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The <keyword id="698382" type="General" weightage="20" keywordseo="Commercial-vehicle-industry" source="Orion">commercial vehicle industry</keyword> volume is expected to grow in the range of 7-10 per cent in the next financial year, rating agency <keyword id="6354972" type="General" weightage="20" keywordseo="Icra" source="Orion">Icra</keyword> said on Tuesday. The volume growth would be on account of government infrastructure spending, replacement demand, back-to-school and office scenarios and e-commerce expansion, it noted. The growth will, however, moderate from 24-26 per cent in the current financial year, it added. Icra noted that the growth trends were visible in third quarter of the current fiscal, with wholesale dispatches reporting a growth of 16 per cent on a year-on-year basis, supported by replacement demand, improvement in the macroeconomic environment, and healthy traction in the underlying industries such as steel, cement, mining, automobiles, and e-commerce. Freight rates continued to hold up, which, coupled with healthy freight availability, is supporting fleet operator viability, it noted. The growth trends continued to be broad-based across all the three sub-segments -- <keyword id="3393306" type="General" weightage="20" keywordseo="medium-heavy-commercial-vehicles" source="Orion">medium &amp; heavy commercial vehicles</keyword> (M&amp;HCV), <keyword id="163353" type="General" weightage="20" keywordseo="light-commercial-vehicles" source="Orion">light commercial vehicles</keyword> (LCV), and buses, in the third quarter and nine months ended December 31, 2022, Icra said. "Sales in the domestic CV industry continue to be propelled by multiple tailwinds including replacement of ageing vehicles, pick-up in mining, infrastructure and construction activities, improvement in the overall macroeconomic environment and healthy fleet utilisation levels resulting in improved fleet operator viability," Icra Assistant Vice President &amp; Sector Head - Corporate Ratings Sruthi Thomas. Furthermore, the continued thrust of the government on infrastructure development, as evidenced in the increased capex outlay of ₹10 trillion in the Union Budget for 2023-24, would augur well for sustained growth, especially in the heavy truck segment over the near-term, she added. Icra also expects an improvement in the financial performance of the CV OEMs, led by the benefit of operating leverage and the easing commodity prices; accordingly, aggregate operating profit margin of CV OEMs is expected to revive to 6-7 per cent in FY2023 and improve further in the next fiscal. "This in turn, will support the gradual improvement in their credit metrics as well. In terms of the investment outlay, while CV OEMs have limited plans for capacity expansion over the near term, investments in new product development, electric and other alternative fuel vehicles, and tightening emission norms, etc. would continue," Thomas said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/digiqure-the-latest-startup-to-appear-on-shark-tank-india-s2-aims-to-tackle-healthcare-services-in-rural-area/articleshow/97911962.cms">The untimely death of 7-year-old girl inspired this startup to start e-clinics in villages</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/real-estate-financial-services-top-pesky-callers-list-localcircles-survey/articleshow/97910227.cms">Real estate, financial services top pesky callers list: LocalCircles survey</a>

