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FADA reports 83,823 commercial vehicle retail sales in May 2026. Tata Motors leads with 35.32% market share, while LCVs dominate volumes despite an 18.33% month-on-month market decline.
By Robin Kumar Attri
Commercial vehicle (CV) retail sales stood at 83,823 units in May 2026.
Overall CV sales declined 18.33% MoM but grew 5.29% YoY.
LCV segment remained the largest contributor with 50,348 units.
Tata Motors retained market leadership with a 35.32% market share.
Mahindra & Mahindra strengthened its position with a 26.61% share.
HCV segment witnessed the sharpest monthly decline of 26.48%.
India's commercial vehicle (CV) retail market recorded sales of 83,823 units in May 2026, according to FADA Research. While the industry witnessed an 18.33% month-on-month decline compared to April 2026, it still managed to register a 5.29% year-on-year growth over May 2025.
The decline in monthly volumes was seen across all major vehicle categories, including LCVs, MCVs, and HCVs. However, the market continued to show resilience on a yearly basis, supported by demand from logistics, infrastructure, transportation, and last-mile delivery sectors.
The commercial vehicle market recorded 83,823 units in May 2026, compared to 1,02,641 units in April 2026 and 79,614 units in May 2025.
Although sales declined 18.33% month-on-month, the market posted a healthy 5.29% year-on-year increase, indicating continued demand across key transportation and logistics segments.
Category | May'26 | Apr'26 | May'25 | MoM % | YoY % |
Total CV | 83,823 | 1,02,641 | 79,614 | -18.33% | 5.29% |
LCV | 50,348 | 58,055 | 46,766 | -13.28% | 7.66% |
MCV | 7,630 | 9,453 | 7,287 | -19.28% | 4.71% |
HCV | 25,797 | 35,089 | 25,510 | -26.48% | 1.13% |
Others | 48 | 44 | 51 | 9.09% | -5.88% |
The LCV segment remained the largest contributor to overall commercial vehicle sales with 50,348 units in May 2026. Compared to 58,055 units in April 2026, the segment declined by 13.28% MoM.
Despite the monthly slowdown, LCV sales grew 7.66% YoY from 46,766 units sold in May 2025. Continued demand from e-commerce, urban logistics, and last-mile transportation supported the segment's yearly growth.
The MCV segment recorded 7,630 units in May 2026, down from 9,453 units in April 2026.
The segment declined 19.28% MoM but managed a 4.71% YoY increase compared to 7,287 units sold in May 2025. Demand from regional transportation, institutional fleets, and cargo movement continued to support the category.
The HCV segment reported sales of 25,797 units during May 2026, compared to 35,089 units in April 2026 and 25,510 units in May 2025.
The segment experienced the steepest monthly decline among all categories at 26.48%. However, it still registered a modest 1.13% YoY growth, supported by infrastructure development, construction activity, and long-haul freight transportation.
The Others category recorded 48 units in May 2026, compared to 44 units in April 2026 and 51 units in May 2025.
The segment posted a 9.09% MoM increase but declined 5.88% YoY. It continued to remain a niche contributor within the overall commercial vehicle market.
OEM / Brand | May'26 Sales | Market Share May'26 | May'25 Sales | Market Share May'25 |
Tata Motors Ltd | 29,603 | 35.32% | 27,013 | 33.93% |
Mahindra & Mahindra Ltd | 22,307 | 26.61% | 20,326 | 25.53% |
Ashok Leyland Ltd | 14,812 | 17.67% | 14,842 | 18.64% |
VE Commercial Vehicles Ltd | 7,227 | 8.62% | 7,179 | 9.02% |
Maruti Suzuki India Ltd | 3,636 | 4.34% | 3,195 | 4.01% |
Daimler India Commercial Vehicles Pvt. Ltd | 1,888 | 2.25% | 1,840 | 2.31% |
Force Motors Ltd | 1,651 | 1.97% | 2,316 | 2.91% |
Mahindra Last Mile Mobility Ltd | 1,645 | 1.96% | 1,481 | 1.86% |
SML Mahindra Ltd | 1,516 | 1.81% | 1,639 | 2.06% |
Others | 1,183 | 1.41% | 1,264 | 1.59% |
Total | 83,823 | 100.00% | 79,614 | 100.00% |
Tata Motors continued to dominate the commercial vehicle market in May 2026 with retail sales of 29,603 units. The company captured a 35.32% market share, improving from 33.93% in May 2025.
The growth highlights Tata Motors' strong presence across both light and heavy commercial vehicle segments.
Mahindra & Mahindra secured the second position with 22,307 units and a market share of 26.61%, up from 25.53% a year earlier.
The company's strong performance was supported by its popular range of pickup trucks and small commercial vehicles.
Ashok Leyland recorded retail sales of 14,812 units during May 2026 and held a market share of 17.67%.
While volumes remained largely stable compared to May 2025, the company's market share slightly declined from 18.64%, reflecting increasing competition in the segment.
VE Commercial Vehicles sold 7,227 units in May 2026, accounting for an 8.62% market share.
The company maintained stable volumes compared to the previous year, though its market share dipped slightly from 9.02%.
Maruti Suzuki registered 3,636 units and improved its market share to 4.34%, compared to 4.01% in May 2025.
The growth reflects steady demand for its compact commercial vehicle offerings.
Daimler India Commercial Vehicles reported sales of 1,888 units and captured a 2.25% market share.
The company maintained a stable position in the premium truck segment despite a marginal decline in market share.
Force Motors recorded 1,651 units in May 2026, with a market share of 1.97%.
Compared to May 2025, the company witnessed a decline in both sales volume and market share, which fell from 2.91%.
SML Mahindra reported retail sales of 1,516 units and secured a 1.81% market share.
While volumes declined slightly compared to May 2025, the company maintained its presence in niche commercial vehicle segments.
Other manufacturers collectively sold 1,183 units and accounted for 1.41% of the market. Their combined market share was slightly lower than the 1.59% recorded in May 2025.
The May 2026 commercial vehicle retail data indicates a temporary slowdown in monthly demand after a stronger April performance. However, the market continued to register positive year-on-year growth, demonstrating underlying strength in logistics, transportation, infrastructure, and fleet replacement demand.
While LCVs remained the key growth driver, HCV demand moderated during the month. Leading OEMs such as Tata Motors, Mahindra & Mahindra, and Ashok Leyland continued to dominate the market, while smaller players and last-mile mobility-focused manufacturers maintained steady progress.
India's commercial vehicle market recorded 83,823 retail units in May 2026, reflecting a mixed performance. Although monthly sales declined across major segments, the industry remained in positive territory on a year-on-year basis.
The LCV segment continued to lead overall volumes, while Tata Motors strengthened its leadership position with a 35.32% market share. Mahindra & Mahindra and Ashok Leyland remained strong contenders, reinforcing their presence in the country's CV market.
With continued investments in infrastructure, expanding logistics networks, and growing transportation requirements, the commercial vehicle industry is expected to maintain stable demand momentum in the coming months.
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