Navi Mumbai, India (PressExposure) March 06, 2010 -- Indian Commercial Vehicle Industry report ( http://www.bharatbook.com/detail.asp?id=40608&rt=Indian-Commercial-Vehicle-Industry.html ) which provides the commercial vehicle (CV) industry faced challenging times in 2008-09 - reduction in cargo and passenger traffic, lower freight rates, difficulty in availability of vehicle finance, stricter appraisal norms for financing - all on the back of the global financial crisis. The domestic CV sales dropped by 21.7 per cent over the previous year. The Goods Carrier (GC) segment witnessed a decline of 24 per cent, while Passenger Carrier (PC) segment witnessed sales drop by 7.1 per cent over the same period previous year. The exports too declined by 27.7 per cent in 2008-09.
It has developed a detailed statistical model that attempts to forecast the domestic commercial vehicle sales separately for goods and passenger use on the basis of interaction with the industry and analytical acumen. The GC segment sales are forecasted on the basis of GDP growth and thereby the growth in cargo, the existing fleet capacity and its utilisation rate, while the PC segment sales are forecasted on the basis of growth in population, the per capita travel depending on the income levels and the split of travel between public and private modes of transport. Other qualitative factors like macro-economic outlook, government actions, consumer confidence, willingness of vehicle financers to finance purchases, actions of OEMs like launches, aggressiveness, sales push techniques, dealer network, etc. have also been quantitatively built in demand forecasting model.
The report is divided into four sections. Section I presents viewpoint on the industry that covers domestic and export sales forecasts for the next five years and outlook on the profitability for next 15 - 18 months. Section II provides an in-depth study of the Indian commercial vehicle industry encompassing its evolution and the trends in the last five year. Section III provides profile of key players in the industry, while Section IV contains various key data tables as an Annexure to the report.
It foresees healthy growth of commercial vehicles in the next 4 - 5 years as the economy has resumed its buoyancy. According to Research, LCV sales are likely to outpace the MHCV sales in terms of units and overall GC segment growing at a faster rate as against the PC.
In the light of growing cargo and passenger movement with the economy resuming its buoyancy, higher industrial output, investments in road infrastructure coupled with assistance by the government to improve the public transportation system, it expects the domestic commercial vehicle sales growth to accelerate at a healthy pace in the next 4 - 5 years. Additionally, the sleuth of new launches both in the sub 1 tonne LCV segment and multi axle vehicle segment by major players like TM, ALL, MM at better value propositions than the currently available competing products, which is expected to improve the overall efficiency of the truck operators operations is expected to give the supply side push to the commercial vehicles sales.
The advantages of abundant low cost labour, local availability of steel, aluminium and natural rubber as well as strong ancillary industry in addition to the 100 per cent FDI allowed in the sector has attracted global commercial vehicle majors like Volvo, MAN, Daimler, Hino, Nissan to enter the Indian market either on their own or through a joint venture.
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