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Maintaining a positive momentum

The Commercial Vehicles(CV) segment continues to report robust set of numbers. Supported by tractionin core industry, partial return of replacement demand, and seasonality, and alongwith that, the anticipated price hike due to implementation of BSVI phase 2norms from April has driven pre-buying in the CV segment.

Theimplementation of BSVI phase 2 norms from April 2023 would increasemanufacturing cost for OEMs, which they are passing on to the customers. Accordingto industry experts, vehicle prices are set to increase by 3-5 per cent in the CVsegment on the implementation of new norms. Effective from April 2023, TATA MotorsLtd. (TML) increased prices by 5.0 per cent in the CV segment.

While theimplementation of new norms is translating into a cost pressure for OEMs, itwould enhance growth opportunities for powertrain solution players, such asBosch, on possible increase in content per vehicle. It is estimated that Boschwould have an opportunity to increase content per vehicle by 1.6x/1.8x in MHCV/LCVsegment on implementation of BSVI phase 2 norms compared to the content per vehicleduring BSIV emission norms.

According to theFederation of Automobile Dealers Associations (FADA), The CV segment maintainedpositive momentum with a 2.0 per cent Y-o-Y increase in retail sales. However,dealers reported that vehicle availability was a major concern due to the OBD2A norms. The low base from last year also contributed to the positive growth.

All the key OEMshave reported healthy growth on M-o-M basis. TML has witnessed healthy demandin heavy truck segment from infra, e-Commerce, construction, and miningsegment. Further replacement demand was also robust during the month.

Ashok Leyland Ltd.reported robust sales during April 2023. ALL sold 6,656 M&HCV trucks and766 M&HCV buses, while its LCV sales stood at 4,944.

VE CommercialVehicles Ltd. (A Volvo Group and Eicher Motors joint venture) recorded sales of6,567 units in April 2023 as compared to 5,525 units in April 2022 recording agrowth of 18.9 per cent. This includes 6,399 units of Eicher brand and 168units of Volvo brand. 

In the domesticCV market, Eicher branded trucks and buses have recorded sales of 6,142 unitsin April 2023 as compared to 4,766 units in April 2022, representing a growthof 28.9 per cent.

On the Exportsfront, Eicher branded trucks and buses have recorded sales of 257 units inApril 2023 as compared to 650 units in April 2022, representing a decline of60.5 per cent. Volvo Trucks and Volvo Buses have recorded sales of 168 units inApril 2023 as compared to 109 units in April 2022, representing a growth of54.1 per cent.

The CV segmentis witnessing strong demand in the M&HCV segment, supported by robustinfrastructure projects taking place nationwide. Improved product supply fromOEMs, and customer adaptation to price shifts are contributing to the segment'sgrowth.


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