29 Jun 2023
Ashok Leyland has recently shared that the domestic commercial vehicle industry is expected to grow by 8-10%. This positive growth is aided by the government's investment in infrastructure projects and powerful replacement demand emerging from core industries. While addressing the shareholders in the Annual Report 2022-23, the Chairman of Ashok Leyland - Dheeraj G Hinduja mentioned that CV sales in the current FY will exceed the previous peak achieved in 2018-19.
Factors Leading to Massive Growth in the CV Industry!
Hinduja shared how a Chennai-based commercial vehicle manufacturer is gearing towards taking full advantage of untapped opportunities without putting market share and profit potential at stake. Adding to it, he even mentioned that the demand in FY 2024 will exceed FY 2018-19 (the pre covid times).
The improved Government infrastructure spending and healthy anticipation from steel, cement, and mining industries are a few other determinants driving the growth. Hinduja added the company is positive about adding to the potential growth.
Ashok Leyland - Sales Growth FY22
Ashok Leyland made sales of 1,14,247 Medium and heavy commercial vehicles (M&HCV) in the domestic market last FY22, registering a growth of 75.5%. The LCV sales were compiled at 66,669 units, which is 28% up from the previous year.
Hinduja even shared that the brand is making good progress on the product & technology front, especially opulsion development.
Switch Mobility, a brand behind electric vehicles, has made great progress in FY23 and has made a good mark in leading the industry.
We wish the LCV industry to continue to witness massive growth like this in years to come.
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