Replacement demand continues to be
the primary driver for the domestic
CV industry. Additionally, a growing
preference for higher tonnage
vehicles as well as government-led
road infrastructure projects are
supporting demand, particularly for
heavy duty M&HCVs. While the
regulatory interventions by the
Government are pivotal in
policymaking for the industry,
schemes like FAME-II and PM E-Drive
have also supported the emergence
of alternative fuel technologies.
Exhibit: Trend in M&HCV population and average age
