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The demand for medium and heavy commercial vehicles (M&HCV) in the commercial vehicle (CV) market is rapidly expanding, owing to active infrastructure development projects across the country.
With the exception of three-wheelers, India's retail sales of automobiles had a dip or flat growth in April. Overall retail sales for the first month of FY2024 were 17,24,935 units, a 4% decrease from the same period last year.
Vehicle retail data for April were announced, revealing a total of 1,724,935 units sold, a decrease of 4.003% from the 1,797,432 units sold in April 2022. OBD 2A standards have increased vehicle prices, pushing purchases into March.
Furthermore, as electric vehicles gain popularity, customers are considering making the switch away from internal combustion engines, which may temporarily delay purchasing decisions.
Passenger car sales fell for the first time in eight months, with 282,674 units sold compared to 286,539 units sold in April 2022, a 1.35% decrease.
Despite better supply, there is a "significant mismatch between customer demand and available inventory." FADA has urged that original equipment manufacturer (OEMs) re-evaluate their inventory and prioritize the manufacturing and supply of in-demand products to ensure a better alignment between market demand and available inventory. Customers and producers will both gain from this shift. Although the market is somewhat sluggish and there is a chip shortage, the upcoming wedding season in May is expected to provide a slight boost in sales for the current month.
Three-wheelers have grown at the fastest rate of all industrial segments, increased by 57.22% to 70,928 units, up from 45,114 units in the same month last year.
A total of 34,385 electric three-wheelers were sold, representing a significant 70.78% increase and accounting for 48.47% of total segment sales, up four percentage points from 44.62% the previous year. The e-rickshaw with cart (G) category increased by 69.58% year on year.
With total retail of 24,873 units, Bajaj Auto retains its vice-like hold on the segment, increasing its market share to 35% from 33% a year ago.
In April, the tractor and CV segments grew by 1% and 2%, respectively. In comparison to the 55,019 tractors sold in April 2022, this year there was a growth of 55,835 units, overall a 1.48% increase. Similarly, compared to 83,987 CVs sold last year, 85,587 units were sold this year, a 1.91% rise.
The important commercial vehicle segment, which grew by 33% in FY2023, with retail sales of 939,741 units, saw growth drop to single digits in April 2023, with 85,587 units, a 2% YoY rise (April 2022: 83,987 units).
According to FADA figures for April 2023, Tata Motors continues to lead the CV industry, but its 33,120 units were down 6.14% from April 2022's 35,287 units. Tata's CV market share has also decreased year on year, from 42% to 39%. The same is true for Mahindra & Mahindra, where sales fell 4.65% to 16,957 units (April 2022: 17,785).
Meanwhile, Ashok Leyland increased its market share to 18.45% from 16% a year ago, with 15,787 units sold (April 2022: 13,256). VECV also performed well, moving 7,278 CVs, representing a 26% YoY increase (April 2022: 5,780). And Daimler India CV, the manufacturer of BharatBenz trucks and buses, sold 1,883 units, representing a 14% increase (April 2022: 1,655).
According to Singhania, dealers claimed that due to the OBD 2A standards, vehicle availability was a serious difficulty.
The demand for medium and heavy commercial vehicles (M&HCV) in the commercial vehicle (CV) market is rapidly expanding, owing to active infrastructure development projects across the country. The segment's expansion is also linked to increased product supply from original equipment manufacturers (OEMs) and customers' willingness to react to price adjustments.
Unfavourable meteorological conditions, including unexpected showers and hailstorms, continue in May, inflicting crop damage in several states. This has heightened farmers' fears and may have an influence on entry-level 2-wheeler and passenger car sales.
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