India's commercial vehicle industry set for 3-5% growth in FY26, says ICRA

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India's commercial vehicle industry set for 3-5% growth in FY26, says ICRA - Business Standard

Quick Summary:

According to Kinjal Shah, senior vice president and co-group head at ICRA, "The push in infrastructure development, higher allocation in the recent Budget, steady mining activities, and improved highway connectivity will support volumes going forward.

The ongoing scrapping of older government vehicles has been a key driver for replacement demand from state road transport undertakings (SRTUs), with volumes expected to surpass historic highs recorded in FY13.

According to ICRA, the anticipated growth will be fuelled by a confluence of factors, including the resumption of construction and infrastructure activities, consistent rural demand, and a surge in replacement sales driven by ageing fleets and government mandates.