Bengaluru: With a market share of nine percent, Eicher Trucks and Buses, a division of Volvo Eicher Commercial Vehicles Ltd, needs to strengthen its presence in the heavy-duty truck segment. While this segment of the business grew 25% in the first part of FY24, control should continue to grow more aggressively than the 1-2% market share expansion reported for the year.
“The advertising vehicle industry is on the path of expansion and we expect this expansion to continue very, very well,” observed Vinod Aggarwal, managing director and chief executive officer of the company, who is also the current president of the Society of Indian Vehicles. Car. Manufacturers (SIAM)
Evidently, in order to take advantage of this positive trend, your company has introduced four heavy duty trucks from its Eicher Non-Stop series: Eicher Pro 6019XPT, Eicher Pro 6048XP, Eicher Pro 6055XP and Eicher Pro 6055XP 4×2. “The trucks are very effective for older fleets. As a result, the entire fleet of trucks, adding BS3 and BS4, will be replaced over time,” Aggarwal informed.
He added that the trucks are specially designed for e-commerce players, automakers, construction and miscellaneous cargo. The trucks, he said, are designed to provide fleet owners with 20% more maneuverability (or uptime), saving fuel costs (about 50% of the trucks’ cost of ownership) and fatigue.
Currently, the company has a larger presence in the light advertising vehicle market, with a market share of 34 percent. Aggarwal said the brand’s buses also have a 24 percent market share.
The auto major has 8 factories in Madhya Pradesh and Bengaluru where trucks and buses are made for the Eicher and Volvo brands, respectively, Aggarwal revealed, rejecting any short-term plans to increase capacity. Commenting on India’s manufacturing ecosystem, Aggarwal said: “India wants to reduce its dependence on imports, especially on complicated components, by adding microchips and microprocessors. “
While geopolitical factors, emerging interest rates and inflation continue to be headwinds for the industry, the need for replacement and a primary expansion of infrastructure in the country relative to its economic expansion will allow the industry to move forward, Aggarwal suggested.
The company uses alternative technologies and fuels throughout the electrification of its fleet, adding compressed natural gas (CNG), liquefied petroleum gas (LPG), biofuels, hydrogen fuel cells and hybrids to achieve its decarbonization goals.
To date, the corporation has more than 425 legal service centers, with 240 in-person service centers and 650 service vans throughout the country. It also has more than 8,000 retail portion centers. It recorded 13. 3% expansion in truck and bus segments in the first part of FY24, with reported sales of 46,600 units.