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Motilal Oswal Report
We analysed the data for the domestic commercial vehicle industry to understand the emerging trends in both light commercial vehicle and medium and heavy commercial vehicle segments.
A strong recovery was seen across both the categories for commercial vehicles. While M&HCVs wholesale volumes improved 43% YoY, LCVs grew 27% YoY. M&HCV goods tonnage grew 54%YoY to 10.1 million tonnes and is 15% higher than FY19 peak tonnage.
In the M&HCV market, Ashok Leyland Ltd. experienced a significant recovery by gaining 470 basis points to reach 31.8% market share. On the other hand, Tata Motors Ltd.'s market share declined 590 bp to 47.5%.
VE Commercial Vehicles gained 90 bp to 17.2%, largely due to gains in buses. Mahindra and Mahindra regained market leadership in the LCV category with a 40% market share (up 390 bp YoY), gaining market share from Tata Motors at 36% (down 380 bp YoY).
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