FADA Reported Marginal Commercial Vehicle Sales Growth Of 0.07% YoY In Previous Year 2024

FADA has published its annual retail sales report for commercial vehicles for the calendar year 2024, showing sales of 10,04,856 units compared to 10,04,120 units in 2023.

Key Highlights

• India saw a 0.07% YoY increase in retail sales of commercial vehicles in 2024, selling 10,04,856 units, up from 10,04,120 units in 2023.
• Light commercial vehicle sales decreased 0.72% YoY from 5,62,239 units sold in 2023 to 5,58,207 units sold in 2024.
• In 2024, heavy commercial vehicles sold 3,17,568 units, a 2.94% YoY decrease from the 3,27,202 units sold in 2023.

The Federation of Automobile Dealers Associations (FADA) released the annual retail sales data for Indian commercial vehicles (CVs) for the previous year 2024. Among other things, it details the sales data for heavy commercial vehicles (HCVs), medium commercial vehicles (MCVs), and light commercial vehicles (LCVs).

FADA has examined the year-to-date (YTD) sales performance of commercial vehicles in the current financial year 2025. The CV sector has witnessed a sales decline of 0.73% YoY with sales of 7,30,151 units in YTD FY25 compared to 7,35,545 units in YTD FY24. Let’s check out for further details.

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Indian Commercial Vehicle Retail Sales In 2024

Retail sales of commercial vehicles in India rose by 0.07% YoY in 2024, selling 10,04,856 units compared to 10,04,120 units of CV sold in 2023. The LCV and HCV segments had a decline in retail sales over the last year, whereas the MCV segment had retail sales growth.

Heavy commercial vehicles saw a 2.94% YoY decline in retail sales in 2024 by selling 3,17,568 units as opposed to 3,27,202 units in 2023. From 5,62,239 units sold in 2023 to 5,58,207 units sold in 2024, light commercial vehicle sales fell 0.72% YoY.

From 70,734 units sold in 2023 to 75,560 units sold in 2024, retail sales of the MCV category grew by 6.82% YoY. From 43,945 units in 2023 to 53,521 units in the last calendar year, the retail sales of the other CV category, including commercial vehicles for construction equipment, rose by 21.79% YoY.

Official Insights By FADA

Sharing his perspective on the auto retail performance for the calendar year 2024, C. S. Vigneshwar, FADA President, said, “Despite multiple headwinds in CY24, including heatwaves, elections at both central and state levels and uneven monsoons, the auto retail industry remained resilient, closing the year with a 9% YoY growth.” 

He added, “While 2W, 3W, PV and Tractor segments grew by 10.78%, 10%, 5% and 2.5% YoY respectively, CV retails stayed nearly flat at 0.07% YoY. CV sector is also yet to reach its CY18 peak, a year which saw the introduction of axle load norms. The CV performance was subdued amid election-driven uncertainty and reduced infrastructure spending.” 

Hopes For Sales Growth In The Year 2025

Auto dealer sentiment for January 2025 is still cautiously optimistic, according to the FADA sales report for 2024, with half of dealers surveyed anticipating an increase in retail CV sales, 41.22% anticipating unchanged demand, and only 10.69% anticipating a sales decline. The CV segment might experience a minor uptick, even though the fourth quarter of this fiscal year is typically stronger. However, development hinges on the speed at which infrastructure projects are finished and the ease of bank approval. 

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