The Indian commercial vehicle sector delivered blockbuster numbers in January, with wholesale sales climbing 27% to 99,544 units year-on-year, plus a 1.9% sequential lift from December.
Behind the surge lies the transformative GST cut to 18% from September 2025, easing financial pressures on buyers. Surging cargo movements have amplified this effect, propelling the industry forward.
January retail in M&HCVs grew 15.4% YoY and a hefty 22.1% MoM, with 6.3% cumulative rise in FY2026’s first 10 months. LCVs posted 14.9% monthly YoY growth and 11.1% over the period.
Broader trends show domestic CV wholesales up 11.3% and retails 8.5% in 10 months. Forecasts for FY2026: 7-9% wholesale growth, followed by 4-6% in FY2027. M&HCV trucks at 7-9%, LCV trucks 9-11%, buses 8-10%.
This trajectory reflects deeper economic currents—improved highway networks, manufacturing resurgence, and e-commerce logistics—positioning CVs as a key growth engine for India’s future.