January 2024 FADA Commercial Vehicle Retail Sales Report

The commercial vehicles segment experienced modest Year-on-Year growth of 0.1% in January 2024.

The commercial vehicle market in India witnessed mixed performances among leading brands in January 2024.

The Federation of Automobile Dealers Association (FADA) has released the commercial vehicle sales figures for January 2024, revealing a marginal increase of 0.11% compared to the same period last year. A highlight of the report is the remarkable performance of DAIMLER INDIA COMMERCIAL VEHICLES PVT. LTD., a leading Indian manufacturer, exhibited a substantial 18.28% year-on-year growth in sales for January 2024.

According to FADA's January 2024 truck sales report, truck sales in January 2024 reached 89,208 units, compared to 89,106 units in January 2023, marking a slight 0.11% growth.

In an official statement, FADA President Manish Raj Singhania commented on the automotive retail scenario for January 2024, noting a promising start for the calendar year. Singhania highlighted a 15% overall retail growth compared to the previous year, with all vehicle categories - including 2W, 3W, PV, Tractors, and CV - registering positive year-on-year growth of 15%, 37%, 13%, 21%, and 0.1%, respectively.

The growth in commercial vehicle sales reflects steady momentum in the automotive sector, indicating a positive outlook for the industry in the coming months.

OEM-Wise Commercial Vehicles Sales Data

The commercial vehicle market in India witnessed varied performances among leading brands in January 2024. Let’s explore the sales figures and market dynamics of the top players:

Tata Motors: India's largest commercial vehicle manufacturer, Tata Motors, faced a 7.46% decline in sales. The brand sold 31,188 commercial vehicles (CVs) in January 2024 compared to 33,701 units in the same period last year.

Mahindra & Mahindra: Mahindra & Mahindra Ltd. secured the second position, marking an 8.00% growth in January year-on-year sales, selling 23,580 units compared to 21,834 units in January 2023.

Ashok Leyland: Ashok Leyland experienced a 4.42% decline in sales, selling 13,969 units in January 2024 compared to 14,615 units in January last year.

VECV: The joint venture between Volvo Trucks India and Eicher Trucks, VECV, witnessed a slight decrease of 0.43% in sales, with 5,817 units sold in January 2024 compared to 5,842 units in January 2023.

Also Read: FADA Sales Report: Commercial Vehicle Segment Shows Mixed Performance

Maruti Suzuki: Maruti Suzuki saw a modest growth of 2.54% in January 2024, selling 4,194 units compared to 4,090 units in January 2023.

Daimler (BharatBenz): Daimler India, known as BharatBenz Trucks, marked a significant growth of 18.28% in January 2024, selling 2,135 units compared to 1,805 units in January 2023.

Force Motors Limited: Force Motors recorded the highest growth among the brands analyzed, with a 7.61% increase in sales. The brand sold 1,244 units in January 2024 compared to 1,156 units in January last year.

SML Isuzu: SML Isuzu witnessed a decline of 6.39% in January 2024, selling 674 units compared to 720 units in January 2023.

Others: The cumulative sales of other brands contributed to a substantial growth of 19.91%, with 6,407 units sold in January 2024 compared to 5,343 units in January 2023.

Despite the mixed performance of various brands, the commercial vehicle market in India is showing resilience amid changing market dynamics. Analysts anticipate further shifts in sales trends as the year progresses, influenced by various economic factors and industry developments.