Tata Motors, Mahindra, Ashok Leyland and VECV achieve strong CV growth in January 2026
India’s commercial vehicle (CV) segment maintained its growth momentum in January 2026, supported by sustained infrastructure spending, steady rural activity and improved tourism-led mobility demand. Retail sales grew 15.07% year-on-year to 1,07,486 units as compared to 93,420 units in January 2025. On a year-on-year basis, FY26 sales stand at 8,56,834 units, which is 9.56% higher than 7,82,056 units recorded during the same period in FY25.
Segment-wise performance was broadly positive. Light commercial vehicles (LCV) sales stood at 65,505 units, up 14.94% year-on-year. Medium commercial vehicles (MCV) rose 18.87% to 7,648 units, while heavy commercial vehicles (HCV) rose 14.61% to 34,287 units. The growth trend reflects stable freight traffic, replacement demand and gradual improvement in fleet utilization.
CV Retail Sales – January 2026
Tata Motors retained leadership in the CV segment with sales of 36,571 units in January 2026 and achieved 34.02% market share. This marks a strong improvement from 31,609 units in January 2025, with month-on-month volumes also rising from 29,560 units in December 2025. The company recently expanded its portfolio with 17 new generation trucks ranging from 7 to 55 tonnes and introduced the Tata Trucks.EV brand, strengthening its presence across diesel and electric platforms including Prima, Sigma and Ultra.
Mahindra took the second position with 31,884 units, up from 27,550 units a year ago, accounting for 29.66% market share. Growth was supported by steady performance in the LCV and last-mile mobility segments, with Mahindra Last Mile Mobility Ltd contributing 2,131 units to the total volumes.
Ashok Leyland recorded retail sales of 19,205 units in January 2026 as compared to 16,017 units in the same month last year, showing healthy growth on YoY basis. VE Commercial Vehicles (VECV) ranked second with 8,078 units, registering strong YoY growth led by steady demand in the medium and heavy truck categories.
In the LCV segment, Maruti Suzuki’s Super Carry maintained a consistent performance with 5,456 units, up slightly from 5,238 units in January 2025. Daimler India Commercial Vehicles recorded 2,444 units, up from 2,193 units a year ago.
Force Motors was the only OEM among the major companies to report a decline. Sales fell from 1,844 units to 1,692 units in January 2025, with market share falling from 1.97% to 1.57% year-on-year. SML Isuzu contributed 919 units, while other manufacturers collectively added 1,237 units to the total retail sales.
Overall, January 2026 reflects a stable and expanding CV market, with major OEMs capitalizing on infrastructure push, logistics demand and gradual economic recovery to register double-digit growth.