HomeCommercial VehiclesCV Retail Sales Sep 2024 – Tata, Mahindra, Ashok Leyland, VECV, Maruti,...

CV Retail Sales Sep 2024 – Tata, Mahindra, Ashok Leyland, VECV, Maruti, Force Motors

Tata Truck
Tata Truck

Commercial vehicle retail sales dipped YoY while MoM sales improved marginally in September 2024 reflecting poor market sentiments across all segments

Commercial vehicle retail sales fell significantly in September 2024. Overall demand dipped on account of extended monsoon delays and adverse climatic conditions while government spending on infrastructure projects also hampered growth to a large extent. The segment expects to see better results in the coming months, especially with new product launches and improved sales in rural markets boosted by better agricultural conditions.

CV Retail Sales September 2024 – Tata Motors Leads Segment

Retail sales across the commercial vehicle segment dipped to 74,324 units, up marginally by 1.46% on a MoM basis from 73,253 units sold in Aug 2024 while YoY sales declined by 10.45% from 82,993 units sold in Sept 2023. The CV segment also posted a decline in H1 2024 sales, down by 0.65% to 4,77,381 units over 4,80,488 units sold in the H1 2023 period.

CV Retail Sales Sep 2024 - YoY Comparison
CV Retail Sales Sep 2024 – YoY Comparison

Commercial vehicle sales fell across the LCV segment to 41,715 units which was a 1.84% MoM and 11.87% YoY decline from 42,496 units and 47,334 units sold in August 2024 and Sept 2023 respectively. YoY growth was reported for MCVs by 4.01% to 6,090 units while HCV sales also suffered YoY decline by 11.71% to 22,941 units in Sept 2024.

Tata Motors was the No.1 seller in the CV segment with retail sales last month at 24,872 units. This was however a hefty YoY decline from 29,798 units sold in Sept 2023. Market share dipped to 33.46% from 35.90% YoY.  

CV Retail Sales Sep 2024 - MoM Comparison
CV Retail Sales Sep 2024 – MoM Comparison

Mahindra also reported YoY decline to 18,666 units sold last month form 20,747 units sold in Sept 2023. However, the company has an innovative lineup of new models in this segment that will play a major role to boost sales in the coming months. The Mahindra ZEO EV has been launched promising a range of 246 km. Mahindra Veero has also been homologated with several best in segment and first in segment features and fuel efficiency of 18.4 km/l.

Ashok Leyland sales dipped to 12,519 units last month, from 13,351 units sold in Sept 2023. Ashok Leyland did however, post a MoM growth from 11,955 units sold in August 2024. It was followed at No. 4 by VE Commercial Vehicles with retail sales growing to 6,011 units in the past month from 5,890 units sold in Sept 2023.

CV Sales under 5k – September 2024

Maruti Suzuki also suffered a YoY decline in retail commercial vehicle sales to 3,453 units, down from 3,513 units sold in Sept 2023. Daimler sales also fell to 1,518 units from 1,682 units on a YoY basis though market share improved marginally to 2.04% from 2.03% YoY.

Growth in retail sales was reported by Force Motors with 1,322 units sold last month, up from 1,269 units sold in Sept 2023 while SML Isuzu too ranked up retail sales to 913 units in Sept 2024 from 761 units sold in the same month last year. There were other CV OEMs on this list that added 5,050 units to total retail sales, down from 5,982 units sold in Sept 2023.

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