Commercial Vehicles FY 24 Vs FY 23 Sales Report for India

FY 23-24 has finally ended with the last day of March and here are the sales numbers for commercial vehicles (Trucks & Buses) sold in India during FY 23-24. 

India is seeing a huge upgrade to road connectivity across the country. This push for infrastructure development connects every city and village through roads, moving goods and humans faster, seamlessly and comfortably. This has been fueling growth for the commercial vehicle sector in India, which is slated to remain bullish in the coming times. Here in this blog, we bring out the sales numbers of top truck and bus OEMs in India for FY 24 and also a comparison of their performance w.r.t FY 23.

Commercial vehicles (Trucks & Buses) sales report for India: March FY 23 Vs March FY 24 

Commercial vehicles (Trucks & Buses) sales report for India: March FY 23 Vs March FY 24 

Before we proceed with FY 23 Vs FY 24 data let’s have a look at the performance of truck and bus OEMs in the last month of FY 24, i.e. March. 

TATA Motors, Mahindra & Mahindra & Ashok Leyland remained the top 3 OEMs for both instances, i.e. FY 24 March and FY 23 March with TATA Motors leading the list with 32,972 units sold in FY 24 March and 37,190 units in FY 23 March. Out of the top 3 OEMs, only Mahindra has a positive growth rate of 6% when compared to last financial year March sales number. Together the top 3 OEMs had a market share of 76.57% in FY 24 March, showcasing dominance in the truck and bus segment market in India. 

Commercial vehicles (Trucks & Buses) sales report for India: FY 23 Vs FY 24

TATA Motors, Mahindra & Mahindra & Ashok Leyland remained the top 3 OEMs in the truck and bus segment in India for FY 24 with a combined market share of 76.30%. TATA Motors tops the list for FY 24 having sold 3,59,499 units. However, TATA Motors also sees a decline of 3.75% in sales in FY 24 when compared to FY 23, whereas all other OEMs remain in green with positive growth. Force Motors reported the highest growth of 34.29% in sales in FY 24 when compared to FY 23. 

In FY 24, 10,07,006 commercial vehicle units were sold in India by various truck and bus OEMs in comparison to 9,60,655 units sold in FY 23.