Commercial Vehicles February 2021 - Mavyn
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Commercial Vehicles February 2021
Highlights
CV sales decline due to axle norms, liquidity crunch and weak freight demand.
Sales of MHCV increased, while LCV vehicles decreased on-year during the month.
Read more about the commercial vehicle monthly sales performance.
Contents
Sections
Review ......................................................................................................................................................... 1
Annexures .................................................................................................................................................... 8CV industry witnessed decline in sales in January 2021
Wholesale offtake of goods carrying commercial vehicle in the month of January 2021 is estimated to have
decreased by ~6% on-year due to decline in LCV volumes as well as weak retail offtake. Retail sales, declined
by ~27% on-year in January 2021, as freight demand continues to remain low.
Y-o-Y growth in domestic goods category
Note: E- Estimated.
Source: CRISIL Research, SIAM
1Outlook: Wholesale offtake of MHCVs improved in January 2021 Outlook: Domestic commercial vehicles goods segment Note: F- Forecast, E - Estimated Source: CRISIL Research Domestic CV industry sales review in January 2021 Note: E-Estimated Source: Media report, CRISIL Research Nikkei manufacturing PMI rose in January-20 The Nikkei India Manufacturing Purchasing Managers’ Index rose to 57.7 in January from December's 56.4, above the 50-level separating growth from contraction for the sixth month straight . In December 2020, India's factory output, which is measured in terms of Index of Industrial Production (IIP), witnessed a growth of 1 per cent. A lot of economic revival seen in the previous few months as factories continued to ramp-up production at an above-trend pace. 2
MHCV Domestic sales (Goods) and Y-o-Y growth in IIP
Source: Ministry of Statistics & Programme Implementation (MoSPI), CRISIL Research
Domestic sales: MHCV goods category (y-o-y growth)
Note: T denotes tonnes
Source: SIAM, CRISIL Research
3MHCV goods vehicles: Domestic monthly sales trend Note: There were no sales volume in April 2020 due to nationwide lockdown owing to COVID -19 outbreak Source: SIAM, CRISIL Research Domestic sales: Player-wise market share (MHCV segment) Source: SIAM, CRISIL Research 4
Domestic sales: LCV goods category (y-o-y growth)
Note: T denotes tonnes
Source: SIAM, CRISIL Research
LCV goods vehicles: Domestic monthly sales trend
Note: There were no sales volume in April 2020 due to nationwide lockdown owing to COVID-19 outbreak
Source: SIAM, CRISIL Research
5Domestic sales: Player-wise market share (LCV segment) Source: SIAM, CRISIL Research Buses sales declined significantly in 9MFY21 Passenger vehicle industry estimated to have witnessed sharp decline in sales in 9MFY21. Demand continues to remain poor due to minimal inter-city movement and workplaces are yet to resume back to pre-COVID levels; also, school demand is negligible as most schools are shut. Demand for ambulances is expected to be the key segment in focus for OEMs. Domestic sales: Passenger category Source: SIAM, CRISIL Research 6
Domestic sales: Player-wise market share (Bus segment)
Source: SIAM, CRISIL Research
Exports declined sharply in 9MFY21
Export of CVs remain impacted owing to lower production. Exports is estimated to have fallen by over 34.7%
on year in 9MFY21.
Exports: Goods and passenger vehicles
Source: SIAM, CRISIL Research
7Annexures
Note: Commercial vehicles sales data is only available at a quarterly basis in fiscal 2021
Commercial vehicles: Company-wise sales (including exports)
Segment Player 2020-21 2019-20 Growth 2020-21 2019-20 Growth
Nos. Oct-Dec Oct-Dec (Y-o-Y) Apr-Dec Apr-Dec (Y-o-Y)
(per cent) (per cent)
LCV Ashok Leyland Ltd. 16824 13083 28.6 31125 38095 -18.3
Force Motors Ltd. 1786 5187 -65.6 4667 15083 -69.1
Hindustan Motors Ltd. 0 0 n.m 0 0 n.m
Isuzu Motors India Pvt Ltd. 1863 1162 60.3 3073 2403 27.9
MTBL 56055 59540 -5.9 121622 164448 -26.0
Maruti Suzuki India Ltd. 12332 6605 86.7 20707 19814 4.5
Piaggio Vehicles Pvt. Ltd. 0 13 n.m 30 251 n.m
SML Isuzu Ltd. 792 846 -6.4 1419 4510 -68.5
Tata Motors Ltd. 59971 61570 -2.6 108649 168187 -35.4
VECVs - Eicher 3366 3641 -7.6 7307 11379 -35.8
LCV Total 152989 151647 0.9 298599 424170 -29.6
M&HCV Ashok Leyland Ltd. 16580 18121 -8.5 25496 61654 -58.6
AMW Motors Ltd. 0 0 n.m 0 0 n.m
Mahindra & Mahindra Ltd. 1116 1456 -23.4 1823 5037 -63.8
SML Isuzu Ltd. 815 739 10.3 1377 3515 -60.8
Tata Motors Ltd. 28951 30130 -3.9 45493 96677 -52.9
VECVs - Eicher 8849 8400 5.3 14994 24932 -39.9
VECVs - Volvo 421 451 -6.7 637 1010 -36.9
JBM Auto Ltd 78 0 n.m 78 76 n.m
M&HCV Total 56810 59297 -4.2 89898 192901 -53.4
Grand Total 209799 210944 -0.5 388497 617071 -37.0
n.m : Not meaningful; LCV: Light commercial vehicle; MHCV: Medium and heavy commercial vehicle; Y-o-Y:
Year-on-Year
Note: 1) As SIAM revises cumulative figures, there might be marginal difference between SIAM and CRISIL figures.
