FADA Sales Report December 2024: CV sales decreased by 5.24% YoY

Key Highlights: 

• Total commercial vehicle (CV) sales in 2024 reached 10,04,856 units, a slight increase of 0.07% from 2023.
• CV sales in December 2024 dropped by 12.13% from November and 5.24% from December 2023, totaling 72,028 units.
• Light Commercial Vehicle (LCV) sales fell by 16.28% month-on-month and 7.05% year-on-year.
• Tata Motors led the market with a 33.58% share, while Mahindra & Mahindra and Ashok Leyland held strong positions.
• Dealers are cautiously optimistic for January 2025, with nearly 48% expecting growth in CV sales during the typically stronger fourth quarter.

FADA, the Federation of Automobile Dealers Association, has shared the commercial vehicle sales data for December 2024. In 2024, the total commercial vehicle (CV) sales reached 10,04,856 units, showing a small increase of 0.07% compared to 10,04,120 units sold in 2023.

Commercial Vehicle Sales in December 2024: Category-Wise Breakdown

The commercial vehicle (CV) sales for December 2024 showed a decline when compared to both the previous month and the same period last year.

Total CV Sales: 72,028 units were sold, down by 12.13% from November 2024 (81,967 units) and 5.24% lower than December 2023 (76,010 units).

Light Commercial Vehicles (LCV): The LCV segment saw a 16.28% drop in sales from November, with 39,794 units sold in December. Year-on-year, sales fell by 7.05% from 42,814 units in December 2023.

Medium Commercial Vehicles (MCV): MCV sales also fell by 14.82% MoM, reaching 4,662 units in December 2024. There is a decrease of 6.52% YoY, down from 4,987 units in December 2023.

Heavy Commercial Vehicles (HCV): The HCV segment reported a 6.79% drop in sales compared to November, with 22,781 units sold in December 2024. On a YoY basis, the decline stood at 4.70% from 23,904 units sold in December 2023.

Others: This category experienced a growth of 5.93% MoM, reaching 4,791 units in December 2024. There was an 11.29% YoY increase compared to 4,305 units in December 2023.

CV sales dropped by 5.2% compared to last year and 12.1% from the previous month. This decline was mainly due to low market sentiment, delayed government fund releases, and slow financing approvals. 

Many customers chose to wait for 2025 models instead of buying now. While some categories, like tippers, showed strength, the ongoing decline in LCV sales and unseasonal rains affected demand further. Even though year-end offers and inquiries provided some relief, overall sales still faced challenges.

Looking ahead to January, auto dealers are cautiously optimistic. Nearly half (48.09%) of those surveyed expect growth, while 41.22% predict stable demand, and only 10.69% foresee a decline. The CV segment might see a slight increase, as the fourth quarter is usually stronger. However, growth will depend on the speed of infrastructure projects and easier credit approvals.

OEM Wise CV Sales Data for December 2024

In December 2024, the market share distribution among commercial vehicle (CV) manufacturers showed slight shifts compared to December 2023:

Tata Motors Ltd maintained its lead with 24,185 units sold in December 2024 though it was slightly lower than the 26,743 units sold in December 2023.

Mahindra & Mahindra Ltd followed closely with 18,895 units in December 2024, accounting for 26.23% of the market, showing a slight increase from 25.95% in December 2023 (19,722 units).

Ashok Leyland Ltd secured 16.06% of the market with 11,566 units sold in December 2024, up from 15.83% in December 2023 (12,029 units).

VE Commercial Vehicles Ltd sold 4,504 units in December 2024, holding a 6.25% market share, down from 5,063 units sold in December 2023.

Maruti Suzuki India Ltd recorded 3,543 units in December 2024, with a 4.92% share, up from 4.22% in December 2023 (3,205 units).

Daimler India Commercial Vehicles Pvt. Ltd sold 1,579 units, capturing a 2.19% market share, slightly up from 2.04% in December 2023 (1,548 units).

Force Motors Ltd achieved a 1.56% share with 1,127 units in December 2024, showing growth from 1.20% in the previous year (913 units).

SML Isuzu Ltd sold 526 units in December 2024, with a 0.73% market share, slightly lower than 0.82% in December 2023 (625 units).

Others accounted for 8.47% of the market with 6,103 units sold in December 2024, compared to 6,162 units in December 2023.

Tata Motors remains the market leader, but its share has slightly decreased, while Mahindra & Mahindra and Ashok Leyland have managed to hold strong positions. The overall market shows a modest shift in shares across different manufacturers.

Also Read: FADA Sales Report November 2024: CV sales decreased by 6.08% YoY

CMV360 Says

The decline in commercial vehicle sales in December 2024 suggests that market sentiment remains low, impacted by factors like delayed government funds, slow financing approvals, and consumer hesitation. Despite this, the slight increase in total sales for 2024 indicates that there is still some resilience in the industry. 

Manufacturers like Tata Motors, Mahindra, and Ashok Leyland continue to dominate the market, which highlights the ongoing strength of established brands. For more updates on sales, keep following CMV360 and stay tuned!