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Sluggish CV sales growth in 2024 may be a blip, given that new emission norms effective in US from 2027 may lead to pre-buying, which will once again augur well for forging companies
While there may be some softness in demand due to elections in the near term, underlying demand appears to be intact
Tata Motors' market share for medium and heavy commercial vehicles in India dropped to a 10-year low in Q1 FY24, according to data from SIAM. The company's market share fell to 44%, down 560 basis points from the previous year. While bus volumes rose 42%, sales of goods vehicles fell 1.5%. The preference for higher tonnage commercial vehicles has impacted Tata Motors, a key player in the light and small commercial vehicle categories. In contrast, Volvo Eicher Commercial Vehicles and Ashok Leyland saw gains in market share.
Commercial vehicle sales volumes were robust in FY2023, but still lag the pre-COVID numbers. Will this year be better?