Commercial vehicle industry volumes to see 7-10 pc growth in FY24: Icra

The Indian commercial vehicle (CV) industry is set to log growth for the next couple of years with <keyword id="15410618" type="General" weightage="20" keywordseo="economy-reviving" source="Orion">economy reviving</keyword> and Covid-19 <keyword id="15410619" type="General" weightage="20" keywordseo="pandemic-fading-away" source="Orion">pandemic fading away</keyword>, said experts. The <keyword id="11045519" type="General" weightage="20" keywordseo="CV-sector" source="Orion">CV sector</keyword> will register mid-to-high teens over the next couple of years, said Fitch Ratings in a report. The sector recovered 26 per cent in the fiscal 2021-22 after being hit by Covid-19. During the current fiscal, the CV majors are logging good growth driven mostly by goods carriers while sales of buses is also picking up. According to Emkay Global Financial Services, the CV sector maintains its uptrend, supported by improved freight availability. On a year-on-year (YoY) basis, domestic volumes grew by 39 per cent for Mahindra and Mahindra, 38 per cent for Ashok Leyland, 14 per cent for VE Commercial Vehicles Ltd and 0.3 per cent for Tata Motors. A recovery in medium and heavy commercial vehicle (MHCV) from multi-year lows, along with sustained growth in light commercial vehicle (LCV) categories, will help overall segment volume reach close to one million units by FY24 - the level of the last cyclical peak recorded in FY19, Fitch Ratings said. Growth in the passenger CV category, which experienced a sharper pandemic impact due to travel restrictions and the suspension of school and office commutes, will also aid growth. However, their share will be below 15 per cent of the overall CV volume, Fitch Ratings added. A rapid recovery in India's economic activity after the pandemic shock and the government's planned increase in infrastructure spending will help sustain an improvement in fleet utilisation rates, supporting freight economics for operators. This should aid the revival of the replacement cycle, notwithstanding pressure from high inflation and a rise in borrowing rates since the start of the Russia-Ukraine war. According to Fitch Ratings, high fuel rates will also spur replacement of older CVs with new, more energy-efficient vehicles, including those with compressed natural gas drivetrains in the smaller categories. Improving earnings visibility for fleet operators, along with manageable asset quality and funding access for lenders, should underpin credit availability, Fitch Ratings said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/diaspora-group-launches-online-petition-urging-blinken-to-reduce-visa-wait-time/articleshow/95243720.cms" style="">Diaspora group launches online petition urging Blinken to reduce visa wait time</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/hiring-slowed-down-in-the-it-sector-this-festive-season-report/articleshow/95233811.cms" style="">Hiring slowed down in the IT sector this festive season: Report</a>

Indian commercial vehicle sector will log volume growth say experts

New Delhi, <keyword id="20748494" type="General" weightage="20" keywordseo="domestic-commercial-vehicle" source="keywords">Domestic Commercial Vehicle</keyword> (CV) volumes are expected to dip 4-7 per cent year-on-year next fiscal with high base effect kicking in, rating agency <keyword id="19908266" type="General" weightage="20" keywordseo="icra" source="keywords">Icra</keyword> said on Tuesday. The volumes are expected to remain muted through the January-March quarter on account of a perceived pause in the infrastructural activities as the model code of conduct kicks in ahead of the general elections. "Icra estimates the domestic CV industry volumes to register 2-5 per cent year-on-year growth in volumes in FY24. Subsequently, the industry's sharp <keyword id="20748180" type="General" weightage="20" keywordseo="upcycle" source="keywords">upcycle</keyword> is expected to plateau in FY25, with a decline of 4-7 per cent in volumes," the rating agency stated. <keyword id="20277974" type="General" weightage="20" keywordseo="icra-ratings" source="keywords">Icra Ratings</keyword> Vice President &amp; Co-Group Head <keyword id="20322347" type="General" weightage="20" keywordseo="kinjal-shah" source="keywords">Kinjal Shah</keyword> said he expects the long-term demand for CVs to remain intact. The continued focus on infrastructure capex, emphasis on private participation in infrastructure, construction, defence and manufacturing activities would remain a long-term positive for the CV industry, he said. "However, in the near term, Icra expects the volumes to plateau on a high base, amid the transient moderation in economic activity in some sectors with the onset of the general elections," he added. Overall, the domestic CV industry's ability to scale previous peaks hinges on sustenance of the macro-economic environment, improvement in infrastructure activity and increased demand for last mile transportation, Icra stated.

Domestic commercial vehicle industry to see 4-7% dip in volumes next fiscal: Icra

The <keyword id="44717" type="ORGANIZATION" weightage="20" keywordseo="Automobile">automobile</keyword> industry in the country ran at an impressive pace in November 2014. It produced a total of 1,994,248 vehicles-- including <keyword id="410427" type="UNKNOWN" weightage="20" keywordseo="passenger-vehicles">passenger vehicles</keyword>, <keyword id="6390018" type="UNKNOWN" weightage="20" keywordseo="commercial-vehicles">commercial vehicles</keyword>, three wheelers, and two wheelers--in the month under review as compared to 1,774,474 units in November 2013, suggests data released by the Society of Indian Automobile Manufacturers (<keyword id="108827" type="CITY" weightage="20" keywordseo="SIAM">SIAM</keyword>). 
 
