Commercial fleet sales is the latest category to see growth in the Indian commercial vehicle segment.
The Indian Commercial Vehicle (ICV) segment, which accounts for about 75% of all commercial vehicles in the country, has seen strong growth in recent years, according to data from ICL.
In 2017-18, commercial fleet was at 8.62 lakh vehicles, while it had reached 10.34 lakh in 2019-20.
In 2020-21, commercial vehicle sales grew to 7.73 lakh vehicles.
The number of commercial vehicles on the road rose to 16.2 lakh in 2020-22 from 14.9 lakh in 2016-17, according TOI.
ICV sales grew from 6.3 lakh in 2010-11 to 6.6 lakh in 2017-19.
In 2021-22, the number of ICV sales increased to 8.2 million vehicles from 6 million in 2020.
Lennox Commercial, which is the largest commercial vehicle dealer in India, is the most valuable commercial vehicle manufacturer.
The company’s commercial vehicles are marketed under various brands, such as commercial mini van, commercial sedan, commercial minibus, commercial salad cooler and commercial salad bar.
The commercial vehicle is also available in different trim levels.
In 2018, Lennox sold 4.7 lakh vehicles in India.
The latest figures released by ICL indicate that the commercial vehicle fleet sales in India grew at 7.9% in 2017 and 5.9%, in 2018, according the report.