Commercial Vehicle Retail Sales in India: A Close Look at Jan 2024
The commercial vehicle (CV) segment in India witnessed a modest improvement in retail sales during January 2024, with a marginal year-on-year (YoY) growth of just 0.11 percent. Despite the challenging market conditions, the total sales reached 89,208 units, reflecting a modest positive trend. However, this growth was primarily driven by the Medium Commercial Vehicle (MCV) and Heavy Commercial Vehicle (HCV) segments, as the Light Commercial Vehicle (LCV) category faced a decline.
Tata Motors at top
In January 2023, the LCV segment recorded sales of 52,892 units, but this figure decreased by 5.78 percent to 49,835 units in January 2024. Despite the YoY decline, there was a notable 19.21 percent month-on-month (MoM) improvement from the sales figures in December 2023, indicating a potential recovery in the coming months.
Conversely, the MCV segment experienced an 11.90 percent YoY growth, with retail sales reaching 5,454 units in January 2024. HCV sales also showed a positive trajectory, increasing by 2.46 percent YoY to 29,179 units. The “others” segment demonstrated outstanding growth, with a remarkable 65.68 percent increase YoY, reaching 4,740 units. Examining the performance of original equipment manufacturers (OEMs) in the CV sector in January 2024 reveals mixed results. While the overall industry showed a marginal improvement, some leading OEMs faced de-growth in retail sales during this period.
CV Sales Jan 2024 vs Jan 2023
Tata Motors, holding a substantial market share, experienced a YoY decline, with retail sales dropping from 33,701 units in January 2023 to 31,188 units in January 2024. Despite this, Tata Motors exhibited a significant MoM growth compared to December 2023, suggesting a potential rebound.
Mahindra, the second-largest player in the market, reported a positive YoY growth, with retail sales increasing to 23,580 units in January 2024 from 21,834 units in January 2023. This growth can be attributed to the introduction of the Supro Profit Truck Excel series, available in both diesel and CNG Duo variants.
Insights into India’s Commercial Vehicle Retail Sales
Ashok Leyland faced a YoY dip in retail sales, recording 13,969 units in January 2024 compared to 14,615 units in the same month the previous year. VE Commercial Vehicles also witnessed a de-growth, dropping to 5,817 units in January 2024 from 5,842 units in January 2023. However, Eicher Trucks and Buses, a division of VE Commercial Vehicles, showcased their first electric truck, indicating a strategic move towards sustainable transportation.
Maruti Suzuki, a prominent player in the passenger vehicle segment, reported marginal growth in CV retail sales, reaching 4,194 units in January 2024 from 4,090 units in January 2023. Other players, such as Daimler and Force Motors, also displayed positive YoY growth.
CV retail sales scenario in India for Jan 2024 reflects a nuanced picture. While the industry as a whole experienced marginal growth, the performance varied across segments and OEMs. The push towards sustainable solutions, as exemplified by the introduction of electric trucks, suggests an evolving landscape for the commercial vehicle market in India. As the industry adapts to changing dynamics, monitoring future developments will be crucial for stakeholders navigating this competitive landscape.
