Commercial Vehicle Sales FY 2024-25: Tata Motors Leads, 9,81,715 Units, Up 0.1% YoY
Every commercial vehicle registered in India over FY 2024-25 — April 2024 to March 2025. India's financial year runs April to March, the window every listed automaker reports on. Month-by-month volumes, the manufacturer leaderboard, how the segment moved against the rest of the market, and the same window in every earlier year on record.
Commercial Vehicle sales month by month, FY 2024-25
India's commercial-vehicle market registered 9,81,715 commercial vehicles in FY 2024-25. Volumes barely moved (+0.1%) against the 9,81,113 logged over the same 12 months of FY 2023-24.
January was the strongest month of the period at 96,664 commercial vehicles and December the quietest at 69,443, an average of 81,810 a month. 6 of those 12 months grew on the same month a year earlier.
FY 2024-25 ran from April 2024 to March 2025 and is closed. Every month in the table below is final, and every comparison on this page is against the matching month of FY 2023-24.
Commercial vehicles accounted for 3.6% of everything registered in India over the period, down from 3.8% in FY 2023-24. The whole market ran to 2,72,53,707 vehicles over the same window, up 6.4% year on year.
Commercial Vehicle registrations by month — FY 2024-25 vs FY 2023-24
Vahan retail registrations, each month set against the same month a year earlier.
Every completed month of FY 2024-25, with the matching month of FY 2023-24 beside it.
| Month | FY 2024-25 units | FY 2023-24 units | YoY | Share of period |
|---|---|---|---|---|
| April 2024 | 88,185 | 86,473 | +2.0% | 9.0% |
| May 2024 | 81,258 | 77,339 | +5.1% | 8.3% |
| June 2024 | 72,231 | 74,678 | −3.3% | 7.4% |
| July 2024 | 79,511 | 74,168 | +7.2% | 8.1% |
| August 2024 | 72,484 | 77,241 | −6.2% | 7.4% |
| September 2024 | 73,173 | 80,395 | −9.0% | 7.5% |
| October 2024 | 95,305 | 88,578 | +7.6% | 9.7% |
| November 2024 | 80,815 | 83,892 | −3.7% | 8.2% |
| December 2024 | 69,443 | 73,146 | −5.1% | 7.1% |
| January 2025 | 96,664 | 89,182 | +8.4% | 9.8% |
| February 2025 | 81,375 | 86,892 | −6.3% | 8.3% |
| March 2025 | 91,271 | 89,129 | +2.4% | 9.3% |
Each month links through to its own full report.
Which manufacturer sold the most, FY 2024-25
Tata Motors led the period with 3,34,239 registrations, down 5.5% on FY 2023-24. Mahindra follows on 2,47,895, 86,344 behind — a gap of 1.35x.
The fastest riser in the top 15 was Switch Mobility, up 603.3% to 858, while Others was down 36.4% at 11,613.
Volumes here are registrations inside the segment only, counted with Vahan's own vehicle-class filter, so each is the manufacturer's commercial vehicle volume over FY 2024-25. Companies that file electric models under a maker of their own appear as separate rows.
Top manufacturers by registrations — FY 2024-25
Registrations inside the segment (commercial vehicles only).
Exact registrations over April 2024 to March 2025, with the change against FY 2023-24.
| # | Manufacturer | FY 2024-25 units | Share of commercial vehicles | vs FY 2023-24 |
|---|---|---|---|---|
| 1 | Tata Motors | 3,34,239 | 34.04% | −5.5% |
| 2 | Mahindra | 2,47,895 | 25.25% | +4.3% |
| 3 | Ashok Leyland | 1,74,581 | 17.78% | −0.2% |
| 4 | VECV (Eicher) | 77,750 | 7.92% | +1.8% |
| 5 | Maruti Suzuki | 40,083 | 4.08% | +7.5% |
| 6 | Daimler India CV | 19,882 | 2.03% | −2.4% |
| 7 | Mahindra Last Mile | 19,005 | 1.94% | +114.8% |
| 8 | Force Motors | 17,735 | 1.81% | +18.8% |
| 9 | Others | 11,613 | 1.18% | −36.4% |
| 10 | SML Mahindra | 11,535 | 1.17% | +11.0% |
| 11 | Local Trailer Manufacturer | 5,400 | 0.55% | −10.0% |
| 12 | Toyota Kirloskar | 4,818 | 0.49% | −15.0% |
| 13 | Isuzu India | 2,857 | 0.29% | +14.1% |
| 14 | Olectra Greentech | 921 | 0.09% | +73.4% |
| 15 | Switch Mobility | 858 | 0.09% | +603.3% |
Commercial Vehicle sales against the rest of the market
Set against the rest of the market, commercial vehicles lagged the national picture over FY 2024-25: −2.2% against +6.4% for every vehicle registered in India.
