The Indian commercial vehicle market will continue to grow at a strong pace: Apollo Tyres

According to the Association of Indian Automobile Manufacturers, commercial vehicle sales increased 46% to over 683,000 units in the first nine months of the fiscal year.

In the first 11 months of FY23, domestic passenger vehicle sales surged 29.5% to 3.46 million units. According to the Association of Indian Automobile Manufacturers, commercial vehicle sales increased 46% to over 683,000 units in the first nine months of the fiscal year.

Because of significant government spending on infrastructure, the commercial vehicle category would continue to exhibit healthy growth despite inflationary challenges, according to Onkar Kanwar, chairman of Apollo Tyres.

While the growth rate in the passenger vehicle segment is expected to decline in the coming fiscal year from a high base, he expects the overall demand trend for autos in the domestic market to continue.

Kanwar stated that "Although there are some short-term obstacles, the demand trend appears to be good in the medium run. Despite the challenging climate, we plan to end this fiscal year with a double-digit gain in top line and to maintain the growth momentum into next year."

In the first nine months of the current fiscal year, Apollo Tyres reported an increase in consolidated revenue of 19% to 218,321 crore.

Domestic demand is assisting the corporation in surviving the brunt of global recessionary tendencies. Kanwar stated that Apollo Tyres continues to outperform the market in Europe, where the firm primarily operates in the passenger vehicle category.

In conjunction with its premiumisation strategy, Apollo Tyres has expanded its market share in Europe's ultra-high-performance passenger car class.