India’s light-duty truck market declines 8.9% in first quarter of fiscal year 2023-24
By RACE Innovations Pvt Ltd - 11th September 2023
India - Sales of light-duty trucks (goods carrier vehicles of GVW ≤ 7.5t) in the first quarter (April to June) of fiscal year 2023-24 decreased by 8.9% to 124,834 units, down from 137,044 units in same period of Q1/FY2022-23. Production fell by 7% to some 145,000 units (down from 157,000), with export sales falling by 22% to 10,447 (13,394).
The second largest segment, but smallest in terms of weight (GVW ≤ 2t) saw sales decline by 19.9% or by almost 10,000 units to 40,093 units in Q1/FY2023-24, down from 50,039 units in Q1/FY2022-23. Production slowed by more than a fifth (down 21.9%) from 55,958 to 43,712, while export sales increased upwards by 7.8%.
