Commercial Vehicle Retail Sales July 2024 – Tata, Mahindra, Ashok Leyland,

Commercial vehicle retail sales in all segments achieved excellent growth in July 2024

Commercial vehicle (CV) retail sales increased by 5.93% year-on-year and 10.05% month-on-month in July 2024. Several factors contributed to this positive impact, the most prominent of which was the outstanding growth in the construction and mining sectors.

However, the sector also faced constraints such as unprecedented rainfall and financing restrictions, which was undoubtedly a challenge. The sector is now expecting more favorable sales conditions in the coming months with the upcoming season.

Commercial vehicle retail sales in July 2024

In July 2024, total commercial vehicle retail sales were 80,057 units. This was a 5.93% increase from the 75,573 units sold in July 2023, while monthly sales were up 10.05% from the 72,747 units sold in June 2024.

Each segment recorded positive sales performance. The LCV segment (45,336 units) grew 2.04% YoY, the MCV segment (7,124 units) grew 9.45% YoY, and the HCV segment (24,066 units) grew 11.80% YoY. Other models in the segment grew 13.50% YoY to 3,531 units last month, but their sales fell 2.40% MoM.

Commercial vehicle retail sales in July 2024 – Tata Motors grew 35% YoY

Tata Motors, India’s largest truck and bus manufacturer, topped the list with retail sales of 27,492 units in July 2024. This is a very marginal increase compared to the 27,379 units sold in July 2023, and the company currently holds a 34.34% market share.

In second place was Mahindra, whose sales rose from 17,637 units in July 2023 to 19,023 units last month. The market share rose slightly from 23.34% in July 2024 to 23.76% last month.

Ashok Leyland followed closely behind with retail sales of 13,914 units in July 2024 compared to 12,380 units sold in the same period last year. However, the company did improve its market share significantly to 17.38%. VE commercial vehicle retail sales also improved from 5,515 units in July 2023 to 6,607 units last month, with a market share of 8.25%.

Maruti, Force Motors, Daimler – YoY growth

Last month, Maruti Commercial Vehicles retailed 3,519 units, up from 3,362 units in July 2023, while Force Motors also reported a year-on-year increase in retail sales to 1,866 units, up from 1,711 units in the same period last year.

Lower down the list were Daimler and SML Isuzu, with sales of 1,576 and 1,252 units respectively, both up year-on-year. There were other commercial vehicle manufacturers on this list, adding 4,808 units to total retail sales, but this was a year-on-year decline compared to the 4,951 units sold in July 2023.