Commercial Vehicle Sales March 2024: Tata Motors Leads, 89,129 Units Registered
Full Vahan registration report for March 2024 — every major manufacturer ranked, with month-on-month and year-on-year change, segment share, fuel mix and the state-wise picture.
How March went
India's commercial-vehicle market registered 89,129 vehicles in March 2024. Volumes fell back 6.2% against March 2023, and edged up 2.6% on February.
Year to date, 2,65,203 units have been registered across 3 months, −0.1% on the same stretch of 2023 (2,65,447). The segment accounted for 4.0% of every vehicle registered in India that month.
March is the fiscal year-end, when dealers clear stock and commercial buyers time purchases for the depreciation year.
Monthly commercial vehicle registrations, 2023–2026
One line per calendar year — the shape of the year, not just its total. The dashed end of the current year is the month so far.
Manufacturer scoreboard
Tata Motors led the segment with 32,981 registrations, ahead of Mahindra on 20,549 — a gap of 12,432 units, wider than the 11,496 it held in February.
Force Motors grew fastest among the segment's biggest names at +48.9% year on year (1,431 units); Maruti Suzuki had the hardest month of that group, down 12.6% to 3,016.
On share rather than volume — the number that decides who is actually winning — Mahindra Last Mile has added 1.56pp of the segment in 2024, while Tata Motors has given up 1.60pp.
Top 10 manufacturers, March 2024
Registrations in the month
Ranked by registrations in the month, with month-on-month and year-on-year change. Click a name for its full dashboard.
| # | Manufacturer | Mar 2024 | MoM | YoY | Share of commercial vehicles |
|---|---|---|---|---|---|
| 1 | Tata Motors | 32,981 | +3.7% | −10.7% | 37.00% |
| 2 | Mahindra | 20,549 | +1.2% | −1.3% | 23.06% |
| 3 | Ashok Leyland | 16,158 | −0.2% | −11.0% | 18.13% |
| 4 | VECV (Eicher) | 6,988 | +12.2% | −0.3% | 7.84% |
| 5 | Maruti Suzuki | 3,016 | +2.3% | −12.6% | 3.38% |
| 6 | Daimler India CV | 1,864 | +5.4% | −10.0% | 2.09% |
| 7 | Mahindra Last Mile | 1,843 | +11.6% | — | 2.07% |
| 8 | Force Motors | 1,431 | +2.7% | +48.9% | 1.61% |
| 9 | Others | 1,021 | −36.2% | −55.0% | 1.15% |
| 10 | SML Mahindra | 873 | +15.0% | +8.0% | 0.98% |
| 11 | Local Trailer Manufacturer | 541 | +25.5% | −12.3% | 0.61% |
| 12 | Toyota Kirloskar | 403 | +0.5% | +122.7% | 0.45% |
| 13 | Isuzu India | 306 | +76.9% | +5.9% | 0.34% |
| 14 | Tata Advanced Systems | 124 | +17.0% | +121.4% | 0.14% |
Registrations inside the segment only, counted with Vahan's own vehicle-class filter, so each number is that manufacturer's commercial vehicle volume. Companies that file electric models under a maker of their own (Tata, Mahindra) appear as separate rows.
Market share, year to date
Share is measured inside the segment itself — only commercial vehicle volume counts on either side of the ratio. Volume is full-year 2024. The comparison is against the whole of 2023.
Exact segment volume per manufacturer over full-year 2024, and the change in share against full-year 2023.
| # | Manufacturer | 2024 units | Share | vs full-year 2023 |
|---|---|---|---|---|
| 1 | Tata Motors | 3,42,425 | 35.03% | −1.60pp |
| 2 | Mahindra | 2,40,428 | 24.59% | +0.46pp |
| 3 | Ashok Leyland | 1,73,708 | 17.77% | −0.13pp |
| 4 | VECV (Eicher) | 76,309 | 7.81% | +0.06pp |
| 5 | Maruti Suzuki | 38,328 | 3.92% | +0.05pp |
| 6 | Daimler India CV | 19,989 | 2.04% | −0.02pp |
| 7 | Mahindra Last Mile | 19,031 | 1.95% | +1.56pp |
| 8 | Force Motors | 17,150 | 1.75% | +0.40pp |
| 9 | Others | 12,662 | 1.30% | −0.75pp |
| 10 | SML Mahindra | 11,391 | 1.17% | +0.13pp |
| 11 | Local Trailer Manufacturer | 5,404 | 0.55% | −0.10pp |
| 12 | Toyota Kirloskar | 4,652 | 0.48% | 0.00pp |
| 13 | Isuzu India | 2,706 | 0.28% | +0.03pp |
| 14 | Olectra Greentech | 844 | 0.09% | +0.04pp |
| 15 | Volvo | 818 | 0.08% | −0.03pp |
Fuel mix
Diesel accounts for 81.3% of the segment's registrations in 2024. Electric is at 1.08%, a move of +0.52pp on 2023 on volume of 10,548 units.
Commercial Vehicle fuel mix, 2024
Share of segment registrations year to date
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 |
Share is of this report's own scope over full-year 2024, compared with the whole of 2023.
Where the demand is
Maharashtra was the largest market in full-year 2024 with 1,31,315 registrations, 13.4% of the segment's national total. Uttar Pradesh (82,046) and Karnataka (74,821) followed. Maharashtra has gained the most ground, adding 0.45pp of the national total.
Segment registrations over full-year 2024, by state.
| # | State | Units | Share | vs full-year 2023 |
|---|---|---|---|---|
| 1 | Maharashtra | 1,31,315 | 13.4% | +0.45pp |
| 2 | Uttar Pradesh | 82,046 | 8.4% | −0.82pp |
| 3 | Karnataka | 74,821 | 7.7% | +0.04pp |
| 4 | Gujarat | 71,715 | 7.3% | +0.35pp |
| 5 | Tamil Nadu | 69,906 | 7.2% | −0.48pp |
| 6 | Rajasthan | 66,289 | 6.8% | −0.29pp |
| 7 | Haryana | 56,936 | 5.8% | +0.01pp |
| 8 | Telangana | 42,704 | 4.4% | −0.01pp |
| 9 | Odisha | 37,917 | 3.9% | +0.23pp |
| 10 | Andhra Pradesh | 36,380 | 3.7% | −0.18pp |
| 11 | Madhya Pradesh | 34,685 | 3.5% | +0.19pp |
| 12 | West Bengal | 34,191 | 3.5% | +0.23pp |
Frequently asked questions
How many commercial vehicles were sold in India in March 2024?
Which company sold the most commercial vehicles in March 2024?
What is the commercial vehicle market share in India in 2024?
What share of commercial vehicles sold in India are electric?
Which state registers the most commercial vehicles in India?
Are these wholesale dispatches or retail sales?
Commercial Vehicle sales, earlier months
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.
