Commercial vehicle sales in July ’23 remained flat Year on Year (YoY) due to unseasonal rainfall, reduced manufacturer discounting, and demand-supply mismatches. Adverse weather disrupted logistics in many parts of the country, while manufacturers’ conservative discounting and evolving market demands impacted purchases. Despite challenges, the industry displayed resilience and optimism for future growth.
CV Sales by manufacturer
In July ’23, Ashok Leyland demonstrated remarkable growth, surpassing 14,000 units with a robust 12% increase. The M&HCV and Bus segments contributed significantly to this success. At the same time, Tata Motors, Mahindra, and VE Commercial Vehicles reported flat performance compared to the previous year. However, Maruti faced a decline of 9% YoY during the same period.
CV Sales by segment
In July ’23, the Bus segment displayed robust growth, growing at 21%. Demand from the Route Permit and the vibrant Tourist segment boosted sales to complement the demand from Schools & Colleges. The M&HCV segment also grew at a remarkable 15% due to replacement demand and demand from the Infrastructure & Capital Goods sectors. However, the SCV segment and I&LCV segment experienced a modest decline of nearly (5%). CV Sales remain resilient in July 2023.
CV Sales – Small Commercial Vehicles (SCVs)
CV Sales – Intermediate & Light Commercial Vehicles (I&LCVs)
CV Sales – Medium & Heavy Commercial Vehicles (M&HCVs)
CV Sales – Buses
Links