New Delhi, July 2024.
’Passenger transport segment demand continues to be strong even as the overall Commercial Vehicles space has been flat from May 24. On a YOY basis for June 2024, there is a 6% de-growth.
Even in the Q1 nos, the CV sales show a meagre 1% gain, YOY. Relative to our expectations of 4-5% growth in Q1, the industry growth remained moderated owing to general elections and the heatwave which had restricted the momentum to some extent. In June’24, LCV segment has shown good growth over the last year while CV largely remains flat & SCV has registered de-growth. Although there is de-growth in goods segment but the momentum in the passenger segment continues and it has grown by 55% over June’23.
This augurs well for the passenger transport segment which is witnessing good demand,’’ says Amit Mohan, President – Logistics and Infrastructure, Kotak Mahindra Bank Limited.