FADA Retail CV Sales February 2026: 1,00,820 Units Sold, Tata Motors Retains Market Leadership

Key Highlights

• Total CV retail sales reached 1,00,820 units in February 2026.

• The market declined 6.20% compared to January 2026.

• Sales increased 28.89% year-on-year compared to February 2025.

• LCVs remained the largest contributing segment.

• MCV and HCV segments showed positive monthly growth.

• Tata Motors continued to lead the CV market in retail sales.

India’s commercial vehicle (CV) retail market recorded 1,00,820 units in February 2026, according to FADA Research. While the market saw a 6.20% month-on-month decline, it registered a strong 28.89% year-on-year growth, indicating stable demand supported by infrastructure development, freight movement, and fleet replacement across the country.

The sales performance varied across segments, with LCVs witnessing a monthly decline, while MCV and HCV segments recorded positive growth, reflecting mixed but resilient market trends.

Overall CV Market Performance - February 2026

The commercial vehicle market recorded 1,00,820 units in February 2026, compared to 1,07,486 units in January 2026 and 78,219 units in February 2025.

While the monthly decline indicates a temporary slowdown after a strong January performance, the 28.89% year-on-year growth highlights healthy demand in the commercial vehicle sector.

Also Read: FADA Retail CV Sales January 2026: 1,07,486 Units Sold, Tata Motors Leads the Market

Category-Wise CV Sales Performance - February 2026

Segment-Wise Market Analysis

Light Commercial Vehicles (LCV)

The LCV segment recorded 57,547 units in February 2026, compared to 65,505 units in January 2026 and 46,262 units in February 2025.

The segment declined 12.15% month-on-month, but still achieved 24.39% year-on-year growth, supported by continued demand in last-mile delivery, logistics, and small business transportation.

Medium Commercial Vehicles (MCV)

The MCV segment registered 8,089 units, rising from 7,648 units in January 2026 and 5,797 units in February 2025.

The category posted 5.77% monthly growth and 39.54% YoY growth, indicating improving demand from industrial transportation, institutional fleets, and regional logistics operators.

Heavy Commercial Vehicles (HCV)

The HCV segment reported 35,127 units in February 2026, compared to 34,287 units in January 2026 and 26,071 units in February 2025.

The segment recorded 2.45% month-on-month growth and 34.74% year-on-year growth, supported by infrastructure activity, mining operations, and long-haul freight transportation.

Others

The “Others” category registered 57 units, up from 46 units in January 2026, but lower than 89 units in February 2025. The category remains relatively small and represents niche or low-volume OEM segments.

OEM-Wise Market Share - February 2026

OEM Performance Overview

Tata Motors Ltd

Tata Motors led the commercial vehicle market with 35,900 units sold, capturing a 35.61% market share, slightly higher than 34.75% in February 2025. The company maintained leadership through strong performance across LCV and HCV categories.

Mahindra & Mahindra Ltd

Mahindra & Mahindra recorded 27,014 units, accounting for 26.79% market share, slightly lower than 27.06% last year. The brand continued to benefit from steady demand in pickup trucks and small commercial vehicles.

Under its second reporting entry, Mahindra sold 24,995 units, holding a 24.79% market share, compared to 25.18% in February 2025, indicating stable performance across CV segments.

Mahindra Last Mile Mobility Ltd

Mahindra Last Mile Mobility reported 2,019 units, capturing a 2.00% market share, slightly higher than 1.89% last year, reflecting consistent growth in last-mile mobility solutions.

Ashok Leyland Ltd

Ashok Leyland recorded 18,619 units, securing an 18.47% market share, compared to 18.67% in February 2025, supported by demand in medium and heavy trucks.

In its second reporting entry, the company sold 18,261 units, with a 18.11% market share, slightly lower than 18.51% last year, indicating steady fleet demand.

Switch Mobility Automotive Ltd

Switch Mobility sold 358 units, increasing its market share to 0.36%, up from 0.16% in February 2025, reflecting gradual growth in electric commercial vehicles.

VE Commercial Vehicles Ltd

VE Commercial Vehicles recorded 8,263 units, capturing 8.20% market share, compared to 8.13% last year.

Its second entry reported 8,203 units with 8.14% share, while the Volvo Buses division sold 60 units, maintaining 0.06% market share, highlighting its niche presence.

Maruti Suzuki India Ltd

Maruti Suzuki sold 4,489 units, holding a 4.45% market share, slightly lower than 4.70% in February 2025, largely driven by demand for its small commercial vehicle portfolio.

Daimler India Commercial Vehicles Pvt. Ltd

Daimler India Commercial Vehicles registered 2,389 units, with a 2.37% market share, up from 2.19% last year, reflecting stable demand in premium truck segments.

Force Motors Ltd

Force Motors sold 2,097 units, accounting for 2.08% market share, compared to 2.56% in February 2025, indicating moderate demand.

SML Isuzu Ltd

SML Mahindra recorded 1,066 units, capturing 1.06% market share, slightly lower than 1.27% last year, maintaining stable volumes.

Other OEMs

Other manufacturers collectively sold 983 units, contributing 0.98% market share, up from 0.66% last year, showing gradual growth among smaller OEMs.

Data Source and Coverage

The retail data has been compiled by FADA Research in collaboration with the Ministry of Road Transport & Highways, Government of India. The data has been collected from 1,459 out of 1,464 RTOs as of 2 March 2026.

Figures do not include data from Telangana (TS). OEMs with less than 1% market share are grouped under “Others.”

Market Outlook

The February 2026 commercial vehicle market reflects stable demand despite a short-term monthly decline. Growth in the MCV and HCV segments highlights continued momentum from infrastructure projects, logistics expansion, and industrial activity.

Leading manufacturers such as Tata Motors, Mahindra, and Ashok Leyland continue to dominate the market, while electric and niche OEMs are gradually strengthening their presence.

With government infrastructure spending and freight movement expected to remain strong, the commercial vehicle sector is likely to maintain steady growth momentum through 2026.

Also Read: India Electric Three-Wheeler Sales Report - February 2026: Zeniak Innovation Leads E-Rickshaw Market While J.S. Auto Dominates E-Cart Segment

CMV360 Says

India’s commercial vehicle market showed mixed trends in February 2026, with total retail sales reaching 1,00,820 units. While overall sales declined slightly compared to January, the market recorded strong year-on-year growth of 28.89%. LCVs continued to lead volumes, while MCV and HCV segments posted healthy growth supported by infrastructure, mining, and freight demand. Tata Motors retained its leadership position in the CV market, followed by Mahindra and Ashok Leyland. With steady logistics activity and infrastructure spending, the commercial vehicle sector is expected to maintain stable momentum in the coming months.