New Delhi [India], November 5 : The commercial vehicle (CV) segment witnessed a broad-based recovery in October, supported by the government's infrastructure push and festive season logistics demand, according to a report by ACMIIL.
Almost all major players in the segment reported strong year-on-year growth, reflecting improving freight activity and a stable macroeconomic environment.
Tata Motors' total commercial vehicle volumes rose 9.5 per cent year-on-year in October 2025, continuing the growth momentum witnessed in the second quarter of FY26, after four consecutive quarters of decline.
The company's performance was broad-based, with key categories such as heavy commercial vehicles (HCV) and small commercial vehicles (SCV) recording high single-digit growth.
Passenger carriers also saw a strong 12.3 per cent increase compared to last year, driven by robust freight movement, festive logistics demand, and a steady macro backdrop. Exports for Tata Motors grew sharply by 56.2 per cent year-on-year, maintaining a strong upward trend.
Mahindra & Mahindra (M&M) also reported solid performance, with total CV volumes growing 14.0 per cent year-on-year in October.
The growth was primarily led by strong demand in the light commercial vehicle (LCV) 2T-3.5T segment, which rose 13.8 per cent, aided by improved rural activity and festive season logistics.
However, the medium and heavy truck and bus (MTBD) segment declined marginally by 1.5 per cent year-on-year. SML Isuzu, another key player, registered a robust 32.2 per cent year-on-year growth, supported by rising demand in both cargo and passenger vehicle categories.
Ashok Leyland's volumes increased 16.4 per cent year-on-year during the month, supported by a favourable base. Its medium and heavy commercial vehicle (M&HCV) sales rose 15.5 per cent, while light commercial vehicles (LCV) grew 17.8 per cent, aided by festive demand, higher infrastructure activity, and a low base effect.
Exports also remained strong, rising 21.2 per cent year-on-year, indicating sustained traction in overseas markets.
Eicher Motors' VECV division recorded a 13.2 per cent year-on-year rise in volumes in October 2025, benefitting from a low base last year when sales had declined by 5.0 per cent.
Domestic volumes grew 6.9 per cent year-on-year, supported by strong demand for light and medium-duty (LMD) trucks and buses. Exports surged 133.7 per cent year-on-year, reflecting strong momentum across all sub-segments.
Overall, the report noted that the CV industry's performance in October reflected a sustained recovery trend, supported by improving freight movement, infrastructure development.
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