CNG Vehicle Sales Surge in the First Half of 2024

Key Highlights:

• CNG 3-wheeler sales grew by 11% in the first half of 2024 compared to the same period in 2023.
• Bajaj Auto leads the CNG 3-wheeler market with an 87% market share.
• TVS Motor saw a 43% increase in sales, selling 8,028 units in H1 2024.
• Piaggio's sales dropped by 2%, selling 10,076 units in H1 2024.
• Continental Engines experienced a decline of 76% YoY in H1 2024.

According to the most recent Vahan retail sales report for the first half of 2024, the CNG vehicle industry experienced a strong increase across all categories, including three-wheelers. Compared to retail sales of 1,56,961 units in H1 2023 (first half of 2023), the CNG 3-wheeler category had sales of 1,73,480 units in H1 2024, representing an 11% increase.

The CNG three-wheeler segment, which accounts for 31% of the total CNG vehicle market, increased by 11% year on year in the first half of 2024.

Bajaj Auto, TVS Motors, MLR Auto, and Mahindra Last Mile Mobility are the only three-wheeler OEMs (original equipment manufacturers) to record sales growth in the first six months of 2024. Bajaj Auto has maintained its leadership position in the CNG 3-wheeler segment, with an 87% market share.

Brand Wise CNG 3-Wheeler Sales Report For H1 2024

Bajaj Auto sold 1,50,587 units in H1 2024, compared to 1,35,237 units in H1 2023, representing an 11% YoY retail sales increase.

Piaggio's retail sales fell by 2% YoY in H1 2024, with 10,076 CNG three-wheelers sold compared to 10,239 in H1 2023. 

TVS Motor sold 8028 units in the first half of 2024, up from 5631 in the first half of 2023, for a total YoY retail sales growth of 43 per cent. 

Furthermore, Atul Auto saw a 16 per cent YoY fall in retail sales after selling 1818 CNG 3-wheelers in H1 2024 versus 2166 units in H1 2023.

Mahindra Last Mile Mobility sold 1522 units in the first half of this year, compared to 1371 in the first half of 2023, representing an 11% YoY sales increase.

Baxy three-wheelers sold 443 units in the first half of 2024.

JS Auto sold 325 units, compared to 659 in the first half of 2023. 

Continental Engines experienced a 76 per cent YoY sales drop, selling only 167 units in H1 2024 compared to 684 units the previous year.

API Motors sold 203 units in H1 2024, compared to 590 units in H1 2023, representing a 66 percent YoY drop.

MLR Auto sold 291 vehicles in H1 2024, up 10% year on year from 264 in H1 2023. 

Also Read: Electric Three-wheeler L5 Sales Report June 2024: MLMM emerges as the top choice.

CMV360 Says

The rise in CNG 3-wheeler sales shows people are leaning towards cleaner and cheaper fuel options. Bajaj Auto's strong sales highlight its popularity and reliability. 

However, the drop in sales for Piaggio and Atul Auto suggests that competition is tough. Overall, the trend towards eco-friendly vehicles is a good sign for the future of transportation.