The table covers every segment Vahan reports over the same 12-month window, so the comparison is like for like — the same months, the same source, on both sides.
Commercial Vehicle share of the Indian market, month by month
Commercial vehicles as a percentage of every vehicle registered that month.
Exact segment volumes over April 2024 to March 2025.
| Segment | FY 2024-25 units | Share | vs FY 2023-24 |
|---|---|---|---|
| Two-Wheelers | 1,95,92,209 | 71.89% | +7.7% |
| Cars & UVs | 39,71,397 | 14.57% | +4.0% |
| Three-Wheelers | 12,63,431 | 4.64% | +4.6% |
| Tractors | 8,98,913 | 3.30% | −1.4% |
| Goods Carriers | 8,64,839 | 3.17% | −2.2% |
| Taxis & Cabs | 3,31,931 | 1.22% | +14.1% |
| Other classes | 2,14,111 | 0.79% | −2.5% |
| Buses | 1,16,876 | 0.43% | +20.3% |
What commercial vehicles run on
Vahan splits a segment by fuel only across a whole calendar year, so this table covers full-year 2025 rather than FY 2024-25 alone — it is exact for that window.
Diesel accounts for 81.0% of commercial vehicle registrations over full-year 2025, with battery-electric at 1.6%.
Commercial Vehicle registrations by fuel — full-year 2025
The full-year 2025 mix.
| Fuel | 2025 units | Share | vs full-year 2024 |
|---|---|---|---|
| Diesel | 8,42,575 | 81.04% | −0.22pp |
| CNG / LPG | 1,19,433 | 11.49% | +1.32pp |
| Petrol | 38,345 | 3.69% | −1.38pp |
| Other | 22,187 | 2.13% | −0.21pp |
| Electric | 16,460 | 1.58% | +0.50pp |
| Hybrid | 731 | 0.07% | −0.01pp |
Commercial Vehicle sales by financial year
Across the 2 completed windows in our Vahan record, commercial vehicle registrations went from 9,81,715 in FY 2024-25 to 10,93,397 in FY 2025-26, up 11.4% over the stretch.
FY 2026-27 is still running — 6 of its 12 months are counted — so it is a part window and is never set against a full one. Its year-on-year figure compares only the months it actually holds.
Commercial Vehicle registrations by financial year
* window still in progress.
| Period | Months | Units | YoY |
|---|---|---|---|
| FY 2026-27 (to date) | 6 | 5,82,012 | +22.5% |
| FY 2025-26 | 12 | 10,93,397 | +11.4% |
| FY 2024-25 | 12 | 9,81,715 | +0.1% |
Each row compares only the months that window holds, so a part period is never set against a full one.
Frequently asked questions
How many commercial vehicles were sold in India in FY 2024-25?
What period does FY 2024-25 cover?
Which manufacturer sold the most commercial vehicles in FY 2024-25?
Which was the strongest month for commercial vehicle sales in FY 2024-25?
What share of the Indian market were commercial vehicles in FY 2024-25?
Which financial year had the highest commercial vehicle sales?
Are these retail sales or factory dispatches?
Commercial Vehicle sales, other periods
More from the reports desk
Source. Every figure is a vehicle registration, taken daily from the Ministry of Road Transport & Highways' Vahan 4 dashboard (vahan.parivahan.gov.in) — the same source FADA and the industry use for retail data. Registrations are not the wholesale dispatch numbers manufacturers announce each month. "EV" means battery electric (Vahan fuels PURE EV and ELECTRIC(BOV)); hybrids are counted separately. Information only, not investment advice.
Using these numbers? Cite "Flash Finance (Vahan data)" with a link to this page. This report's chart card is free to republish with the same credit.
