has seen outstanding demand with sales figures crossing the 1 lakh unit milestone in September 2023, within 16 months of launch. Bolero Maxx Pik-Up City was introduced in India on August 10th, 2022.
Mahindra has also just launched the new Jeeto Strong. This comes in with a higher payload capacity and best-in-segment mileage. Ashok Leyland retail sales of CVs also increased to 14,074 units in October 2023 up from 13,174 units sold in October 2022. MoM sales grew from 12,690 units sold in September 2023. Ashok Leyland currently commands a 15.87 percent market share on this list.
More recently, Ashok Leyland has delivered India’s first LNG-powered haulage truck – AVTR 1922 to Mahanagar Gas Limited in Hosur, thus marking a major shift towards sustainable and eco-friendly transport solutions in the commercial vehicle segment. VE Commercial Vehicle retail sales also increased on a YoY and MoM basis to 6,435 units in October 2023. There had been 5,343 units sold in October 2022 and 5,694 units sold in September 2023 respectively.
Maruti Suzuki, Daimler, Force Motors, SML Isuzu, Others
Lower down the sales list was Maruti Suzuki with CV sales at 3,945 units. This was a YoY growth over 3,856 units sold in October 2022. It was the company’s Super Carry that contributed most to these sales figures, it being India’s most powerful mini truck that is offered in both petrol and CNG options.
Daimler CV retail sales also increased to 1,945 units last month from 1,236 units sold in October 2022 while Force Motors’ CV sales went up to 1,279 units in October 2023 from 985 units sold in October 2022. SML Isuzu also reported YoY growth in retail CV sales to 653 units, up from 594 units sold in October 2022. There were other CV OEMs in this list that recorded retail sales at 5,457 units in the past month from 5,299 units sold in October 2022.
