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Commercial Vehicles Likely To See 22% Volume Growth In FY23: CareEdge Analysis

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. 

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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This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.

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