Commercial vehicles set for heavy-duty FY24 sales, revenue expected to rise 30%

Team Blitz India

New Delhi: The sales of commercial vehicles a barometer of economic activity, are expected to hit an all-time high in FY24, fetching record revenue for companies such as Tata Motors, Ashok Leyland and VF Commercial Vehicles. Pricier heavy duty vehicles are driving the demand amid record government spending on infrastructure

The FY24 sales may marginally surpass the previous peak of 1,007,311 units in the pre-covid year of FY19, but revenue is expected to rise about 30% from that year

Vehicles have become costlier due to more stringent emission norms and there’s been growing demand for trucks with higher payloads—both contributing to higher per-unit revenue.

“The sales of heavy duty trucks that can carry more freight has grown in healthy double digits — by 15% in the first seven months of the year,” said Vinod Aggarwal, president of the Society of Indian Automobile Manufacturers (SIAM) and VE Commercial Vehicles (VECV) chief executive officer and managing director.