Commercial Vehicle Sales H1 FY 2024-25: Tata Motors Leads, 4,66,842 Units, Down 0.7% YoY
Every commercial vehicle registered in India over H1 FY 2024-25 — April 2024 to September 2024. The first half of the financial year, April to September. 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, H1 FY 2024-25
India's commercial-vehicle market registered 4,66,842 commercial vehicles in H1 FY 2024-25. Volumes barely moved (−0.7%) against the 4,70,294 logged over the same 6 months of H1 FY 2023-24.
April was the strongest month of the period at 88,185 commercial vehicles and June the quietest at 72,231, an average of 77,807 a month. 3 of those 6 months grew on the same month a year earlier.
April opens the new fiscal year, usually with price revisions and a reset in dealer inventory.
H1 FY 2024-25 ran from April 2024 to September 2024 and is closed. Every month in the table below is final, and every comparison on this page is against the matching month of H1 FY 2023-24.
Commercial vehicles accounted for 3.8% of everything registered in India over the period, down from 4.0% in H1 FY 2023-24. The whole market ran to 1,24,47,679 vehicles over the same window, up 6.6% year on year.
Commercial Vehicle registrations by month — H1 FY 2024-25 vs H1 FY 2023-24
Vahan retail registrations, each month set against the same month a year earlier.
Every completed month of H1 FY 2024-25, with the matching month of H1 FY 2023-24 beside it.
| Month | H1 FY 2024-25 units | H1 FY 2023-24 units | YoY | Share of period |
|---|---|---|---|---|
| April 2024 | 88,185 | 86,473 | +2.0% | 18.9% |
| May 2024 | 81,258 | 77,339 | +5.1% | 17.4% |
| June 2024 | 72,231 | 74,678 | −3.3% | 15.5% |
| July 2024 | 79,511 | 74,168 | +7.2% | 17.0% |
| August 2024 | 72,484 | 77,241 | −6.2% | 15.5% |
| September 2024 | 73,173 | 80,395 | −9.0% | 15.7% |
Each month links through to its own full report.
Which manufacturer sold the most, H1 FY 2024-25
Tata Motors led the period with 1,64,790 registrations, down 3.3% on H1 FY 2023-24. Mahindra follows on 1,09,507, 55,283 behind — a gap of 1.50x.
The fastest riser in the top 15 was Mahindra Last Mile, up 13283.3% to 8,833, while Others was down 51.0% at 4,600.
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 H1 FY 2024-25. Companies that file electric models under a maker of their own appear as separate rows.
Top manufacturers by registrations — H1 FY 2024-25
Registrations inside the segment (commercial vehicles only).
Exact registrations over April 2024 to September 2024, with the change against H1 FY 2023-24.
| # | Manufacturer | H1 FY 2024-25 units | Share of commercial vehicles | vs H1 FY 2023-24 |
|---|---|---|---|---|
| 1 | Tata Motors | 1,64,790 | 35.30% | −3.3% |
| 2 | Mahindra | 1,09,507 | 23.45% | −1.0% |
| 3 | Ashok Leyland | 83,745 | 17.94% | −1.4% |
| 4 | VECV (Eicher) | 39,394 | 8.44% | +0.6% |
| 5 | Maruti Suzuki | 17,626 | 3.78% | −2.4% |
| 6 | Force Motors | 9,728 | 2.08% | +30.6% |
| 7 | Daimler India CV | 9,546 | 2.04% | −0.6% |
| 8 | Mahindra Last Mile | 8,833 | 1.89% | +13283.3% |
| 9 | SML Mahindra | 7,079 | 1.52% | +12.3% |
| 10 | Others | 4,600 | 0.99% | −51.0% |
| 11 | Local Trailer Manufacturer | 2,442 | 0.52% | −17.0% |
| 12 | Toyota Kirloskar | 2,158 | 0.46% | −28.2% |
| 13 | Isuzu India | 1,629 | 0.35% | +14.4% |
| 14 | Olectra Greentech | 469 | 0.10% | +133.3% |
| 15 | Volvo | 398 | 0.09% | −27.9% |
Commercial Vehicle sales against the rest of the market
Set against the rest of the market, commercial vehicles lagged the national picture over H1 FY 2024-25: −3.7% against +6.6% for every vehicle registered in India.
The table covers every segment Vahan reports over the same 6-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 September 2024.
| Segment | H1 FY 2024-25 units | Share | vs H1 FY 2023-24 |
|---|---|---|---|
| Two-Wheelers | 89,11,014 | 71.59% | +9.3% |
| Cars & UVs | 17,83,322 | 14.33% | −0.2% |
| Three-Wheelers | 6,16,876 | 4.96% | +7.3% |
| Tractors | 4,14,714 | 3.33% | −9.0% |
| Goods Carriers | 4,01,948 | 3.23% | −3.7% |
| Taxis & Cabs | 1,65,254 | 1.33% | +23.8% |
| Other classes | 89,657 | 0.72% | −14.1% |
| Buses | 64,894 | 0.52% | +22.8% |
What commercial vehicles run on
Vahan splits a segment by fuel only across a whole calendar year, so this table covers full-year 2024 rather than H1 FY 2024-25 alone — it is exact for that window.
Diesel accounts for 81.3% of commercial vehicle registrations over full-year 2024, with battery-electric at 1.1%.
Commercial Vehicle registrations by fuel — full-year 2024
The full-year 2024 mix.
| Fuel | 2024 units | Share | vs full-year 2023 |
|---|---|---|---|
| Diesel | 7,94,401 | 81.26% | −1.12pp |
| CNG / LPG | 99,398 | 10.17% | +1.25pp |
| Petrol | 49,588 | 5.07% | −0.34pp |
| Other | 22,914 | 2.34% | −0.32pp |
| Electric | 10,548 | 1.08% | +0.52pp |
| Hybrid | 759 | 0.08% | 0.00pp |
Every H1 on record
Across the 3 completed windows in our Vahan record, commercial vehicle registrations went from 4,66,842 in H1 FY 2024-25 to 5,82,012 in H1 FY 2026-27, up 24.7% over the stretch.
Commercial Vehicle registrations by half year
* window still in progress.
| Period | Months | Units | YoY |
|---|---|---|---|
| H1 FY 2026-27 | 6 | 5,82,012 | +22.5% |
| H1 FY 2025-26 | 6 | 4,75,071 | +1.8% |
| H1 FY 2024-25 | 6 | 4,66,842 | −0.7% |
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 H1 FY 2024-25?
What period does H1 FY 2024-25 cover?
Which manufacturer sold the most commercial vehicles in H1 FY 2024-25?
Which was the strongest month for commercial vehicle sales in H1 FY 2024-25?
What share of the Indian market were commercial vehicles in H1 FY 2024-25?
Which half 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.