The SIAM also revealed that the industry registered a growth of 12.39% over the same month last year. 
 In April-November 2014, the <keyword id="184010" type="UNKNOWN" weightage="20" keywordseo="domestic-sales">domestic sales</keyword> of passenger vehicles surged by 2.68% against the same period last year. If we look within the passenger vehicles segment, passenger cars and utility vehicles grew by 3.82% and 5.24% respectively. On the other hand, sales of vans declined by (-) 13.70% in April-November 2014 as compared to the same period last year. 
 
In addition to that, the domestic sales of three wheelers sales registered a growth of 14.20% in April-November 2014 against the same period last year. Notably, passenger and goods carriers witnessed an upward trend by 15.49% and 8.46% respectively during the same period as against April-November 2013. 
 
If we look at the sales of two wheeler segment, it registered growth of 11.84% in April-November 2014 as against the same period last year. Its is worth noting that within this segment, scooters, motorcycles and mopeds grew by 28.19%, 6.58% and 9.84% respectively . 
 Talking about the exports in April-November 2014, overall <keyword id="2575515" type="UNKNOWN" weightage="20" keywordseo="Automobile-exports">automobile exports</keyword> grew by 21.31% over the same period last year. Passenger Vehicles, Commercial Vehicles, Three Wheelers and Two Wheelers grew by 2.7%, 14.26%, 21.45% and 27.04% respectively during the period under review as compared to April-November 2013. 
 
Image: Economic Times

Indian Automobile Industry Witnesses An Upward Trend In November 2014

<keyword id="6359783" type="General" weightage="20" keywordseo="bajaj-auto" source="Orion">Bajaj Auto</keyword> on Friday reported a 31 per cent growth in its total vehicle <keyword id="6357824" type="General" weightage="20" keywordseo="sales" source="Orion">sales</keyword> at 4,03,003 units in November over the corresponding month of last year. The Pune-based company had sold a total of 3,06,719 vehicles in November 2022, according to a statement. Total domestic sales (two-wheelers and <keyword id="6390018" type="General" weightage="20" keywordseo="commercial-vehicles" source="Orion">commercial vehicles</keyword>) in the previous month grew by a whopping 69 per cent to 2,57,744 units as against 1,52,883 69 units in November 2022. At the same time, <keyword id="35090" type="General" weightage="20" keywordseo="exports" source="Orion">exports</keyword> during the month under review declined 6 per cent to 1,45,259 from 1,53,836 vehicles shipped out to overseas markets in the same month of last year, as per the statement. Two-wheelers' domestic sales were at 2,18,597 units, registering a growth of 77 per cent over 1,23,657 units sold in November 2022, while exports fell 6 per cent year-on-year to 1,30,451 units in the previous month, it said. The total two-wheeler sales during November 2023 were recorded at 3,49,048 units, growing 33 per cent over the same month last year. The total commercial vehicles sales were 53,955 units in November 2023, as per the statement.

Bajaj Auto sales grow 31 per cent in November

Automobile major <keyword id="42747" type="General" weightage="20" keywordseo="tata-motors" source="Orion">Tata Motors</keyword> will impending a price hike for its commercial vehicle range. Accordingly, the company will increase prices in the range of 2-2.5 per cent, will come into effect from April 1, across the range, depending upon individual <keyword id="6355606" type="General" weightage="20" keywordseo="model" source="Orion">model</keyword> and variant. "The increase in the <keyword id="1095749" type="General" weightage="20" keywordseo="prices-of-commodities" source="Orion">prices of commodities</keyword> such as steel, aluminium and other precious metals, in addition to higher costs of other raw materials, has incited this price hike of commercial vehicles," the company said in a statement. "While the company has initiated actions to absorb a significant portion of the increased costs, at various levels of manufacturing, the steep rise in overall input costs makes it imperative to pass on some residual proportion via a minimised price hike." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/android-13-update-to-introduce-new-media-controls-wallpaper-effects-and-more/articleshow/90370226.cms">Android 13 update to introduce new media controls, wallpaper effects and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/commerceiq-becomes-unicorn-after-raising-115-million-from-softbank/slidelist/90369301.cms">Meet India’s latest unicorn CommerceIQ, company to go on a hiring spree</a>

