The Indian commercial vehicle (CV) industry achieved an impressive year-on-year (YoY) growth in October 2025, confirming a market recovery fueled by the festival season and the contextual support of lower GST. However, a closer analysis of wholesale figures reveals differing strategies among top manufacturers, creating a dynamic market where players rely on distinct strengths: high-volume scale versus rapid segment velocity.
While the overall CV industry experienced a modest recovery, powered primarily by Intermediate/Light Commercial Vehicle (ILCV) trucks and buses, the heavy commercial vehicle (HCV) segment continues to grapple with “persistent challenges impacting growth and demand”. Total sales figures across major OEMs ranged from 10% to 16% growth compared to October 2024.
Tata Motors: Driving Scale and International Volume
As one of India’s largest manufacturers, Tata Motors leveraged its expansive product portfolio to register robust total sales (domestic and international) of 37,530 units in October 2025, an increase of 10% compared to 34,259 units sold in October 2024
Tata Motors’ growth profile is defined by sheer volume across multiple core segments:
• HCV Trucks: The company reported sales of 10,737 units, marking a 7% YoY growth. This segment represents a substantial portion of the high-tonnage market.
• SCV Cargo and Pickup: This segment, crucial for last-mile logistics, achieved the highest reported volume for Tata Motors at 15,018 units, increasing by 7% YoY.
• ILMCV Trucks: Sales reached 6,169 units, growing 6%.
• Domestic vs. Velocity: While domestic sales grew a steady 7% (35,108 units), Tata Motors demonstrated strong velocity in its international business, which jumped 56%, achieving 2,422 units sold. Even their Passenger Carriers segment grew at a double-digit rate of 12%, totaling 3,184 units
Ashok Leyland: High Domestic Acceleration and Segment Velocity
Ashok Leyland exhibited the highest overall growth percentage among the major domestic players, recording a total sales growth of 16%, reaching 17,820 units. Critically, this growth was mirrored precisely in their domestic performance, where total vehicles sold increased from 14,067 to 16,314 units, a 16% jump.
Ashok Leyland’s acceleration was particularly pronounced in key segments:
. LCV sector: Domestic Light Commercial Vehicle (LCV) sales saw a significant surge, rising 19% to 6,703 units. Including exports, LCV growth was 18%.
• M&HCV Buses: Demonstrating high velocity in the passenger segment, domestic M&HCV Bus sales soared by 33% (1,639 units). Total M&HCV Bus sales (Domestic + Exports) grew 34%.
• M&HCV Trucks: Although the overall HCV segment faces headwinds, Ashok Leyland’s Domestic M&HCV Trucks showed resilience, growing 11% to 7,972 units
VECV and Mahindra T&B: Niche Velocity and Export Explosions
Other players focused on segment-specific velocity and extraordinary export performance to drive their double-digit overall growth rates, confirming that growth was driven by ILCV trucks and buses.
VE Commercial Vehicles (VECV): VECV (a Volvo Group and Eicher Motors joint venture) achieved a 13.2% total sales growth, reporting 8,050 units. Their impressive velocity was seen in niche and export markets:
• Exports: VECV recorded a stunning 133.7% growth in exports, selling 701 units compared to 300 units in October 2024.
• Volvo Brand: The premium Volvo Trucks and Volvo Buses recorded a growth of 38.8%, selling 279 units.
• Eicher Domestic: Eicher branded domestic sales saw a more modest growth rate of 6.9% (7,070 units)
Mahindra & Mahindra Trucks & Buses (M&M T&B):
M&M’s Trucks and Buses business (CV > 3.5T), which comprises MTBD and SML Mahindra Limited, reported an overall growth of 14% with 2,034 vehicles sold. Within this business, velocity was driven by the Passenger Vehicle segment and the performance of SML:
• Passenger Vehicles: The total Passenger Vehicles category grew 24% (779 units).
• SML Mahindra Limited: This subsidiary was a major growth engine, recording a total sales increase of 32% (1,059 units). SML’s Cargo Vehicles surged 29% (507 units), and its Passenger Vehicles category spiked 36% (552 units).
Conclusion
Despite the impressive overall expansion, which saw major players achieve 10% to 16% YoY growth, the October performance must be viewed through the lens of external support in the form of lower GST and festival season. The enduring reality is that the Heavy Commercial Vehicle (HCV) segment remains significantly hindered by persistent challenges impacting growth and demand. Thus, while the high velocity demonstrated by specialist segments showcases strong responsiveness to immediate stimulus, a full structural recovery requires sustained economic drivers strong enough to overcome the entrenched headwinds facing the heavy-duty sector.