The commercial vehicle (CV) industry in India is expected to see moderate volume growth of 8-10 per cent this fiscal, as per a report by Care Edge Ratings. Despite expected muted exports on account of the uncertain global environment amid inflationary concerns, increased government spending on infrastructure development is expected to boost demand. The growth is also expected to come on the back of the strong cycle that the industry is witnessing despite the high base effect. The report noted that demand remains strong across all segments, with medium and heavy commercial vehicles likely to grow by 10-12 per cent, while light commercial vehicles are expected to grow by 6-8 per cent. Last-mile connectivity demand boosting e-commerce activities is aiding the sector. The report also said that the passenger carrier for MHCV and LCV is likely to grow by 14-16 per cent, driven by the mandatory scrapping of government vehicles boosting healthy replacement demand.
Commercial Vehicle Industry Expected to Record 8-10% Volume Growth This Fiscal: Report
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