In yet another good sign for India's auto industry, domestic sales of commercial vehicles (CVs) from April to September 2022 grew 40.37% Year-on-Year (YoY). The CV (trucks + buses) segment sold 272,051 units from April to September 2021 and could retail 456,199 units during the same period this year, according to the data sourced from SIAM.
However, the growth on the export front was not as promising as the domestic sales, as exports grew only by 7.35% YoY. Against 38,873 units the segment exported last year during the April to September period, a total of 41,959 CV units were exported this year.
The 36.17% YoY growth in production during the April to September 2022 period also points towards the hopes that the Indian CV segment has from the ongoing festive season. CV makers in India manufactured a total of 508,387 units from April to September 2022, whereas only 321,429 CVs were manufactured during the same period last year.
Tata, Mahindra, Ashok Leyland Take The Lead
With total domestic sales amounting to 186,133 CVs in H1FY23, homegrown Tata Motors continues to lead the Indian CV space. The OEM sold 120,420 CVs last year during the same period. Its strong performance in the segment helped it post a 35.30% growth YoY.
Mahindra & Mahindra posted 43.12% YoY growth by selling 123,076 CVs in H1FY23. The OEM sold 70,009 units during the same period last year. Mahindra & Mahindra's CV exports also grew 18.43% as it managed to ship 11,657 units during H1 FY23 this year, against the 9,509 it had exported last year.
Ashok Leyland posted the highest YoY growth rate amongst the three top players in the Indian CV industry at 47.43%. Against 41,866 CVs it had sold from April to September 2021, the OEM sold 41,866 CVs during the same period this year. Its exports also increased by 30.96% YoY as it managed to ship 5,307 CVs during the period under review, against 3,664 units last year.
Tata Motors is the only one among the top three OEMs to have witnessed a downfall in its exports. It managed to export only 11,934 units during H1FY23, against 15,314 it had exported during the same period last year, resulting in a 28.32% decline YoY.
SML Isuzu Posts Highest YoY Growth
SML Isuzu recorded sales of 6,178 CVs during H1FY23, against 2,298 units in the same period last year, resulting in 62.8% YoY growth. While this is the highest YoY growth posted by a CV OEM in India, its exports fell 237.38%.
VECV-Eicher also posted healthy 46.86% YoY growth in the CV segment. It sold 16,614 CVs during H1FY22, whereas it managed to sell 31,265 CVs units during H1FY23. However, its exports fell by 26.16 YoY to 3,092 units this year against the 3,901 it had exported last year.
Maruti Suzuki, India's biggest passenger vehicle OEM, also posted 34.82% YoY growth in its CV segment. Against 12,716 CVs it had sold in India from April to September 2021, the OEM managed to sell 19,509 units during the same period this year. It also posted 16.45% YoY growth in exports.
With total domestic sales of 8,629 CVs during H1FY23, Force Motors posted 20.87% YoY growth as it had sold 6,828 CVs units during the same period last year. However, the OEM's exports fell from 126 units during H1FY22 to 65 units this year.
Overall, the CV industry's exports increased by 7.35% YoY. The Indian CV industry dispatched 38,873 CVs from April to September 2021, while it managed to export 41,959 CVs during the same period this year.