Commercial vehicle retail sales grew on a YoY basis for every OEM on this list except for Tata and Maruti Suzuki who have suffered de-growth
Increased government spending during the upcoming elections, improvements in infrastructure projects and rising demand for materials such as coal, cement and iron ore should see an increase in sales in this segment in the months ahead. CV OEMs have also seen an increase in sales due to older vehicles being replaced.
CV Retail Sales in December 2023
Commercial vehicle retail sales increased to 73,896 units in December 2023, a YoY growth of 1.3 percent from 72,944 units sold in December 2022. On a MoM basis sales fell when compared to 84,856 units sold in November 2023.
Tata Motors was the largest commercial vehicle seller last month with 26,205 units sold, despite a YoY de-growth from 27,743 units sold in December 2022. Last month, the company showed off the Prima 3528.K LNG and Prima 5528.S LNG at EXCON 2023 while it was at the same show that the company also released the Prima 2830.TK VX and Signa 3530.TK VX.
At No. 2 was Mahindra with its commercial vehicle retail sales at 19,662 units in December 2023, up from 18,084 units sold in December 2022. Mahindra currently commands a 26.61 percent market share. Ashok Leyland sales improved marginally to 11,427 units in December 2023 from 11,287 units sold in December 2022. VE Commercial Vehicles also posted a YoY growth in retail sales to 4,851 units, up from 4,443 units sold in December 2022.
Maruti Suzuki Retail Sales Dip YoY
Maruti Suzuki suffered a YoY de-growth in its CV sales in December 2023 down to 3,165 units from 3,259 units sold in December 2022. Market share also dipped to 4.28 percent from 4.47 percent YoY. Other commercial vehicle OEMs on this list included Daimler with 1,534 units sold in the past month, up from 1,526 units sold in December 2022.
Force Motors also saw sales improve to 877 units from 761 units on a YoY basis in December 2023 while retail sales of SML Isuzu stood at 622 units in December 2023, up from 595 units sold in December 2022. There were other OEMs on this list with 5,553 units sold last month, up from 5,246 units sold in December 2022.
CV Retail Sales in CY 2023
During the calendar year 2023, sales touched 9,94,330 units, up from 9,18,294 units sold in the same period last year. This was an 8.28 percent growth with sales increased across all segments. The LCV segment posted a 1.43 percent growth to 5,58,905 units sold in CY 2023 up from 5,51,010 units sold in CY 2022.
MCV sales also improved 14.60 percent to 69,271 units while HCV sales grew by 14.60 percent to 3,22,409 units. Sales of commercial vehicles in the other segment saw a 61.63 percent growth to 43,745 units in CY2023 from 27,065 units sold in CY 2022.
