“The heavy duty segment of the market is up 15% in the last seven months and by year end it should touch or cross 295,000 units up from 247,000 units clocked last financial year,” he said.
More importantly, this volume comprises higher tonnage trucks within the segment.
“There has been more migration towards higher tonnage trucks and the tonnage capacity has gone up significantly beyond the earlier peak with more tractors and multi axle vehicles selling now,” he said.
In the heavy duty segment, VECV has clocked 28% growth which has taken the company’s to 9% marketshare up from 8% last year.
VECV on Monday launched a new range of heavy duty trucks designed for long haul transportation. The Non-Stop series includes four new heavy-duty trucks –the Eicher Pro 6019XPT, Tipper; Eicher Pro 6048XP, haulage truck; Eicher Pro 6055XP and the Eicher Pro 6055XP 4×2, tractor-trucks.
The heavy duty segment’s top gear performance has not spilled over to the light commercial vehicle (LCV) segment where a combination of factors has affected volumes.
“Two factors have affected the sales of LCVs – a high base last year and the sharp rise in CNG fuel prices which impacted the sales of CNG vehicles,” said Aggarwal.
VECV saw its marketshare in light and medium segment go up from 31% last year to 34% now riding 11% growth.
The bus market too is hitting a new peak with 35% growth in the first seven months. VECV, with a 24% marketshare, grew 25%. The company, added Aggarwal, is putting in a capex of Rs 500-600 crore this year.
VECV’s engine plant in Pithampur, which supplies to Volvo group, is also expanding beyond auto demand.
“Apart from auto, we are selling more and more to Volvo Penta for non-auto applications and now also selling to Volvo Constructions so that plant is doing very well,” said Aggarwal. The capacity in the plant is being ramped up from 70,000 engines to 80,000 units.
