Commercial Vehicle Sales Continue Strong Growth in January 2026

India’s commercial vehicle (CV) market maintained robust momentum in January 2026, benefiting from sustained infrastructure spending, healthy rural activity, and improved tourism-driven mobility demand. Retail sales rose 15.07% year-on-year to 1,07,486 units, compared to 93,420 units in January 2025. On a year-to-date basis, FY26 sales reached 8,56,834 units, a 9.56% increase over 7,82,056 units recorded during the same period in FY25.

Segment-Wise Performance

Segment-wise growth remained positive across all categories:

• Light Commercial Vehicles (LCVs): Led volumes with 65,505 units, up 14.94% YoY.
• Medium Commercial Vehicles (MCVs): Increased 18.87% to 7,648 units.
• Heavy Commercial Vehicles (HCVs): Grew 14.61% to 34,287 units.

The growth reflects stable freight movement, replacement demand, and gradual improvement in fleet utilisation across the country.

Leading Manufacturers Drive Growth

Mahindra secured the second position in the CV market with 31,884 units, up from 27,550 units a year earlier, representing a 29.66% market share. Growth was supported by strong LCV performance and last-mile mobility, with Mahindra Last Mile Mobility Ltd contributing 2,131 units to total volumes.

Ashok Leyland reported retail sales of 19,205 units in January 2026, up from 16,017 units in January 2025, reflecting healthy YoY growth.

VE Commercial Vehicles (VECV) posted 8,078 units, driven by consistent demand in the medium and heavy truck segments.

Maruti Suzuki maintained stable LCV performance with its Super Carry model, selling 5,456 units compared to 5,238 units a year earlier. Daimler India Commercial Vehicles recorded 2,444 units, up from 2,193 units.

Among major OEMs, Force Motors was the only player to report a decline, with sales dropping to 1,692 units from 1,844 units in January 2025. Its market share slipped from 1.97% to 1.57% YoY. SML Isuzu contributed 919 units, while other manufacturers collectively added 1,237 units to total retail sales.

Market Outlook

January 2026 demonstrates that India’s CV market is stable and expanding. Leading OEMs capitalised on the government’s infrastructure push, logistics demand, and gradual economic recovery to achieve double-digit growth. With positive trends across LCV, MCV, and HCV segments, the outlook for FY26 remains optimistic as fleet replacement and last-mile mobility continue to drive demand.