December 2023 FADA CV Retail Sales Report: Commercial vehicle sales closed at 1.3% YoY Growth

Medium Commercial Vehicles (MCV) experienced a positive trend with an 11.68% YoY growth, reaching 4,808 units in December 2023, up from 4,305 units in December 2022.

The Commercial Vehicle (CV) category has experienced positive growth, with the demand for Medium and Heavy Commercial Vehicles (M&HCVs) on the rise. The increase in demand is attributed to increased industrial activity and ongoing infrastructure development, signalling a promising trend for the market.

The M&HCV segment, a major component of economic strength, has seen a significant increase in demand as companies develop and infrastructure projects get momentum. The need for robust transportation solutions to support these activities has propelled the demand for heavy-duty commercial vehicles.

The bus segment within the CV category has also witnessed a rise in demand. This surge is attributed to the growth in tourism and transportation needs, further increased by substantial orders from various state transport departments. The push for improved public transportation infrastructure has contributed to this positive development.

Despite challenges in the retail sector, the CV category has found strength in rural areas with strong liquidity. Financial benefits from crop sales have enabled customers in rural areas to make large purchases, contributing to the overall favorable expansion of the commercial vehicle market.

FADA Sales Data for Different CV Categories

In December 2023, sales data for different commercial vehicle categories were as follows:

LCV Category

In December 2023, Light Commercial Vehicles (LCV) sales were 41,804 units, slightly down by 2.61% compared to last year's 42,925 units.

MCV Category

Medium Commercial Vehicles (MCV) experienced a positive trend with an 11.68% YoY growth, reaching 4,808 units in December 2023, up from 4,305 units in December 2022.

HCV Category

Heavy Commercial Vehicles (HCV) showed a modest growth of 0.89%, reaching a total of 23,050 units in December 2023.

These figures highlight the performance of Light, Medium, and Heavy Commercial Vehicles in December 2023, showing changes in sales compared to the same period in the previous year.

Also Read: FADA Commercial Vehicle Sales Down By 1.82% in November 2023

FADA Sales Data for Different OEMs

In the latest FADA sales data for December 2023, Tata Motors Limited leads the Indian commercial vehicle (CV) market with a dominant 35.46% market share, selling 26,205 units.

Mahindra & Mahindra Ltd. secured the second position with a market share of 26.61%, selling a total of 19,662 units.

Ashok Leyland claimed the third spot, holding a 15.46% year-on-year market share, selling 11,427 units.

VE Commercial Vehicles achieved a 6.56% market share, selling 4,851 units.

Maruti Suzuki India Ltd ranked fifth with 3,165 units sold and a 4.28% market share.

Daimler India CV Pvt. Ltd. held a 2.08% market share, selling 1,534 units.

Force Motors secured a 1.19% market share with 877 CV vehicles sold.

SML Isuzu Ltd. sold 622 trucks, accounting for a 0.84% market share.

Industry experts remain optimistic about the future of the CV category, emphasizing the need for sustained economic growth and policy support to ensure the sector's continued positive trajectory.

The Commercial Vehicle (CV) sector is looking up with a positive outlook for 2024. Expectations of increased government investment, driven by upcoming elections and infrastructural projects, are boosting confidence.

Key industries like coal, cement, and iron ore are fueling demand, and the market is set to benefit from the replacement of older vehicles. Anticipated growth signals a promising year ahead for the CV industry. For more updates related to truck sales, stay connected with CMV360.