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Commercial vehicle sales to surpass FY2018’s 850,000 units: SIAM president

With 456,199 units in first-half FY2023, India’s CV industry is set to clock its second-best annual sales but will not surpass FY2019’s record million-plus units, says Vinod Aggarwal.

By Ajit Dalvi & Mayank Dhingra

10 Jan 2023

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At 456,199 units and 68% YoY growth, CV sales in April-September 2022 are already 63% of total sales in FY2022.

“Over the last 6 months, LCV sales in FY2023 (300,864 units) have already crossed their earlier peak of FY2019 (252,959 units). We're still lagging behind M&HCVs but there’s a lot of pent-up replacement demand as well as investment happening in the mining and infrastructure space.”

Demand for M&HCVs is coming from the steel, cement and mining industries as a result of the spend on infrastructure, which is why tipper sales are on the upswing.

Small goods carriers benefitting from e-commerce boom and demand for last-mile mobility in town and country.

Demand for school buses is on the upswing.

India Auto Inc, which has entered the second half of the ongoing fiscal on a strong note with overall sales of over 11 million units and 32% YoY growth in April-September 2022, is driving towards a big-number-laden FY2023. This comes on the back of the sterling growth of the passenger vehicle segment, which has already logged sales of 1.93 million units (up 40%) and is set to cross a record 3.5 million units in the ongoing fiscal. There’s more reason for the bullish growth outlook – the revival of demand in the commercial vehicle industry.

The CV industry, ...

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