FADA Sales Report October 2024: CV sales increased by 6% YoY

Key Highlights: 

• October 2024 commercial vehicle sales reached 97,411 units, up 31.06% MoM and 6.37% YoY.
• Light Commercial Vehicles (LCVs) grew by 34.28% to 56,015 units.
• Heavy Commercial Vehicles (HCVs) saw a 28.70% increase, but there is a slight decline in YoY sales.
• Tata Motors' market share in October 2024 was 31.37%, down from 35.82% in October 2023.
• Mahindra's sales rose to 27,769 units, increasing its market share to 28.51%.

FADA, the Federation of Automobile Dealers Association, has shared the commercial vehicle sales data for October 2024.

According to the latest FADA Sales Report, combined CV sales totalled 97,411 units in October 2024, up from 91,576 units in October 2023. The CV segment experienced an MoM growth of 31.06% and 6.37% YoY growth.

Commercial Vehicle Sales in October 2024: Category-Wise Breakdown

Total Commercial Vehicles (CV): Sales reached 97,411 units, marking a 31.06% increase from September 2024 with 74,324 units and a 6.37% rise from October 2023 with 91,576 units.

Light Commercial Vehicles (LCV): Sales of 56,015 units showed a 34.28% increase from September 2024 with 41,715 units and a 9.11% growth from October 2023 with 51,340 units.

Medium Commercial Vehicles (MCV): Sales stood at 6,557 units, a 7.67% rise from September 2024 with 6,090 units and a 6.38% increase from October 2023 with 6,164 units.

Heavy Commercial Vehicles (HCV): Sales were 29,525 units, showing a 28.70% rise from September 2024 with 22,941 units, but a slight decline of 1.15% compared to October 2023 with 29,869 units.

Others: This category saw sales of 5,314 units, a strong 48.52% increase from September 2024 with 3,578 units and a 26.43% growth from October 2023 with 4,203 units.

The commercial vehicle (CV) sector experienced a modest 6% growth compared to last year, driven by demand from agriculture and bulk container orders. 

However, challenges like slow construction, higher vehicle prices, and financial difficulties for buyers have limited the growth. While there was a small boost during the festive season, dealers are cautious about the demand after the festivities and the possible effects of economic challenges on the market.

OEM Wise CV Sales Data for October 2024

Tata Motors Ltd sold 30,562 units in October 2024, capturing a market share of 31.37%, which is a drop from last October’s 35.82%, with sales of 32,806 units.

Mahindra & Mahindra Limited saw a rise, selling 27,769 units in October and securing 28.51% of the market, up from 25.10% and 22,984 units in October 2023.

Ashok Leyland Ltd sold 15,772 units in October 2024, accounting for 16.19% of the market. This shows a slight decrease from its previous 16.25% share and 14,883 units in October 2023.

VE Commercial Vehicles Ltd maintained a stable position with 7,033 units sold, reaching a market share of 7.22%, close to last year’s 7.26% with 6,650 units.

Maruti Suzuki India Ltd achieved growth by selling 5,238 units in October 2024 and holding 5.38% of the market, up from 4.36% and 3,989 units in October 2023.

Daimler India Commercial Vehicles Pvt. Ltd recorded sales of 1,894 units, holding a 1.94% market share in October 2024, which slightly decreased from 2.14% with 1,956 units in the previous year.

Force Motors Limited sold 1,370 units, making up 1.41% of the market, slightly down from 1.44% with 1,317 units in October 2023.

SML Isuzu Ltd sold 852 units in October 2024, increasing its market share to 0.87% from 0.72% and 660 units last year.

Other Brands collectively sold 6,921 units, which accounted for 7.10% of the market, a small increase from 6.91% and 6,331 units in October 2023.

Overall Market: Total commercial vehicle sales for October 2024 reached 97,411 units, up from 91,576 units in October 2023.

Also Read: FADA Sales Report September 2024: CV sales increased

CMV360 Says

The growth in commercial vehicle sales for October 2024 is a positive sign for the Indian market. The rise in sales of light commercial vehicles, in particular, shows growing demand for smaller, more efficient options. While heavy commercial vehicles saw a slight dip compared to last year, the overall increase is encouraging. 

Companies like Tata Motors, Ashok Leyland, Mahindra and many more continue to perform well. This depicts a healthy competition, which could lead to more options and better deals for customers in the future.