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Domestic CV volumes in FY2023 likely to cross FY2018’s 850,000 sales

Macroeconomic improvements driving demand for M&HCV goods carriers while e-commerce is fueling a new growth charge for light and small commercial vehicles.

By Ajit Dalvi

20 Aug 2022

3599 Views

Passenger vehicle OEMs are keeping CV logistics operations busy to ensure their showrooms are well stocked.

Within goods carriers, growth in the medium and HCVs sub-segment has been spurred by demand from the steel, cement and mining industries and a pick-up in economic activity

The LCV and small CV market is benefitting from healthy demand from e-commerce and agricultural and allied sectors. The urban boom for last-mile deliveries is acting as a growth accelerator.

Domestic CV volumes in FY2023 likely to cross FY2018’s 850,000 sales

While the passenger vehicle market continues to fire on cylinders since the past year, thanks to the surging demand for SUVs, the uptick in the Indian economy and the increased government spend in infrastructure development is driving much-needed growth into the commercial vehicle industry.

Commercial vehicle wholesales numbers in the first quarter (April-July 2022) indicate that momentum is back and here to stay for the rest of the fiscal and beyond. As per apex industry body SIAM, wholesale numbers of 224,512 units (112%) in Q1 FY2023 and the strong performance of both the M&HCV segment (75,685 units / 159%) ...

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