India’s commercial vehicle (CV) industry is a volatile one. Over the past 18 years, annual demand has fluctuated on average 21%, either up or down. For the past few years, the medium-heavy CV (M&HCV) segment has been gaining steadily. In 2017 it jumped 13%, followed by a 15.3% rise in 2018. This year, though, could buck the trend. The country’s overall CV segment plunged 22.95% in the April-September 2019 period compared to the same time last year. M&HCV demand dropped by 35.79%, while light CVs were down 14.69%.
Historically, downturns rarely last more than two years, but just how serious a trough could the market be heading towards? Girish Wagh, President of Tata Motors’ Commercial Vehicle Business Unit, speaks to Automotive World about the market’s latest developments and how Tata is weathering the storm….