Commercial Vehicle sales records an upward trend in growth in May (YoY), across manufacturers
Jun 02, 2024
New Delhi [India], June 2 : India's commercial vehicle sales registered positive growth in May, the commercial vehicle market saw notable performance improvements from major manufacturers, signaling a robust and growing industry.
Tata Motors reported total commercial vehicle sales of 29,691 units in May, reflecting a 2 per cent year-on-year growth. The breakdown of their truck sales revealed a mixed performance. Total truck sales reached 12,402 units.
Specifically, Heavy Commercial Vehicle (HCV) truck sales decreased by 3 per cent, falling from 8,160 units in May 2023 to 7,924 units in May 2024. However, the Intermediate Light Medium Commercial Vehicle (ILMCV) truck sales saw a significant increase of 30 per cent, rising from 3,450 units in May last year to 4,478 units in May 2024.
Another major player in the market Ashok Leyland's total commercial vehicle sales including exports for the month stood at 14,682 units, marking a 12 per cent increase compared to 13,134 units in May last year.
The growth was driven by significant gains in their bus segment, where sales surged by 53 per cent, from 1,610 units last year to 2,463 units in May 2024. However, the truck segment saw more modest growth, with sales increasing by 2 per cent from 6,660 units in May last year to 6,780 units this year.
Eicher Trucks and Buses also reported strong performance, with total sales in May reaching 6,719 units, a 10.6 per cent increase from 6,076 units in May last year. The company's domestic sales grew by 8.2 per cent during the month. Additionally, the company's export segment showed a growth, with exports increasing by 66 per cent, from 250 units last year to 415 units in May.
Overall, the Indian commercial vehicle market showed solid growth in May. Ashok Leyland, Tata Motors, and Eicher Trucks and Buses all reported increases in sales, with Ashok Leyland's bus segment and Eicher's export segment showing particularly strong performance.
The sale numbers of the commercial vehicle segment indicate a positive trend in the market, driven by both domestic demand and expanding export opportunities.
