Retail commercial vehicle sales zoom 89% in October’22
Modified On Nov 07, 2022 02:01 PM
The heavy trucks category grew highest followed by light and medium-duty truck segments
The Federation of Automobile Dealers Associations (FADA) today released vehicle retail data for October’22 and 42 days festive period which has brought cheers across the automotive industry. The overall commercial vehicle retail sales jumped significantly across all the key categories, recording a growth of a massive 89% to 67,696 units (October'21: 35,810 units). This year’s festive season turned out to be the best in the last 4 years, bringing a much-needed breather to dealers and their brands.
The heavy-duty truck segment (28-tonne and above GVW) registered 22,858 units of sales in the month growing by a substantial 38%. The medium-duty trucks segment was up marginally by 4% with a volume of 4,475 units, while the light commercial vehicle segment posted a retail volume sale of 44,896 units, up 23%.
Related: October 2022: Truck Sale
The festive spark in the overall retail sale in the month also bodes well for all the top truck brands as they have posted higher growth across all the key segments of their portfolio. Market leader Tata Motors sold a total of 27,467 units, commanding 37% of the overall CV market share. This is followed by M&M with 20,083 units sales and 27% of the market share, Ashok Leyland with 12,077 units, translating into 16% market share, and VE Commercial Vehicles (Eicher Trucks ) with 4,937 units, and 7% market share. Maruti Suzuki with 3,677 units and 5% of the market and BharatBenz sold 1,195 units in the month grabbing a 2% market share.
Commenting on the CV sales FADA said, “The CV segment continues to come back on track by growing 25% YoY and 13% compared to 2019.Festivities ignited better fleet sales. With Mining and Infrastructure projects increasing in various regions, demand has been keeping well and is also coming back on track.”
The outlook for the coming months looks positive for for the overall commercial vehicle segment, as FADA anticipates continued demand for trucks owing to rising infra projects and government spending.