Commercial Vehicle Sales Q1 FY 2024-25: Tata Motors Leads, 2,41,674 Units, Up 1.3% YoY
Every commercial vehicle registered in India over Q1 FY 2024-25 — April 2024 to June 2024. Q1 of the financial year, April to June. 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, Q1 FY 2024-25
India's commercial-vehicle market registered 2,41,674 commercial vehicles in Q1 FY 2024-25. Volumes nudged up 1.3% against the 2,38,490 logged over the same 3 months of Q1 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 80,558 a month. 2 of those 3 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.
Q1 FY 2024-25 ran from April 2024 to June 2024 and is closed. Every month in the table below is final, and every comparison on this page is against the matching month of Q1 FY 2023-24.
Commercial vehicles accounted for 3.7% of everything registered in India over the period, down from 4.0% in Q1 FY 2023-24. The whole market ran to 64,91,184 vehicles over the same window, up 10.0% year on year.
Commercial Vehicle registrations by month — Q1 FY 2024-25 vs Q1 FY 2023-24
Vahan retail registrations, each month set against the same month a year earlier.
Every completed month of Q1 FY 2024-25, with the matching month of Q1 FY 2023-24 beside it.
| Month | Q1 FY 2024-25 units | Q1 FY 2023-24 units | YoY | Share of period |
|---|---|---|---|---|
| April 2024 | 88,185 | 86,473 | +2.0% | 36.5% |
| May 2024 | 81,258 | 77,339 | +5.1% | 33.6% |
| June 2024 | 72,231 | 74,678 | −3.3% | 29.9% |
Each month links through to its own full report.
Which manufacturer sold the most, Q1 FY 2024-25
Tata Motors led the period with 87,340 registrations, up 1.9% on Q1 FY 2023-24. Mahindra follows on 55,484, 31,856 behind — a gap of 1.57x.
The fastest riser in the top 15 was Force Motors, up 54.7% to 5,059, while Others was down 57.2% at 2,170.
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 Q1 FY 2024-25. Companies that file electric models under a maker of their own appear as separate rows.
Top manufacturers by registrations — Q1 FY 2024-25
Registrations inside the segment (commercial vehicles only).
Exact registrations over April 2024 to June 2024, with the change against Q1 FY 2023-24.
| # | Manufacturer | Q1 FY 2024-25 units | Share of commercial vehicles | vs Q1 FY 2023-24 |
|---|---|---|---|---|
| 1 | Tata Motors | 87,340 | 36.14% | +1.9% |
| 2 | Mahindra | 55,484 | 22.96% | +6.2% |
| 3 | Ashok Leyland | 43,495 | 18.00% | −4.5% |
| 4 | VECV (Eicher) | 20,117 | 8.32% | −6.1% |
| 5 | Maruti Suzuki | 8,502 | 3.52% | −8.1% |
| 6 | Daimler India CV | 5,138 | 2.13% | +2.2% |
| 7 | Force Motors | 5,059 | 2.09% | +54.7% |
| 8 | Mahindra Last Mile | 4,329 | 1.79% | — |
| 9 | SML Mahindra | 3,973 | 1.64% | +11.9% |
| 10 | Others | 2,170 | 0.90% | −57.2% |
| 11 | Local Trailer Manufacturer | 1,459 | 0.60% | −10.8% |
| 12 | Toyota Kirloskar | 1,008 | 0.42% | −32.9% |
| 13 | Isuzu India | 941 | 0.39% | +14.1% |
| 14 | Volvo | 202 | 0.08% | −23.2% |
| 15 | Daimler India CV | 188 | 0.08% | −13.4% |
Commercial Vehicle sales against the rest of the market
Set against the rest of the market, commercial vehicles lagged the national picture over Q1 FY 2024-25: −1.9% against +10.0% for every vehicle registered in India.
The table covers every segment Vahan reports over the same 3-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 June 2024.
| Segment | Q1 FY 2024-25 units | Share | vs Q1 FY 2023-24 |
|---|---|---|---|
| Two-Wheelers | 47,36,574 | 72.97% | +13.0% |
| Cars & UVs | 8,98,609 | 13.84% | +2.8% |
| Three-Wheelers | 2,82,291 | 4.35% | +10.6% |
| Goods Carriers | 2,07,231 | 3.19% | −1.9% |
| Tractors | 2,02,671 | 3.12% | −11.7% |
| Taxis & Cabs | 81,774 | 1.26% | +40.8% |
| Other classes | 47,591 | 0.73% | −14.4% |
| Buses | 34,443 | 0.53% | +26.5% |
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 Q1 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 Q1 on record
Across the 3 completed windows in our Vahan record, commercial vehicle registrations went from 2,41,674 in Q1 FY 2024-25 to 2,81,738 in Q1 FY 2026-27, up 16.6% over the stretch.
Commercial Vehicle registrations by quarter
* window still in progress.
| Period | Months | Units | YoY |
|---|---|---|---|
| Q1 FY 2026-27 | 3 | 2,81,738 | +16.1% |
| Q1 FY 2025-26 | 3 | 2,42,623 | +0.4% |
| Q1 FY 2024-25 | 3 | 2,41,674 | +1.3% |
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 Q1 FY 2024-25?
What period does Q1 FY 2024-25 cover?
Which manufacturer sold the most commercial vehicles in Q1 FY 2024-25?
Which was the strongest month for commercial vehicle sales in Q1 FY 2024-25?
What share of the Indian market were commercial vehicles in Q1 FY 2024-25?
Which quarter 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.
