Commercial Vehicle retails / registrations have dipped by a mammoth -42.2 percent in March 2021. Overall CVs sold in March 2021 were 67,372 units, down 42 percent over 1,16,559 units in March 2020. Do note that the sales declined even though the March 2020 base was low (as the lockdown was imposed in Mid Mar’20 and BS6 transition).
The main reasons for the decline could be attributed to increased vehicle prices, lower finance availability, pressure on repayment, and the commercial segment suffering post-pandemic. There was also repayment pressure due to the moratorium period getting over on commercial vehicle owners and the dip in business has added to the owes. The category showed growth in some markets/subcategories where Government Infrastructure spending has begun. However, Bus segment continued to suffer due to the ongoing Pandemic and lower inclination towards usage of public transport.
Tata Motors registered a market share of 42.78 percent and was the largest CV maker for March 2021. However, the OEM suffered a decline of 46.3 percent in terms of retail sales which was 28,821 units in March 2021, down from 53,718 units retailed in March 2020.
Mahindra lost the highest Market Share in March 2021 and recorded a 54.3 percent decline in retail sales - it dipped to 11,807 units in March 2021, down from 25,818 units retailed in March 2020.
Ashok Leyland ranked third in terms of registrations for March 2021 and the de-growth stood at 36 percent with 10,486 units retailed, down from 16,392 units in March 2020. It anyhow gained a Market Share of 1.5 percent vs last year.
Volvo Eicher too reported a 40.8 dip in registrations for March 2021 which declined from 7,092 units in March 2020 to 4,201 units.
Maruti Suzuki was the sole CV manufacturer to register a YoY growth and it also recorded the highest market share gain in March 2021. Its market share shot up to 5.59 percent in March 2021 against 1.84 percent market share in March 2020.
Daimler registrations dipped 44.3 percent in March 2021 to 1,440 units, down from 2,584 units in March 2020.
Force Motors retails recorded the highest YoY de-growth - dipped 79.4 percent to 402 units, down from 1,947 units retailed in March 2020. Isuzu too suffered a 62.9 percent YoY de-growth.