VECV: Commercial Vehicle Sales To Touch FY19 Peak Next Fiscal

Due to the demand for newer trucks and an efficient fleet of vehicles, India’s commercial vehicle sales are expected to attain the 2018-2019 peak figures in the coming financial year (2023-24) as per an executive of Volvo Eicher Commercial Vehicle (VECV). According to a recent report, the manufacturers of commercial vehicles of the 3.5 tonnage category and above, saw figures that dropped from the 2018-19 peak to 2,34,299 vehicles in 2020-21 and had increased to 3,43,199 units in 2021-22. 

“This year, it should be somewhere between 343,000 and an early peak of 577,000 units. We expect the industry to cross this earlier peak during the coming financial year. During the first half of the current financial year, the industry size was 210,000 versus last year’s first half of 125,000. There is a growth of 69 per cent,” said Vinod Agarwal, managing director of VECV.

“There are a lot of pent-up replacements. Another is a rise in sales due to a pick-up in infrastructure activities. In addition, our economy is also growing and is expected to be around 7 per cent,” Agarwal added.

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It was noted by the company that during the first half of the financial year 2022-23, it saw around 35,000 units, compared to 20,940 units which were clocked during the first six months of the previous financial year. “We have seen good growth till now and second half also hopefully we should see better sales. Last year, the second half was around 36,000 units,” he added.

It has been stated by ‘Business-Standard’ that VECV recorded sales of 6,631 units in September 2022 compared to 6,070 units in September 2021, registering a growth of 9.2 per cent.

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Further, Agarwal expected to see a rise in electric vehicle sales since the government plans to come out with more tenders. “We will participate in those tenders. We are also working on electric trucks, whenever there is a requirement, we will come out with that. We will continue to work with leading private bus operators and state transport undertakings in this area,” he added.

As per the press, VECV has won a tender for supplying 40 electric buses to the Chandigarh Transport Undertaking and has been presented with an order for another 150 buses from the city of Surat in the Bus Rapid Transport (BRT) application.

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