18 - 09 - 2026

Indian wholesale CV volumes rise 30.7% in August on YoY basis

Indian commercial vehicle (CV) wholesale volumes posted a 30.7 per cent growth in August on a year-over-year (YoY) basis, and a 6.8 per cent rise on a sequential basis.

For the five months of FY27, CV wholesale volumes grew by 23.4 per cent on a YoY basis. The domestic CV wholesale volumes witnessed a substantial 30.7 per cent YoY growth in August 2026, while retail volumes rose by 20.1 per cent YoY, according to an ICRA report.

The growth momentum in domestic CV sales volume was supported by infrastructure execution, mining activity, e-commerce-linked logistics and steady financing availability.

The light commercial vehicle (LCV) retail volumes rose by 21.3 per cent YoY in August 2026, with a sequential decline of 9.2 per cent. Demand momentum for the LCV segment was also positively impacted by the GST rate cuts, further supported by improved last-mile freight movement and healthy e-commerce-linked activities.

Retail volumes in the medium and heavy commercial vehicle (M&HCV) segment grew by 18.2 per cent YoY in August 2026 with a sequential decline of 8.6 per cent. The volume growth momentum in the segment picked up after the implementation of the Goods & Services Tax (GST) rate cut with effect from September 22, 2025, and was further supported by strong rural demand, higher logistics activity, and sustained infrastructure-linked transportation requirements.

Demand was particularly aided by increased movement from cement, steel and mining sectors.

ICRA expects the domestic CV industry to register a moderate YoY growth of 4-6 per cent in wholesale volumes in FY27. While M&HCV (trucks) and LCV (trucks) segments are expected to see YoY volume growth of 1-3 per cent and 6-8 per cent, respectively, buses are likely to see 3-5 per cent YoY growth over the fiscal.

ICRA expects domestic CV wholesale volumes to register a moderate 4-6 per cent YoY increase in FY27, with the broadened base effect of the second half of FY26 likely to result in a YoY volume contraction in the latter half of the current fiscal.

The broadened base of the H2 FY26, due to the positive impact of GST rate cuts, is estimated to impact the growth momentum in H2 FY27.

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