Medium-duty bus and coach sales boost segment registrations overall in Q1 of 2023-24
By RACE Innovations Pvt Ltd - 13th September 2023
India – Latent demand has boosted sales of buses and coaches (7.5t GVW and above) in India, amongst other reasons, with registrations up by 38.9% in the first quarter (April to June) of the financial year 2023-24 to register 10,939 units compared with 7,876 units in the same quarter of the previous financial year (FY2022-23). Total bus and coach production also increased substantially in the first quarter of FY2023-24, with a growth rate of 29.9% to record an output of 11,559 units. Total exports increased by 7.4% in Q1/FY2023-24 to record 2,388 units, up from 2,223 units in Q1 FY 2022-23.
Turning to the individual segments, sales of medium-duty buses (ICV: 7.5 tonnes - 12 tonnes) increased by 25.2% to 7,533 units in Q1/2023-24, up from 6,017 units in Q1 of FY 2022-23. Production of ICV models increased by 25.4% to register 7,725 units in Q1/FY2023-24 from 6,161 units, whilst exports were down by 20.2%.
