The CV segment has grown by 19 per cent year-on-year from January and March
Improvement in economic activities such as freight movement and roads construction, the commercial vehicle segment has grown by 19 per cent year-on-year between January and March to 2,49,806 units as compared with 2,10,356 units in corresponding period last year.
India’s passenger vehicle manufacturers reported record sales in the local market last month, amid easing of component supply challenges that had disrupted production in the past year and a half.
As many as 342,300 passenger vehicles were sold in July, as per industry estimates, an increase of 16% from a year earlier when manufacturers dispatched 295,000 units to dealerships. Prior to this, passenger vehicles sales had peaked at 334,000 units in October 2020.
According to sources from Tata Motors and Ashok Leyland, demand for the CNG CVs is increasing across India, with the availability of this alternate fuel in many smaller cities.
The total LCV sales increased by 20 per cent to 1,55,832 units during January-March period compared to 1,29,822 units in the same period last year, according to the latest data from the Society of Indian Automobile Manufacturers (SIAM).
Motors, which has the largest market share in the Indian CV industry also reported that its sales in the fourth quarter of FY22 were recorded at 1,10,027 units, which was around 21 per cent higher than the previous quarter (Q3 FY22) and 12 per cent higher than the same quarter last year (Q4 FY21).
“The medium and heavy commercial vehicle (MHCV) segment grew by more than 51 per cent compared to the previous quarter, while being 20 per cent ahead of the same quarter (Q4) last year, owing to increased activity in road construction, mining and improved infrastructure spending by the Central and State governments.
We are cautiously optimistic about domestic MHCV and intermediate and light commercial vehicle (ILCV) demand while keeping a close eye on geopolitical developments, fuel inflation and semiconductor shortage,” he said.
Mahindra & Mahindra sold 19,837 vehicles in March this year, a growth of 16 per cent YoY as compared with 17,116 units in last year.
