Mahindra Plans to Grow M&HCV Segment to 5% Market Share by 2030, Open to Partnerships

Target Market Share Gains and Electric Push in Last Mile Mobility Business

Mahindra & Mahindra (M&M), already making headlines for its potential acquisition of SML Isuzu, is setting its sights on the medium and heavy commercial vehicle (M&HCV) segment, identifying it as a major growth opportunity. While the move to absorb SML Isuzu strengthens its position in the intermediate and light commercial vehicle (I&LCV) space, the company’s broader strategy now includes scaling operations in the more competitive and capital-intensive M&HCV category.

M&HCV Seen as a “Scalable Growth Gem”

Speaking during a recent media interaction, Rajesh Jejurikar, Executive Director and CEO (Auto & Farm Sector), said M&M is actively exploring partnerships and strategic collaborations to build momentum in the M&HCV space.

“It is now firmly in the category of a growth gem, and we intend to invest in scaling the business,” Jejurikar stated. “We will look at every opportunity to grow. If there is a possibility to collaborate, we are completely open to it.”

The segment, however, presents a steep climb. M&M currently holds just a 3% market share in M&HCVs—dominated by Tata Motors and Ashok Leyland—and aims to grow this to 5% by 2030.

Strategic Imperatives and Global Collaboration

Jejurikar acknowledged the difficulties of achieving market share in this mature segment but stressed that global partnerships could offer Mahindra access to critical technological capabilities, making collaboration a key lever for progress.

Such a move would not only accelerate innovation but also create a mutually beneficial arrangement, where Mahindra gains expertise and global players get a stronger foothold in India.

Focus on Last Mile Mobility (LMM) and EVs

While the M&HCV plans are still developing, Mahindra continues to double down on its Last Mile Mobility (LMM) business, which Jejurikar labeled as another “growth gem.” The company is targeting a 2X to 3X growth trajectory in this segment, especially through a deeper push into electric vehicles.

“We believe exports will present a significant growth opportunity, and it will be a key area of focus going forward,” said Jejurikar.

Currently focused on three-wheelers, Mahindra plans to expand the LMM category to include four-wheelers, with a strong emphasis on EVs—aligning with both domestic and global sustainability goals.

Outlook

As geopolitical shifts make India a more attractive hub for global players, Mahindra’s strategy to scale its M&HCV and LMM businesses positions it for long-term growth. While challenges in market penetration remain, the company’s openness to collaboration and its EV-centric future in last-mile transport could provide the competitive edge it needs.

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