Tata Motors & Mahindra Dominate The CV Market: Witnesses 4.07% Growth In May 2024

Updated: Tuesday, June 25, 2024, 9:57 [IST]

The commercial vehicle (CV) sector in India demonstrated market resilience with a 4.07% year-on-year growth in retail sales for May 2024, according to FADA India. Total CV sales reached 83,059 units, up from 79,807 units in May 2023. Tata Motors and Mahindra secured the top spots, holding 35.38% and 23.90% of the market share, respectively.

Tata Motors and Mahindra lead the pack

Tata Motors maintained its dominance in the CV market, selling 29,383 units in May 2024, a 9.14% increase from the same period last year. This performance solidified Tata's market share at 35.38%. Mahindra also posted strong numbers, selling 19,855 units, a significant 15.12% increase from May 2023. Mahindra's market share now stands at 23.90%, positioning it firmly as the second-largest player in the CV segment.

Other key players' performance

Ashok Leyland experienced a decline in sales, dropping by 996 units to 13,518, a 6.86% decrease compared to May 2023. VECV saw a 9.29% decrease in sales, moving 6,559 units compared to 7,231 units last year. Maruti Suzuki's performance also dipped slightly, with a 4.50% reduction in sales. Despite these declines, these companies maintain substantial market shares, with Ashok Leyland holding 16.28% and VECV at 7.90%. Force Motors exhibited the most remarkable growth, with a 32.79% increase in sales.

Isuzu and Daimler show steady growth

Isuzu showed solid growth, with sales rising by 7.91% to 1,310 units from 1,214 units in May 2023. Daimler managed a slight increase in sales, up 0.38% from 1,823 units in May 2023 to 1,830 units this year. This steady performance helped Daimler maintain a 2.20% share of the CV market.

MoM comparison reveals industry challenges

The CV market experienced a significant decline in May 2024 when considering MoM data. The total number of units sold in May was down from April's figure of 90,707 units. Tata Motors saw a substantial decrease in sales while Mahindra's sales fell by 3.71%.

Ashok Leyland experienced the most significant decline among major players with sales dropping by 17.69%. Amid the overall decline, Isuzu was the only manufacturer to report growth with sales increasing by 21.75%, reflecting its improved performance and raising its market share to 1.19%.