FADA Sales Report July 2024: CV Segment Experienced growth of 5.93% YOY.

Key Highlights: 

• The commercial vehicle (CV) segment saw a 5.93% year-on-year (YOY) growth in July 2024.
• Total CV sales in July 2024 were 80,057 units, up from 75,573 units in July 2023.
• Light Commercial Vehicles (LCV) sales increased by 11.36%, reaching 45,336 units in July 2024.
• Heavy Commercial Vehicles (HCV) sales rose by 11.70%, totaling 24,066 units in July 2024.
• Tata Motors maintained the largest market share at 34.34%, though slightly down from 36.23% in July 2023.

FADA, the Federation of Automobile Dealers Association has shared the commercial vehicle sales data for July 2024. The CV segment experienced a growth of 5.93% YOY.

According to the latest FADA Sales Report, combined CV sales totalled 80,057 units in July 2024, up from 75,573 units in July 2023.

Additionally, there was a 10.05% growth in Month-on-Month (MoM) sales compared to June 2024, when 72,747 units of commercial vehicles were sold.

Commercial Vehicle Segment-wise Sales in July’24

Total Commercial Vehicles (CV) sales reached 80,057 units, up by 10.05% compared to 72,747 units in June 2024, and up 5.93% from 75,573 units in the July 2023

Light Commercial Vehicles (LCV) saw sales of 45,336 units, an increase of 11.36% from 40,711 units in June 2024, and a 2.04% rise from 44,428 units in July 2023.

Medium Commercial Vehicles (MCV) had 7,124 units sold, showing a 3.67% increase from 6,872 units in June 2024 and a 9.45% rise from 6,509 units in July 2023.

Heavy Commercial Vehicles (HCV) sales were 24,066 units, up 11.70% from 21,546 units in June 2024, and up 11.80% from 21,525 units in July 2023.

Others category had 3,531 units sold, down 2.40% from 3,618 units in June 2024 but up 13.50% from 3,111 units in July 2023.

OEM Wise CV Sales Data

Tata Motors Ltd had a market share of 34.34% in July 2024, slightly down from 36.23% in July 2023.

Mahindra & Mahindra Limited saw a market share increase to 23.76% from 23.34% the previous year.

Ashok Leyland Ltd improved its market share to 17.38%, up from 16.38% last year.

VE Commercial Vehicles Ltd grew its share to 8.25%, compared to 7.30% in July 2023.

Maruti Suzuki India Ltd had a small decrease in market share, going from 4.45% to 4.40%.

Force Motors Limited increased its share to 2.33%, up from 2.26%.

Daimler India Commercial Vehicles Pvt. Ltd saw a slight drop to 1.97% from 1.99%.

SML Isuzu Ltd improved to 1.56% from 1.50%.

The Others category had a small decrease in share, from 6.55% to 6.01%.

Overall, the total market grew to 80,057 units in July 2024, up from 75,573 units in July 2023.

FADA Vice President Mr. C S Vigneshwar shared insights on the auto retail performance for July 2024. He noted a 6% year-on-year growth in commercial vehicle (CV) sales, with dealers expressing mixed feelings. Growth in the construction and mining sectors contributed positively, while ongoing rainfall, weak rural market sentiment, limited financing options, and high vehicle prices posed challenges. 

Despite these hurdles, some dealers managed to boost their sales through small bulk deals and by expanding market reach and product acceptance.

Also Read: FADA Sales Report June 2024: CV Segment Experienced A decline of 4.74% YOY.

CMV360 Says

The FADA Sales Report for July 2024 showing a 5.93% growth in the commercial vehicle segment is a positive sign. This increase reflects a recovering market and a rising demand for CVs. 

The growth across different vehicle types is encouraging, though slight market share shifts among major players highlight the industry's competitive nature. Overall, it's a good indicator of economic resilience.