Commercial vehicle retail sales improved in Feb 2023 – New OBD norms could bring in higher prices impacting sales in the months ahead
Commercial vehicle retail sales in Feb 2023 stood at 79,027 units, up 17.27 percent when compared to 67,391 units sold in Feb 2022. It was however a MoM de-growth over 82,428 units sold in Jan 2023. Growth was seen across all segments under this category.
CV Retail Sales Feb 2023
LCV sales were higher by 12.10 percent YoY to 44,392 units from 39,601 units sold in Feb 2022. MCV sales improved 8.80 percent to 4,808 units in the past month from 4,419 units sold in Feb 2022 while HCV sales saw the highest YoY growth by 23.93 percent to 24,469 units in Feb 2023 from 21,358 units sold in Feb 2022. There were others in this segment which saw retail sales improve by 66.82 percent to 3,358 units in the past month from 2,013 units sold in Feb 2022.
Tata Motors was the No. 1 CV maker in Feb 2023. Sales stood at 30,280 units, up from 28,392 units sold in Feb 2022. Market share however, dipped from to 38.32 percent from 42.13 percent YoY. Mahindra retail sales of commercial vehicles improved to 18,845 units in Feb 2023 from 14,225 units sold in Feb 2022. Market share increased to 23.85 percent from 21.11 percent YoY.
Next on the list was Ashok Leyland with sales of 13,331 units, up from 10,418 units sold in Feb 2022. Market share improved to 16.87 percent from 15.46 percent YoY. Ashok Leyland entered into an alliance with Reliance Industries and introduced India’s first H2-ICE powered truck at the India Energy Week in Bengaluru.
VE Commercial Vehicles, a joint venture of the Volvo Group and Eicher Motors, followed with sales at 5,638 units in Feb 2023. This was a YoY growth over 4,039 units sold in Feb 2022 taking up market share to 7.13 percent from 5.99 percent. The company expects prices of its models to rise by up to 5 percent from April 2023 following the introduction of stricter emission norms.
Sales of Maruti Suzuki commercial vehicles dipped to 3,209 units in the past month. The company had sold 3,331 units in Feb 2022. Market share fell to 4.06 percent from 4.94 percent YoY. This made it the only CV maker on this list to post a YoY de-growth in retail sales.
Daimler, Force Motors, SML Isuzu
Lower down the order was Daimler with retail sales at 1,785 units in Feb 2023. This was over 1,449 units sold in Feb 2022. Market share improved YoY to 2.26 percent from 2.15 percent.
Force Motors retail sales increased 2 fold on a YoY basis to 880 units in Feb 2023 from 415 units sold in Feb 2022 while SML Isuzu sales were up at 542 units in the past month from 529 units sold in Feb 2022. There were others on this list contributing 4,517 units to total CV retail sales in Feb 2023.