CV Retail Sales Feb 2024: February 2024 saw just a slight increase in the commercial vehicle (CV) category, with YoY sales increasing by a meagre 4%. The Federation of Automobile Dealers Association (FADA) has announced sales figures. Tata Motors has experienced YoY degrowth while all other CV manufacturers—aside from Mahindra and Force Motors—have only slightly improved sales.
Tata Motors Tops CV Retail Sales- Feb 2024
Retail sales of commercial cars increased by barely 4% from 84,337 units sold in February 2023 to 88,367 units in February 2024. There was a 4,030 unit YoY increase in volume. However, compared to 89,208 units sold in January 2024, there was a MoM de-growth.
Vehicle Retail Data (All India)- Feb 2024
| CATEGORY | FEB’24 | FEB 23 | YoY % | JAN’24 | MoM% |
|---|---|---|---|---|---|
| 2W | 14,39,523 | 12,71,073 | 13.25% | 14,58,849 | -1.32% |
| 3W | 94,918 | 76,619 | 23.88% | 97,675 | -2.82% |
| E-RICKSHAW(P) | 36,579 | 30,736 | 19.01% | 40,526 | -9.74% |
| E-RICKSHAW WITH CART (G) | 4,435 | 2,446 | 81.32% | 3,739 | 18.61% |
| THREE-WHEELER (GOODS) | 10,768 | 8,305 | 29.66% | 10,163 | 5.95% |
| THREE-WHEELER (PASSENGER) | 43,065 | 35,076 | 22.78% | 43,188 | -0.28% |
| THREE-WHEELER (PERSONAL) | 71 | 56 | 26.79% | 59 | 20.34% |
| PV | 3,30,107 | 2,93,803 | 12.36% | 3,93,250 | -16.06% |
| TRAC | 76,626 | 69,034 | 11.00% | 88,671 | |
| CV | 88,367 | 84,337 | 4.78% | 89,208 – | |
| LCV | 48,594 | 47,551 | 2.19% | 49,835 | |
| MCV | 6,454 | 5,001 | 29.05% | 5,454 | 18.34% |
| HCV | 28,271 | 28,359 | -0.31% | 29,179 | |
| Others | 5,048 | 3,426 | 47.34% | 4,740 | 6.50% |
| Total | 20,29,541 | 17,94,866 | 13.07% | 21,27,653 |
The demand for light, medium, and heavy commercial vehicles (CVs) is largely driven by a number of reasons, including the growth of e-commerce, technological advancements, and government initiatives in India. Many government incentives have also raised the demand for electric commercial cars. A number of Indian automakers have made investments in the development of electric commercial vehicle technologies, including Mahindra, Eicher, Ashok Leyland, and Tata Motors.
The largest truck and bus maker in India, Tata Motors, reported retail sales of 31,915 units in February 2024, a decrease from 31,958 units sold in the same month the previous year. As of right now, the corporation holds a 36.12% market share.
The company offers the Signa and Ace series in the medium and small CV categories, which experience the most demand in the nation, and the Prima series in the heavy-duty truck market. Along with the Intra V50 and Ace Diesel series, the business unveiled the new Tata Intra V70, Intra V20 Gold, and Ace HT+ at the end of the previous year.
Mahindra Register Significant Growth
Mahindra is the only manufacturer of CVs to show a notable YoY increase in sales. Retail sales of Bolero, Furio, Supro, and Jeeto items increased to 21,206 units in February 2024 from 19,354 units sold in the same month the previous year. On a year-over-year basis, these higher sales lifted market share to 24 per cent from 22.95 per cent.
Where are Maruti Suzuki, Force Motors, Isuzu and Other Stand?
With 14,736 units sold last month, Ashok Leyland moved up to No. 3 from 14,589 units in February 2023. One of the company’s most popular vehicles is the Dost CV, and while Ashok Leyland hasn’t officially disclosed a launch date. The electric Dost EV is anticipated to arrive later this year. Additionally, VE Commercial Vehicles reported a little year-over-year increase in sales, going from 5,906 units sold in February 2023 to 5,979 units in February 2024. Meanwhile, Maruti Suzuki CV’s retail sales increased to 3,323 units from 3,318 units.
Force Motors, which manufactures light commercial cars, demonstrated significant growth in February 2024 with retail sales of 2,024 units, compared to merely 920 units in the same month the previous year. Daimler India came next, selling 1,837 vehicles last month after selling 1,800 cars in February 2023.
SML Isuzu comes next with 771 retail sales, up 221 units from 550 sales in February 2023. Other commercial vehicle manufacturers in this market sector have increased their share of the market to 7.44 per cent with 6,576 units sold at retail, up from 5,942 units sold in February 2023.
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