Tata Motors to increase commercial vehicle prices from April

The domestic <keyword id="17386539" type="General" weightage="20" keywordseo="commercial-vehicle-industry-volumes" source="Orion">commercial vehicle industry volumes</keyword> are expected to grow by 7-10 per cent in FY2024, supported by replacement demand, pick-up in mining, infrastructure construction activities and overall healthy fleet utilisation levels, rating firm Icra said on Thursday. This is despite the 5 per cent year-on-year and 41 per cent sequential contraction in volumes in April 2023, it noted. The growth in FY2024 would follow a year of healthy demand in FY2023, wherein the industry volumes expanded by more than 33 per cent, supported by a favourable base, as well as a healthy pick-up in macroeconomic activity, Icra said. The scrappage policy, which was announced in March 2021, has been implemented from April 1, 2023, and is likely to contribute to the growth of new commercial vehicle sales, it added. "The major impact of the scrappage policy is expected in the CV (Commercial Vehicle) segment, especially passenger carriers, as the usage of other vehicles such as two-wheelers, passenger vehicles, etc. beyond 15 years would be limited," Icra Corporate Ratings Vice President &amp; Co Group Head Kinjal Shah stated. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/inflows-into-equity-mutual-funds-hit-a-4-month-low-in-april-amfi/articleshow/100162128.cms">Inflows into equity mutual funds hit a 4-month low in April: AMFI</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/sajjan-jindal-led-jsw-infra-would-be-the-third-group-company-to-go-public/slidelist/100156198.cms">JSW Infrastructure to come out with ₹2,800 crore IPO; third group company to go public</a>

Domestic commercial vehicle industry volumes expected to grow by 7-10 pc in FY24: Icra

<ul><li><keyword id="6354714" type="PERSON" weightage="20" keywordseo="ajay-devgn">Ajay Devgn</keyword> will collaborate with the brand to further enhance its reach through digital and traditional mediums.</li><li>The <keyword id="2940077" type="ORGANIZATION" weightage="20" keywordseo="Supro">SUPRO</keyword> PROFIT TRUCK range was recently launched starting at Rs.5.40 lacs.</li></ul><keyword id="125563" type="COMPANY" weightage="20" keywordseo="Mahindra-Mahindra-Ltd">Mahindra &amp; Mahindra Ltd</keyword> today announced Bollywood Actor and Producer, Ajay Devgn as the brand ambassador of the SUPRO PROFIT TRUCK range of <keyword id="466412" type="PERSON" weightage="20" keywordseo="Small-commercial-vehicles">Small Commercial Vehicles</keyword>. Ajay will collaborate with the brand to further enhance its reach through digital and traditional mediums. Veejay Nakra, CEO, Automotive Division, <keyword id="100463" type="COMPANY" weightage="20" keywordseo="Mahindra-Mahindra-Ltd-">Mahindra &amp; Mahindra Ltd.</keyword>, said, “Our mantra that drives our approach for this portfolio of business is Customer Prosperity. Accordingly, SUPRO’s proposition, to offer more profitability or we take the SUPRO Profiitruck back, is rooted in this philosophy and emerges out of its guaranteed higher mileage and superior load carrying capability. And who better than Ajay Devgn to be the face of the brand and this disruptive promise, given the strong connect between the personalities of the accomplished actor and brand Mahindra.” Commenting on the announcement, Amit Sagar, Business Head – SCV at Automotive division, <keyword id="6357096" type="UNKNOWN" weightage="20" keywordseo="Mahindra-Mahindra">Mahindra &amp; Mahindra</keyword> Ltd., said, “The DNA of our SCV range is to create products and solutions that fulfil the dream of our customers. The new SUPRO PROFIT TRUCK Mini will be Mahindra’s formidable offering in the &lt;2T category and SUPRO PROFIT TRUCK Maxi will take on the competition in the 2-3.5T category. With benefits like the best-in-class mileage, higher payload, more power and all-new transmission the new SUPRO PROFIT TRUCK Range is aimed at consolidating our leadership position in SCV 4W load segment.” Mahindra have put together an aggressive brand strategy to promote the new SUPRO PROFIT TRUCK. They have chosen the very confident, honest, macho and well renowned Bollywood actor Ajay Devgn, who earlier promoted Blazo and Furio, the Mahindra HCVs and ICVs respectively, to be the face of Mahindra SUPRO PROFIT Truck, given the strong fit between the personalities of the brand and Ajay and pan-India appeal of the celebrity.

