Commercial vehicle biz on growth track with expanding economy: VECV MD

NEW DELHI: Domestic commercial vehicle industry is expected to touch the peak sales volume of 2018-19 this fiscal and grow briskly over the next few years coinciding with the growth of the overall economy, VE Commerical Vehicles MD and CEO Vinod Aggarwal said on Monday. He noted in the first seven months (April-October), the heavy duty truck segment has grown by 15 per cent.

“We are expecting that this year the industry should either be very near to the peak or it may even cross earlier peak of 2018-19,” Aggarwal said here.

The industry is expected to grow over the next few years with the economy slated to cross the $5 trillion mark, he noted. “There are fundamental reasons for this growth in the next few years. If we look at the economy, we are now at around $4 trillion mark and this economy is going to reach the $5-7 trillion mark the way it is growing,” Aggarwal said.

And if the economy grows, the commercial vehicle industry also grows because when more goods are produced more commercial vehicles are required to move them from one place to another. “We are absolutely well placed to shape up the future of the CV industry,” Aggarwal said citing long association with the Volvo group.