Annual CV sales to cross 1 million for the first time

Commercial vehicles (CV) sales in India are set to cross the 1 million mark for the first time. According to a media report, CV sales have grown by 52% to 4,57,524 units in the first 5 months of FY2018-19. Medium and heavy-duty CV production has grown by 72% to 1,78,688 units compared to the previous year, while LCVs registered a growth of 41% to 2,78,836 units.

According to the Society of Indian Automobile Manufacturers (SIAM), as of August 2018, domestic demand for CVs has grown by more than 41%, while exports stand at 35%. At this pace, the annual growth of the CV sector is predicted to be 15%. In comparison, 8,94,551 units of CVs were produced in the last fiscal, registering a growth of 10.40%.

Passenger vehicles (PV) and 2-wheeler sales have already reached the 1 million sales milestone. In FY2017-18, 4 million PVs were sold, while 2-wheeler sales stood at 23 million.

Source: Business Standard