Mahindra & Mahindra onboards Ajay Devgn as the brand ambassador of the Supro Profit Truck range of Small Commercial Vehicles

<keyword id="8555" type="CITY" weightage="20" keywordseo="Tata">Tata</keyword> AutoComp Systems Limited (Tata AutoComp), a wholly owned subsidiary of Tata Group, has partnered with <keyword id="70434" type="COMPANY" weightage="20" keywordseo="Magna">Magna</keyword> International Inc to provide seating systems to the Indian commercial vehicle industry. The partnership is a 50:50 joint venture. 
	 
	“This partnership with Magna will expand our portfolio to now bring the latest in seating systems to the Indian commercial vehicle industry,” said Ajay Tandon, MD and CEO of Tata AutoComp. 
	 
	Commenting on the seating systems in the commercial vehicle industry which includes passenger buses, Arvind Goel, President and Chief of Operations and New Technology, Tata AutoComp added: “Seating systems in commercial vehicles have not yet evolved in India. With the rapid increase in infrastructure, we envisage more and more vehicles plying long distances. In such a scenario, the safety and comfort of both driver and passengers is paramount. Through this JV, we intend to address this increasing need of the industry.” 
	 
	Tata AutoComp provides products and services to both Indian and global Original Equipment Manufactures (OEMs). Currently the company has four joint ventures in partnership with leading companies in the auto component industry across the globe. The company has been entering into such joint ventures in order to facilitate manufacturing and marketing of automotive components and systems like engine cooling solutions, automotive batteries, rear view mirrors, command systems, HVAC and suspensions for heavy commercial vehicles. The company has 29 manufacturing facilities in the country as well as one in China. 
	 The new company will be headquartered in Pune and will supply seating systems to customers in India,. Currently, Tata's clients includes <keyword id="6357085" type="PERSON" weightage="20" keywordseo="Ashok-Leyland">Ashok Leyland</keyword> and <keyword id="80296" type="CITY" weightage="20" keywordseo="Eicher-Motors">Eicher Motors</keyword> among others. 
Image Credit: Indiatimes.com

Tata AutoComp And Magna To Cater To Commercial Vehicle Industry

New Delhi, Apr 1 () VE Commercial Vehicles (VECV) on Wednesday reported an 82.7 per cent decline in sales at 1,499 units in March as compared to 8,676 units in the same month last year. The company, which is a Volvo Group and Eicher Motors joint venture, said Eicher branded trucks and buses recorded total sales of 1,476 units last month, compared to 8,545 units in March 2019, a decline of 82.7 per cent. In the domestic commercial vehicles market, Eicher branded trucks and buses clocked sales of 1,409 units last month as compared to 7,329 units in March 2019, down 80.8 per cent, the company said in a statement. MSS ABMABM

You Searched For "commercial vehicle" and got 10 results

Commercial vehicle industry volumes to see 7-10 pc growth in FY24: Icra

PTI

Indian commercial vehicle sector will log volume growth say experts

IANS

Domestic commercial vehicle industry to see 4-7% dip in volumes next fiscal: Icra

PTI

Indian Automobile Industry Witnesses An Upward Trend In November 2014

BI India Bureau

Bajaj Auto sales grow 31 per cent in November

PTI

Tata Motors to increase commercial vehicle prices from April

IANS

Domestic commercial vehicle industry volumes expected to grow by 7-10 pc in FY24: Icra

PTI

Mahindra & Mahindra onboards Ajay Devgn as the brand ambassador of the Supro Profit Truck range of Small Commercial Vehicles

BI India Partner

Tata AutoComp And Magna To Cater To Commercial Vehicle Industry

Purba Das

VE Commercial Vehicles sales down 83 pc in March

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