CNG Goods Carrier Segment Records 8% Retail Sales Growth in H1 2024

CNG Goods Carrier Segment Records 8% Retail Sales Growth in H1 2024

From January to June 2024, the retail sales of the CNG Goods Carrier segment grew by 8 percent to reach 43,889 units. Let's understand the brand-wise performance for the first half of 2024.

Key Highlights

• Sales Growth: The CNG goods carrier segment recorded an 8 percent YoY growth, with sales of 43,889 units in H1 2024, up from the 40,630 units sold in H1 2023.
• Market Leader: Tata Motors maintained its industry leadership with a 42 percent market share in retail sales.
• Ashok Leyland’s Gain: Ashok Leyland recorded robust year-on-year sales growth, selling 1,670 units in H1 2024 compared to 1,040 units in H1 2023

Detailed Insights of the CNG Goods Carrier Sales Report for H1 2024

The Vahan retail sales report for H1 2024 includes data on CNG goods carriers, covering light commercial vehicles (LCVs) and medium and heavy commercial vehicles (M&HCVs). The transition to electric vehicles has impacted the demand for CNG goods carriers, especially in the LCV segment.

Market Share: In 2024, CNG goods carriers accounted for 8 percent of the overall CNG vehicle market, down from 10 percent in 2023.
Sales Numbers: The segment saw an 8 percent year-on-year growth, with 43,889 units sold in H1 2024 compared to 40,630 units in H1 2023.

Brand-Wise Performance

Tata Motors

• Tata Motors maintained its leadership with a 42 percent market share.

• The company’s market share increased by 4 percent, from 38 percent in H1 2023 to 42 percent in H1 2024.

• Tata Motors achieved a 20 percent growth in retail sales, selling 18,637 units in H1 2024 compared to 15,552 units in H1 2023.

Ashok Leyland

• Ashok Leyland registered a remarkable 61 percent year-on-year sales growth.

• The company sold 1,670 units in H1 2024, up from 1,040 units in H1 2023.

Mahindra & Mahindra

• Mahindra saw a slight sales growth of 4 percent, with 6,885 units sold in H1 2024 compared to 6,627 units in H1 2023.

Maruti Suzuki

• Maruti Suzuki experienced a slight decline in sales, with a 4 percent dip. The company sold 14,175 units in H1 2024 compared to 14,738 units in H1 2023.

VECV (Volvo and Eicher Commercial Vehicle)

• VECV's retail sales decreased slightly by 2 percent, to 2,229 units in H1 2024 compared to 2,274 units in H1 2023.

SML Isuzu

• SML Isuzu sold 266 units in H1 2024 compared to 299 units in H1 2023, reflecting an 11 percent year-on-year decline.

Other OEMs

• Other CNG goods carrier OEMs sold just 27 units in H1 2024 compared to 100 units in H1 2023, indicating a 73 percent year-on-year decline.

CNG is gradually becoming a viable fuel option for business trips within and between cities due to India’s expanding network of CNG filling stations. This is evident from the sales growth in the CNG goods carrier market from January to June 2024. Ashok Leyland, with its diverse range of CNG commercial vehicles such as the Dost CNG, Dost Plus CNG, and Bada Dost CNG, experienced a substantial 61 percent year-on-year increase in retail sales.

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