The performance of the commercial vehicle industry is often described as the barometer of a country’s economic growth and progress. And if one goes by the data for the second quarter of FY2023, the CV sales are showing signs of improvement, albeit still off the FY2019 peak.

The latest data released by the Society of Indian Automobile Manufacturers (SIAM), shows that the wholesales of commercial vehicles for the second quarter of FY2023 came at 2,31,800, which was the second highest in the last 6 years, barring the peak of 2,57,000 CVs in FY2019.

In fact, while the sales in the M&HCV segment has gradually started to pick up, the LCV segment surpassed the previous peak in H1 of FY2023.

Vinod Aggarwal, President, SIAM said, “There is an improvement seen across the segments in Q2 of FY2023, compared to the previous year. We are hopeful that the industry will do well in the month of October, which has two major festivals of Dussehra and Diwali.”

Rajesh Menon, Director General, SIAM said that “September has been generally good for the industry and the commercial vehicle segment has started showing trends of better market demand.”

For the April-September period, the commercial vehicle segment sales came at 4,56,199 units, compared to 2,72,051 units, a growth of 68 percent over the same period last year.

In terms of segment-wise YoY performance in the first half of FY2023, the M&HCV segment clocked a growth of 88 percent, while the LCV segment clocked a 59 percent uptick.