In Feb 2022, the commercial vehicle segment saw a 7% increment in its retail sales on a YoY basis. In this month, the segment also saw good growth in heavy commercial vehicle demand.
Commercial vehicle retail sales have seen decent growth in February 2022, driven by a significant increase in Indian government spending on infrastructure, improved economic activity and movement of cargo, and growth in e-commerce.
Commercial vehicle retail sales grew 7.41% to 63,797 units in February 2022, an increase from 59,395 units retailed in February 2021. However, the segment also declined 24.01% compared to 83,952 units retailed in February 2020.
The commercial vehicle segment categories have also seen ups and downs in their retail sales. Categories LCV (37,095 units) and HCV (19,822 units) retail sales grew 5.67% and 20.73%, respectively. Whereas MCV (3,782 units) recorded a 0.29% decline in retail sales. Other segments of CV saw retail sales fall 24.05%.
Commercial Vehicle Retail Sales February 2022 - Tata, Mahindra, Ashok Leyland
As always, Tata led the commercial vehicle segment with retail sales of 27,500 units, up 10.72% from 24,837 units retailed in February 2021. Tata's market share also grew from 41.82% to 43.11% YoY. Mahindra & Mahindra stands at second position with CV sales of 14,038 units, an increase of 16.58% compared to 12,042 units sold in February 2021. The market share also saw an increase from 20.27% to 22% YoY.
In the third position, Ashok Leyland stood with retail sales at 8,855 units in February 2021 grew 8.44% by retailing 9,602 units in February 2022, causing market share to go up from 14.91% to 15.05% on a YoY basis. It is followed by VE, Maruti, Daimler and Force Motors. VE Commercial Vehicles saw a growth of 5.27% by selling 3,913 units in February 2022 compared to 3,717 units sold in February 2021. Maruti Suzuki has seen a marginal decline of 0.12% in YoY sales to 3,277 units in February 2022, a decrease from 3,281 units sold in February 2021. The company's market share also declined to 5.14% in February 2022 from 5.52% held in February 2021. However, the company has been recording an outstanding demand for Super Carry. The company's light commercial vehicle range was boosted in February 2022 to fulfil the raised demand.
Next, Daimler India (1,445 units) and SML Isuzu (523 units) posted a rise in retail sales in February 2022, while Force Motors (398 units) saw a decline in retail sales from 662 units in February 2021. Others in this segment recorded retail sales at 3,101 units, a decline from 4,371 units sold in February 2021, causing market share to drop to 4.86% from 7.36% held in February 2021.
The leading maker, Tata Motors, delivers a wide range of vehicles in light, light, intermediate and heavy commercial vehicle segments. Recently, the company launched "Anubhav", a showroom on wheels, to tap sales in the rural market. The "Anubhav" showroom on wheels, a fully built vehicle division manufactured by Tata Motors Commercial Vehicles, has been developed on the Tata Intra V10.
On the other hand, Ashok Leyland's most recent launch in the CNG CV cargo space is the e-Comet Star ICV (Intermediate CV) CNG truck range. The company's share in the industry as of date is 10%, while the remaining 90% are diesel-powered CVs. These trucks are available in two gross weights of 16.1 tons and 14.25 tons with 3 CNG cylinder options. The company is also working on multiple alternate fuels such as electric, LNG and methanol. It also launched AVTR 4825 10×2 Tipper with Tandem dummy axle recently.
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