CV sales fell by 85% in Q1 FY21, sequential growth in Q2 FY21

 

300 0%
-10%
250
-20% -20%
200 -30%
a -40%
® 150
o -50%
100 -60%
=
-70%
2 50 -80%
g 0 -90%
3 Qu Q2 Q3 Q4 Qu Q2
r FY 20 FY21
=m MHCV mLCV mmm Buses Total ==——=y-o-y growth (%)

Source: SIAM, CRISIL Research
Key OEMs in domestic commercial vehicle market

Tata Motors occupies the largest share in the pie, followed by Mahindra, Ashok Leyland and Volvo Eicher.

Domestic CV sales, FY 2020 - 0.72 million vehicles

—_ Volvo
Eicher, 6%

 

Note: Daimler India occupies a share of 1-3% of the domestic CV industry as on FY2020. SIAM doesn’t report Daimler
India sales figures. CV figures considered for automotive market size are ex-Daimler.
Source: Society of Indian Automobile Manufacturers, Daimler India, CRISIL Research
Passenger vehicles

The passenger vehicle industry registered 1.3% CAGR over fiscal 2015-2020. In fiscal 2020, the industry saw a
decline of 18% on account of inventory adjustment due to BS-VI norms and decline in consumer sentiment.

Review of passenger vehicle domestic sales

Insurance regulation that came into effect in September 2018 led to higher cost of ownership coupled with lower
private consumption, which, led to a sluggish growth of 3% in fiscal 2019.

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