Commercial Vehicle Sales 2024: Tata Motors Leads, 9,77,608 Units, Down 0.4% YoY
Every commercial vehicle registered in India over CY 2024 — January 2024 to December 2024. The calendar year, January to December. 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, CY 2024
India's commercial-vehicle market registered 9,77,608 commercial vehicles in CY 2024. Volumes was broadly flat (−0.4%) against the 9,81,357 logged over the same 12 months of CY 2023.
October was the strongest month of the period at 95,305 commercial vehicles and December the quietest at 69,443, an average of 81,467 a month. 6 of those 12 months grew on the same month a year earlier.
CY 2024 ran from January 2024 to December 2024 and is closed. Every month in the table below is final, and every comparison on this page is against the matching month of CY 2023.
Commercial vehicles accounted for 3.6% of everything registered in India over the period, down from 3.9% in CY 2023. The whole market ran to 2,72,37,413 vehicles over the same window, up 9.1% year on year.
Commercial Vehicle registrations by month — CY 2024 vs CY 2023
Vahan retail registrations, each month set against the same month a year earlier.
Every completed month of CY 2024, with the matching month of CY 2023 beside it.
| Month | CY 2024 units | CY 2023 units | YoY | Share of period |
|---|---|---|---|---|
| January 2024 | 89,182 | 87,374 | +2.1% | 9.1% |
| February 2024 | 86,892 | 83,084 | +4.6% | 8.9% |
| March 2024 | 89,129 | 94,989 | −6.2% | 9.1% |
| 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% | 8.3% |
| December 2024 | 69,443 | 73,146 | −5.1% | 7.1% |
Each month links through to its own full report.
Which manufacturer sold the most, CY 2024
Tata Motors led the period with 3,42,484 registrations, down 4.7% on CY 2023. Mahindra follows on 2,40,432, 1,02,052 behind — a gap of 1.42x.
The fastest riser in the top 15 was Mahindra Last Mile, up 400.8% to 19,031, while Others was down 37.0% at 12,657.
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 CY 2024. Companies that file electric models under a maker of their own appear as separate rows.
Top manufacturers by registrations — CY 2024
Registrations inside the segment (commercial vehicles only).
Exact registrations over January 2024 to December 2024, with the change against CY 2023.
| # | Manufacturer | CY 2024 units | Share of commercial vehicles | vs CY 2023 |
|---|---|---|---|---|
| 1 | Tata Motors | 3,42,484 | 35.03% | −4.7% |
| 2 | Mahindra | 2,40,432 | 24.59% | +1.5% |
| 3 | Ashok Leyland | 1,73,723 | 17.77% | −1.1% |
| 4 | VECV (Eicher) | 76,326 | 7.81% | +0.4% |
| 5 | Maruti Suzuki | 38,329 | 3.92% | +0.8% |
| 6 | Daimler India CV | 20,009 | 2.05% | −1.2% |
| 7 | Mahindra Last Mile | 19,031 | 1.95% | +400.8% |
| 8 | Force Motors | 17,149 | 1.75% | +29.0% |
| 9 | Others | 12,657 | 1.29% | −37.0% |
| 10 | SML Mahindra | 11,394 | 1.17% | +12.5% |
| 11 | Local Trailer Manufacturer | 5,404 | 0.55% | −15.9% |
| 12 | Toyota Kirloskar | 4,651 | 0.48% | −0.8% |
| 13 | Isuzu India | 2,705 | 0.28% | +9.7% |
| 14 | Olectra Greentech | 844 | 0.09% | +106.9% |
| 15 | Volvo | 818 | 0.08% | −24.8% |
Commercial Vehicle sales against the rest of the market
Set against the rest of the market, commercial vehicles lagged the national picture over CY 2024: −3.2% against +9.1% 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 January 2024 to December 2024.
| Segment | CY 2024 units | Share | vs CY 2023 |
|---|---|---|---|
| Two-Wheelers | 1,96,48,497 | 72.14% | +11.0% |
| Cars & UVs | 39,00,386 | 14.32% | +3.5% |
| Three-Wheelers | 12,64,087 | 4.64% | +10.3% |
| Tractors | 9,10,951 | 3.34% | +2.1% |
| Goods Carriers | 8,64,152 | 3.17% | −3.2% |
| Taxis & Cabs | 3,29,510 | 1.21% | +30.5% |
| Other classes | 2,06,374 | 0.76% | −3.4% |
| Buses | 1,13,456 | 0.42% | +28.3% |
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 CY 2024 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 |
Commercial Vehicle sales, year by year
Across the 2 completed windows in our Vahan record, commercial vehicle registrations went from 9,77,608 in CY 2024 to 10,39,731 in CY 2025, up 6.4% over the stretch.
CY 2026 is still running — 9 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 calendar year
* window still in progress.
| Period | Months | Units | YoY |
|---|---|---|---|
| CY 2026 (to date) | 9 | 9,04,988 | +21.6% |
| CY 2025 | 12 | 10,39,731 | +6.4% |
| CY 2024 | 12 | 9,77,608 | −0.4% |
Each row compares only the months that window holds, so a part period is never set against a full one.
Where the demand was
State-level volumes for a single segment come from a calendar-year table, so the figures below cover full-year 2024. Maharashtra leads with 1,31,315 registrations, 13.4% of the segment.
| # | State | Units | Share |
|---|---|---|---|
| 1 | Maharashtra | 1,31,315 | 13.4% |
| 2 | Uttar Pradesh | 82,046 | 8.4% |
| 3 | Karnataka | 74,821 | 7.7% |
| 4 | Gujarat | 71,715 | 7.3% |
| 5 | Tamil Nadu | 69,906 | 7.2% |
| 6 | Rajasthan | 66,289 | 6.8% |
| 7 | Haryana | 56,936 | 5.8% |
| 8 | Telangana | 42,704 | 4.4% |
| 9 | Odisha | 37,917 | 3.9% |
| 10 | Andhra Pradesh | 36,380 | 3.7% |
| 11 | Madhya Pradesh | 34,685 | 3.5% |
| 12 | West Bengal | 34,191 | 3.5% |
Frequently asked questions
How many commercial vehicles were sold in India in CY 2024?
What period does CY 2024 cover?
Which manufacturer sold the most commercial vehicles in CY 2024?
Which was the strongest month for commercial vehicle sales in CY 2024?
What share of the Indian market were commercial vehicles in CY 2024?
Which calendar 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.
