If there is one trend that is clearly visible in the automotive sector is the revival seen in the commercial segment. Supported by strong replacement demand, uptick in infra spend by the Government and a boom in the ecommerce business across, the commercial vehicle is on track to close FY2023 with a strong double-digit uptick.
The Financial Express Commercial Vehicle Conclave 2023 brought to the fore the industry view and the outlook on the future growth triggers. Dheeraj Hinduja, Executive Chairman of Ashok Leyland shared his vision about the prospects of the sector at the Financial Express Commercial Vehicle Conclave 2023.
Outlining the trend thus far he said, “Indian CVs are close to peaks seen before Covid. Govt investments and e-commerce boom has spurred demand across the segment.”
Innovation and technology advances have been some of the most striking trends seen across commercial vehicle. Going by the launches at the Auto Expo earlier this year, CV players are looking at a launch offensive when it comes to vehicles with cleaner and more sustainable energy technology.
Reliance Industries (and Ashok Leyland unveiled what they claim is India’s first Hydrogen Internal Combustion Engine (H2-ICE) powered heavy-duty truck. The vehicle was flagged off by Prime Minister Narendra Modi at India Energy Week.
Hinduja believes that “Apart from EVs, see CV industry embarking on a series of alternate propulsions like LNG, hydrogen and the like. I am optimistic about the prospect of the CV industry in India.”
