The commercial vehicle wholesales in February 2024, came at 79,733 units, which is 2 percent lower than 80,354 units for the same period last year.
The drop in volumes can be attributed to various reasons, but most importantly, the high-base effect, cyclic demand and also the demand moderation due to the upcoming elections.
While, CV customers continue to benefit from infrastructure push and need for higher-tonnage vehicles on the back of demand, there is still a bit of hesitancy towards replacing their existing fleets (under 15 years).
Tata Motors, the country’s largest CV player reported wholesales of 33,567 units, which was 4 percent lower compared to 35,144 units for the same period last year. Barring passenger carriers, all the segments were in the red.
Mahindra & Mahindra grew its overall wholesales by 10 percent with 22,825 units sold last month, compared to 20,843 units for the same period a year ago. The company primarily benefitted from uptick in demand for LCV above 2-tonnes and LCV above 3.5-tonne and M&HCVs.
Ashok Leyland reported wholesales of 16,451 units, which was lower by 6 percent, compared to 17,568 units last year. On the other hand, it continued to see a robust growth for its bus portfolio, which grew by 55 percent YoY.
Volvo Eicher Commercial Vehicles (VECV), reported a marginal growth of 2 percent with wholesales of 6,930 units, compared to 6,799 units last year.
Going forward, the month of March is expected to further see moderation, but in terms of fiscal year performance, CV makers look are likely to close the year on a high single-digit percentage growth.
| COMMERCIAL VEHICLE SALES IN INDIA | ||||
| Company and Segment | Feb ’24 | Feb ’23 | Change (in units) | Change (in %) |
| YoY | YoY | |||
| Tata Motors | ||||
| HCV Trucks | 10,091 | 11,868 | -1,777 | -15% |
| ILMCV Trucks | 5,083 | 5,426 | -343 | -6% |
| Passenger Carriers | 4,692 | 3,632 | 1,060 | 29% |
| SCV Cargo and Pickup | 13,701 | 14,218 | -517 | -4% |
| Total | 33,567 | 35,144 | -1,577 | -4% |
| Mahindra & Mahindra | ||||
| LCV < 2T | 4,146 | 2,515 | 1,631 | 65% |
| LCV 2 T – 3.5 T | 15,779 | 17,241 | -1,462 | -8% |
| LCV > 3.5T + M&HCV | 2,900 | 1087 | 1,813 | 167% |
| Total | 22,825 | 20,843 | 1,982 | 10% |
| Ashok Leyland | ||||
| M&HCV Trucks | 8,492 | 10,312 | -1,820 | -18% |
| M&HCV Bus | 2,252 | 1455 | 797 | 55% |
| LCV | 5,707 | 5,801 | -94 | -2% |
| Total | 16,451 | 17,568 | -1,117 | -6% |
| Volvo Eicher CV | ||||
| 6,930 | 6,799 | 131 | 2% | |
| Total | 79,773 | 80,354 | -581 | -1% |
