The commercial vehicle (CV) segment experienced a year-on-year decline in retail sales in November 2023, facing various challenges that contributed to this setback. Poor market sentiment, unseasonal rains, liquidity issues, and delivery constraints collectively impacted retail sales negatively.
Segment-wise Performance Breakdown
- Total CV Retail Sales: November 2023 witnessed a total of 84,586 units sold in the CV segment, marking a 4.64% month-on-month decrease from the 88,699 units recorded in October 2023.
- LCV Segment Decline: The Light Commercial Vehicle (LCV) segment significantly contributed to the overall sales decline, registering a noteworthy 6.28% year-on-year drop, with sales figures at 48,322 units.
- MCV and HCV Segment Trends: In contrast, the Medium Commercial Vehicle (MCV) segment displayed a positive trend, experiencing a 3.82% year-on-year growth to reach 5,276 units. The Heavy Commercial Vehicle (HCV) segment also posted a marginal 0.39% year-on-year increase, with sales reaching 26,690 units.
Leading Players in the CV Segment
- Tata Motors: Despite leading the CV segment with 29,700 units in retail sales, Tata Motors faced a slight dip from the 32,240 units sold in November 2022. The market share also saw a year-on-year decrease from 37.42% to 35.11%.
- Mahindra: Mahindra emerged as the second-best-selling CV maker, recording retail sales of 23,429 units. This marked an improvement from the 21,616 units in November 2022, with the market share increasing to 27.70% from 25.09% year-on-year.
- Ashok Leyland: Ashok Leyland reported a year-on-year de-growth, with sales dropping to 12,946 units in November 2023 from 14,186 units in November 2022. The market share decreased from 16.47% to 15.31% year-on-year.
Performance of Other Manufacturers
- Daimler: Daimler’s CV retail sales grew to 1,815 units in November 2023, up from 1,584 units in November 2022, with market share increasing to 2.15% from 1.84% year-on-year.
- Force Motors: Force Motors reported significant year-on-year growth, with retail sales increasing to 1,174 units in November 2023 from 736 units in November 2022. Market share rose to 1.39% from 0.85% year-on-year.
- SML Isuzu and Other OEMs: SML Isuzu sold 567 units in November 2023, down from 594 units in November 2022. Other OEMs contributed 5,681 units to total retail sales, growing from 5,458 units in November 2022, capturing a 6.72% market share.
Market Outlook
Despite the challenging scenario, market estimates suggest a potential revival in CV segment sales, especially with renewed business activities post-elections and improvements in the cement and coal sectors. The industry will likely witness shifts in strategies and adaptations to navigate through the evolving market dynamics.
2023-12-11 19:17:04
