Overview: CV Market Performance in September 2025
The Indian Commercial Vehicle (CV) market performed well in September 2025, showing steady year-on-year growth despite a slight month-on-month dip.
According to data released by the Federation of Automobile Dealers Associations (FADA), CV retail sales rose by 2.66% YoY, increasing from 70,254 units in September 2024 to 72,124 units in September 2025.
Although sales were 4.59% lower than August 2025, the sector remained strong — supported by the transition to GST 2.0 norms, favorable monsoon conditions, and pre-festive demand across the LCV (Light Commercial Vehicle), MCV (Medium), and HCV (Heavy Commercial Vehicle) categories.
What Is the FADA Report?
The FADA (Federation of Automobile Dealers Associations) report provides retail sales data, reflecting vehicles actually registered by end customers, not just shipped from manufacturers.
This makes it the most reliable indicator of true market demand in India’s auto industry.
FADA’s insights are based on VAHAN portal registrations, offering transparent, accurate data for all vehicle categories — from two-wheelers to commercial vehicles (CVs).
CV Sales Snapshot – September 2025
| Category | Units Sold (Sept 2025) | Units Sold (Sept 2024) | YoY Growth |
|---|---|---|---|
| Total CV Sales | 72,124 | 70,254 | +2.66% |
| LCV (Light CV) | 44,392 | 41,875 | +6.03% |
| MCV (Medium CV) | 6,257 | 5,605 | +11.65% |
| HCV (Heavy CV) | 21,401 | 22,686 | −5.66% |
| Other CVs (Bus, SCV) | 65 | 87 | −25.29% |
Despite the month-on-month decline, the segment continues to expand steadily, driven by strong infrastructure spending, rural recovery, and logistics demand.
Brand-Wise Performance: Market Leaders & Highlights
Tata Motors: The Market Leader Continues to Dominate
Tata Motors retained its top spot in India’s CV market, selling 23,827 units in September 2025.
Though this was a slight decline from 24,899 units a year ago, Tata still led with a 33.04% market share (down from 35.44% YoY).
The company recently launched the Ace Gold Plus (Diesel) — a new addition to its popular mini-truck range, ideal for small businesses and last-mile logistics.
Mahindra & Mahindra: Rapid Growth and Strategic Expansion
Mahindra recorded 21,126 CV sales in September 2025, up from 18,654 units in September 2024 — a 13.26% YoY growth and a market share gain to 29.29%.
Its strong portfolio includes:
Electric 3-wheelers: Treo, Treo Yaari, e-Alfa Mini
Last-mile EVs: Zor Grand, Mahindra ZEO (LCV EV)
Diesel workhorses: Bolero Pick-Up, Bolero Maxi Truck Plus
In August 2025, Mahindra acquired a 58.96% stake in SML Isuzu, now renamed SML Mahindra Ltd., boosting its presence in the Medium & Heavy Commercial Vehicle (M&HCV) segment.
Industry Insight: Mahindra’s mix of diesel and electric CVs and its strategic SML acquisition position it as a serious challenger to Tata’s long-held leadership
Ashok Leyland: The M&HCV Specialist
Ashok Leyland sold 13,273 units in September 2025, up from 12,648 units in 2024 — marking a 4.9% YoY increase and an 18.4% market share.
Its strength remains in the Medium & Heavy Commercial Vehicle (M&HCV) segment, supported by rising demand in infrastructure, mining, and logistics.
The brand is also investing in electric buses and hydrogen fuel-cell technology, keeping pace with India’s transition toward cleaner mobility.
Maruti Suzuki: Stable in the LCV Space
Maruti Suzuki recorded 3,277 CV sales in September 2025, down slightly from 3,464 units YoY.
Its Super Carry LCV remains popular among small business owners for its affordability and fuel efficiency.
Force Motors: Consistent Performer in Niche Segments
Force Motors grew its retail sales from 1,341 to 1,492 units, thanks to its strong presence in school buses, ambulances, and rural mobility.
The Force Traveller and Trax remain essential fleet choices for corporate and government use.
Daimler India, SML & Other OEMs
Daimler India (BharatBenz): Sales declined from 1,516 to 1,228 units amid GST 2.0 transition and growing competition.
SML Mahindra (formerly SML Isuzu): Reported 844 units, down from 1,054 YoY, reflecting merger transition effects.
Other CV brands: Combined sales grew to 702 units, up from 615 YoY, showing niche-market recovery.
Key Market Drivers for September 2025
- GST 2.0 Transition: Accelerated vehicle deliveries before policy adjustments.
- Festive Season Demand: Early Diwali and Dussehra purchases lifted retail numbers.
- Government Infrastructure Push: Projects in highways, logistics, and mining fueled M&HCV sales.
- Rural Economic Recovery: Strong monsoon and agricultural output revived LCV demand.
- EV Adoption: OEMs like Tata and Mahindra expanding electric CV offerings.
Emerging Challenges
MoM Sales Dip (−4.59%) due to inventory realignment.
Fuel Price Volatility impacting logistics profitability.
Regulatory Uncertainty around emission and EV norms delaying fleet upgrades.
Outlook: What’s Next for India’s CV Industry
Experts predict steady growth in the CV sector through Q4 2025, supported by:
Festive sales momentum (Oct–Nov)
Fleet renewals and logistics modernization
Infrastructure-led demand from construction and mining
Gradual EV adoption in light and medium CV segments
By 2026, India’s CV market is expected to surpass 900,000 annual units, driven by economic recovery, EV integration, and green technology advancements.
Final Verdict: Growth with Stability
The Indian CV industry closed September 2025 on a positive note, showcasing balanced growth and sectoral resilience.
While Tata Motors remains the dominant player, Mahindra’s rapid rise and SML acquisition hint at a changing competitive landscape.
Ashok Leyland’s strength in M&HCVs and VECV’s steady growth ensure the segment remains dynamic and diversified.
With EV adoption, infrastructure investments, and policy clarity, India’s commercial vehicle market is gearing up for a strong 2026 — marked by sustainability, innovation, and competitive growth.
FAQs on India CV Retail Sales – September 2025
Tata Motors led with 23,827 units, followed by Mahindra (21,126) and Ashok Leyland (13,273).
A total of 72,124 commercial vehicles were sold, according to FADA.
Mahindra, with a 13.26% YoY increase in sales.
GST 2.0 transition, festive demand, monsoon boost, and infrastructure spending.
especially Mahindra and Tata, whose electric LCVs are gaining traction in urban fleets.