The Commercial vehicle Industry is bearing the major impact due to COVID 19, there is surmounting pressure on manufacturers who are looking at every sight of recovery.
New Commercial Vehicle sales rely heavily on the demand for Pre-owned trucks, the lack of demand for used commercial vehicles have left with no choice but to retain existing fleets instead of a new purchase.
Here is a market wise sales performance analysis on commercial vehicles. The analysis relies on registration data from FADA to get a closer estimate of actual sales unlike referring to the wholesale/ off-take data shared by manufacturers.
A total of 19,293 commercial vehicles were registered in the month of July 2020 in comparison to 69,338 commercial vehicles registered in July 2019. A major de-growth of -72.18%
Markets like Tamilnadu, Uttar Pradesh, Gujarat, Rajasthan, West Bengal, Kerala, Odisha, Chattisgarh and also flood affected Assam & Bihar have together contributed for 65.1% of commercial vehicle sales in July 2020. These markets have recovered steadily with the demand for Small Commercial Vehicles like the Bolero Pick-up series and Ace series.
Meanwhile, markets like Maharashtra, Karnataka, Haryana, Punjab and Delhi seemed to be largely affected exhibiting slower recovery and a massive slump in demand.
Hope the following analysis to give an idea of the Commercial vehicle market will be helpful, do share your feedback.