Commercial Vehicle Sales Q4 FY 2023-24: Tata Motors Leads, 2,65,203 Units, Down 0.1% YoY
Every commercial vehicle registered in India over Q4 FY 2023-24 — January 2024 to March 2024. Q4 of the financial year, January to March. 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, Q4 FY 2023-24
India's commercial-vehicle market registered 2,65,203 commercial vehicles in Q4 FY 2023-24. Volumes barely moved (−0.1%) against the 2,65,447 logged over the same 3 months of Q4 FY 2022-23.
January was the strongest month of the period at 89,182 commercial vehicles and February the quietest at 86,892, an average of 88,401 a month. 2 of those 3 months grew on the same month a year earlier.
January carries the new-year registration rush — buyers who took delivery in late December often register in the first week.
Q4 FY 2023-24 ran from January 2024 to March 2024 and is closed. Every month in the table below is final, and every comparison on this page is against the matching month of Q4 FY 2022-23.
Commercial vehicles accounted for 4.0% of everything registered in India over the period, down from 4.4% in Q4 FY 2022-23. The whole market ran to 66,26,145 vehicles over the same window, up 11.1% year on year.
Commercial Vehicle registrations by month — Q4 FY 2023-24 vs Q4 FY 2022-23
Vahan retail registrations, each month set against the same month a year earlier.
Every completed month of Q4 FY 2023-24, with the matching month of Q4 FY 2022-23 beside it.
| Month | Q4 FY 2023-24 units | Q4 FY 2022-23 units | YoY | Share of period |
|---|---|---|---|---|
| January 2024 | 89,182 | 87,374 | +2.1% | 33.6% |
| February 2024 | 86,892 | 83,084 | +4.6% | 32.8% |
| March 2024 | 89,129 | 94,989 | −6.2% | 33.6% |
Each month links through to its own full report.
Which manufacturer sold the most, Q4 FY 2023-24
Tata Motors led the period with 96,166 registrations, down 5.6% on Q4 FY 2022-23. Mahindra follows on 63,532, 32,634 behind — a gap of 1.51x.
The fastest riser in the top 15 was JBM Auto, up 1700.0% to 288, while Others was down 30.3% at 4,222.
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 Q4 FY 2023-24. Companies that file electric models under a maker of their own appear as separate rows.
Top manufacturers by registrations — Q4 FY 2023-24
Registrations inside the segment (commercial vehicles only).
Exact registrations over January 2024 to March 2024, with the change against Q4 FY 2022-23.
| # | Manufacturer | Q4 FY 2023-24 units | Share of commercial vehicles | vs Q4 FY 2022-23 |
|---|---|---|---|---|
| 1 | Tata Motors | 96,166 | 36.26% | −5.6% |
| 2 | Mahindra | 63,532 | 23.95% | +1.2% |
| 3 | Ashok Leyland | 47,918 | 18.07% | −1.4% |
| 4 | VECV (Eicher) | 19,338 | 7.29% | +2.0% |
| 5 | Maruti Suzuki | 9,767 | 3.68% | −6.9% |
| 6 | Daimler India CV | 5,673 | 2.14% | +2.1% |
| 7 | Mahindra Last Mile | 5,048 | 1.90% | — |
| 8 | Others | 4,222 | 1.59% | −30.3% |
| 9 | Force Motors | 4,150 | 1.56% | +65.5% |
| 10 | SML Mahindra | 2,286 | 0.86% | +13.1% |
| 11 | Local Trailer Manufacturer | 1,512 | 0.57% | −21.7% |
| 12 | Toyota Kirloskar | 1,280 | 0.48% | +328.1% |
| 13 | Isuzu India | 612 | 0.23% | +6.8% |
| 14 | JBM Auto | 288 | 0.11% | +1700.0% |
| 15 | Tata Advanced Systems | 254 | 0.10% | +38.0% |
Commercial Vehicle sales against the rest of the market
Set against the rest of the market, commercial vehicles lagged the national picture over Q4 FY 2023-24: −3.6% against +11.1% 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 January 2024 to March 2024.
| Segment | Q4 FY 2023-24 units | Share | vs Q4 FY 2022-23 |
|---|---|---|---|
| Two-Wheelers | 46,29,534 | 69.87% | +11.7% |
| Cars & UVs | 10,22,952 | 15.44% | +5.0% |
| Three-Wheelers | 3,10,408 | 4.68% | +25.2% |
| Tractors | 2,47,916 | 3.74% | +8.6% |
| Goods Carriers | 2,39,859 | 3.62% | −3.6% |
| Taxis & Cabs | 88,782 | 1.34% | +76.3% |
| Other classes | 61,350 | 0.93% | +11.0% |
| Buses | 25,344 | 0.38% | +52.2% |
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 Q4 FY 2023-24 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 Q4 on record
Across the 3 completed windows in our Vahan record, commercial vehicle registrations went from 2,65,203 in Q4 FY 2023-24 to 3,22,976 in Q4 FY 2025-26, up 21.8% over the stretch.
Commercial Vehicle registrations by quarter
* window still in progress.
| Period | Months | Units | YoY |
|---|---|---|---|
| Q4 FY 2025-26 | 3 | 3,22,976 | +19.9% |
| Q4 FY 2024-25 | 3 | 2,69,310 | +1.5% |
| Q4 FY 2023-24 | 3 | 2,65,203 | −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 Q4 FY 2023-24?
What period does Q4 FY 2023-24 cover?
Which manufacturer sold the most commercial vehicles in Q4 FY 2023-24?
Which was the strongest month for commercial vehicle sales in Q4 FY 2023-24?
What share of the Indian market were commercial vehicles in Q4 FY 2023-24?
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.
