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After reporting a volume growth of 30.7% in FY22, the commercial vehicle industry is likely to continue on the same path and post 20-22% growth in FY23.
Segment-wise, medium, and heavy commercial vehicles are expected to grow by 22-24% while light commercial vehicles are likely to grow by 18-19%.
The CV industry recorded a strong volume growth of 60.2% YoY in H1 FY23, while year-to-date growth (April to October 2022) was recorded at 52.3% YoY (top five players).
The strong growth traction, driven by an overall improvement in economic activities, rapidly growing infrastructure development with private and public capex, higher fleet utilisation levels, the thriving ecommerce sector, and a rebound in replacement demand augurs well for the industry.
Growth momentum could be dampened due to headwinds like increasing interest costs, a slowdown in exports, and continuing inflation pressures.
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