2) In addition, SIAM has reclassified figures from April 2011 onwards resulting in difference between figures. Figures
include sales of the < 5 T and < 13 seating capacity in the LCV PV segment, which was added under
commercial vehicles as per new SIAM classification
3) M&M bought out the remainder 49 per cent stake in the Mahindra Navistar JV in February 2013.
4) Mahindra Navistar Automotives Ltd (MNAL) has been renamed as Mahindra Trucks and Buses Ltd (MTBL).
MTBL includes shares of M&M & MNAL
5) SML Isuzu Limited was formed in 2010 through a joint venture between Swaraj Mazda and Isuzu Limited
SIAM has only published quarterly data for commercial vehicles and is expected to continue to do so.
Source: SIAM, CRISIL Research
8Commercial Vehicles: Company-wise domestic sales
Segment Player 2020-21 2019-20 Growth 2020-21 2019-20 Growth
Nos. Oct-Dec Oct-Dec (Y-o-Y) Apr-Dec Apr-Dec (Y-o-Y)
(per cent) (per cent)
LCV Ashok Leyland Ltd. 15991 12574 27.2 29629 36855 -19.6
Force Motors Ltd. 1675 5131 -67.4 4429 14848 -70.2
Hindustan Motors Ltd. 0 0 n.m 0 0 n.m
Isuzu Motors India Pvt Ltd. 703 897 -21.6 731 2129 -65.7
Mahindra & Mahindra Ltd. 52493 55658 -5.7 114775 153348 -25.2
Maruti Suzuki India Ltd. 12076 6287 n.m 19917 18188 n.m
Piaggio Vehicles Pvt. Ltd. 0 10 -100.0 0 215 -100.0
SML Isuzu Ltd. 711 777 -8.5 1268 4239 -70.1
Tata Motors Ltd. 55208 56891 -3.0 101150 154204 -34.4
VECVs - Eicher 2935 3251 -9.7 6063 10350 -41.4
Volvo Group India Pvt Ltd 52 198 n.m 87 430 n.m
LCV Total 141844 141674 0.1 278049 394806 -29.6
M&HCV Ashok Leyland Ltd. 14472 16259 -11.0 22155 56229 -60.6
AMW Motors Ltd. 0 0 n.m 0 0 n.m
Mahindra & Mahindra Ltd. 1064 1326 -19.8 1678 4755 -64.7
SML Isuzu Ltd. 747 723 3.3 1294 3413 -62.1
Tata Motors Ltd. 26594 27560 -3.5 41304 88294 -53.2
VECVs - Eicher 7823 7218 8.4 13008 22111 -41.2
VECVs - Volvo 421 451 -6.7 637 1010 -36.9
Volvo Buses India Pvt. Ltd. 0 0 n.m 0 0 n.m
JBM Auto Ltd 78 0 n.m 78 76 n.m
M&HCV Total 51199 53537 -4.4 80154 175888 -54.4
Grand Total 193043 195211 -1.1 358203 570694 -37.2
n.m : Not meaningful; LCV: Light commercial vehicle; MHCV: Medium and heavy commercial vehicle
Note: 1) As SIAM revises cumulative figures, there might be marginal difference between SIAM and CRISIL figures
2) In addition, SIAM has reclassified figures from April 2011 onwards resulting in difference between figures.
Figures include sales of the < 5 T and < 13 seating capacity in the LCV PV segment, which was added under
commercial vehicles as per new SIAM classification
3) Mahindra Navistar Automotives Ltd (MNAL) has been renamed as Mahindra Trucks and Buses Ltd (MTBL).
MTBL includes shares of M&M & MNAL
4) SML Isuzu Limited was formed in 2010 through a joint venture between Swaraj Mazda and Isuzu Limited
SIAM has only published quarterly data for commercial vehicles and is expected to continue to do so.
Source: SIAM
9MHCV Domestic market share
Apr-Dec 21
Mahindra & Mahindra Ltd.
2.1%
SML Isuzu Ltd. Others
1.6% 0.9%
VECVs - Eicher
16.2%
Tata Motors Ltd.
51.5%
Ashok Leyland Ltd.
27.6%
Apr-Dec 20
Mahindra & Mahindra Ltd.
2.7%
SML Isuzu Ltd. Others
1.9% 0.6%
VECVs - Eicher
12.6%
Tata Motors Ltd.
50.2%
Ashok Leyland Ltd.
32.0%
10LCVs: Domestic market share
Apr-Dec 20
Maruti Suzuki India Ltd.
7.2%
Swaraj Mazda Ltd.
Piaggio Vehicles Pvt. Ltd. 0.5%
0.0%
VECVs - Eicher Isuzu Others
2.2% 0.3% 0.0%
Force Motors Ltd.
1.6%
Ashok Leyland Ltd.
10.7% Tata Motors Ltd.
36.4%
Mahindra &
Mahindra Ltd.
41.3%
Apr-Dec 19
Swaraj Mazda Ltd.
1.1% Maruti Suzuki India Ltd.
Piaggio Vehicles Pvt. Ltd.
0.1% 4.6%
Isuzu
VECVs - Eicher 0.5%
2.6% Others
0.1%
Force Motors Ltd.
3.8%
Ashok Leyland Ltd.
9.3% Tata Motors Ltd.
39.1%
Mahindra &
Mahindra Ltd.
38.8%
11Trend in freight rates and diesel prices
(₹ per tkm)
140.0 120.0
120.0
100.0
100.0
80.0
80.0
60.0
60.0
40.0
40.0
20.0
20.0
0.0 0.0
Nov-17
Nov-18
Nov-19
Jul-17
Jan-20
Jan-18
Mar-18
Jul-18
Jan-19
Jul-19
Mar-19
Sep-17
Sep-18
May-19
Sep-19
May-18
Average diesel prices Average freight rates (R.H.S)
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