Tata Motors No. 1 CV OEM in H1 FY2023 but loses market share in 3 sub-segments
India’s commercial vehicle market is back in growth mode. While M&HCVs are up 88%, LCV demand has grown by 59%. An in-depth look at the first-half FY2023 sales data reveals interesting dynamics.
10 Jan 2023
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India’s commercial vehicle industry, which typically sees cyclical growth, is seeing revival of demand after a torrid two years of sales declines. From a high of over a million units in FY2019 (10,07,219 units), the double whammy of a slowdown and the pandemic saw sales slide hugely in FY2020 (717,593 units / -29%) and in FY2021 (568,559 units / -21%). Now, as per SIAM’s first-half sales numbers for FY2023, demand for CVs has improved to 456,199 units, up 68%.
The domestic CV industry is witnessing revival of demand, driven by the huge infrastructure spend by the government translating into ...
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