Volvo Eicher Commercial Vehicles Ltd (VECV) unveiled an electric light truck at the inaugural edition of Bharat Global Mobility Expo in January 2024. It was the only commercial vehicle manufacturer to unveil a new product. What it was not, was the only commercial vehicle manufacturer to display an alternative fuel technology vehicle. 

If the passenger vehicles are witnessing the influx of new technologies in the alternative fuel technology domain and in ADAS, commercial vehicles (CVs) are quickly catching up. They too are attracting a lot of investment in technology to ensure a lower TCO and higher uptime. A look at the CVs that were launched in the post pandemic period and it would be clear that a lot of new technology on emissions, performance, efficiency, comfort and safety side has gone into CVs. 

CVs also performed very well in terms of sales in the post pandemic period, albeit with a lower base level. They may not have attained the peak of 201-12, their performance was not lacking in lustre either. Segments such as buses showed a smart recovery from a very low base during the pandemic period. In FY2022-23, commercial vehicles recorded a growth of 34 percent with sales of 9,62,000 units as compared to the sale of 7,16,000 units in FY2021-22.

In the 2023 calendar year, 9,78,385 commercial vehicles were sold, marking a single digit growth figure. In the third quarter of FY2023-24, commercial vehicles recorded a growth of 3.5 percent with the sale of 2,35,167 units. While the SIAM President Vinod Aggarwal may have termed the performance in terms of sale of the auto industry as satisfactory, some analysts and observers have began expressing that a slowdown is on the way. 

Leading ‘ratings’ organistion Crisil has mentioned in its recent report that revenue growth of CV makers will moderate to between five and seven percent in the next fiscal despite the operating margins being steady and the realisation being better. 

With stable commodity prices, the moderation of between five to seven percent – against an estimated growth of nine percent in FY2023-24 – is likely be because of a hike in vehicle prices. What is ironic is that the growth moderation is expected to take place despite higher average realisations on the back of better growth in M&HCVs and stable raw material (especially steel, iron and aluminium) price.

With operating margins expected to be a good 10-11 percent in the next fiscal, Crisil’s study of four commercial vehicle manufacturers accounting for over 70 percent of the market share is indicative of a certain moderation in the commercial vehicle space. 

M&HCV demand is contingent upon activity in key end-user infrastructure related sectors — roads, real estate, mining and construction, besides transportation and replacement demand. LCV demand, on the other hand, is dependent on last-mile connectivity and e-commerce players.

The Crisil report takes into consideration the four CV makers that account for over 70 percent of the market share. It states that a vital factor that will lead to growth moderation will be an increase of vehicle prices. 

Says Anuj Sethi, Senior Director, CRISIL Ratings, “Revenue growth of CV makers will be driven by higher realisations next fiscal. We expect domestic revenue growth for M&HCVs to lower to 2-3 percent (~ 5 percent this fiscal), and this too will largely be driven by demand for buses. The likelihood of brief slowdown in infrastructure spending owing to general elections and continuing high interest rates shall impact overall M&HCV growth. Demand for LCVs is seen subdued this fiscal due to high-base effect and moderation in spends by e-commerce players. A similar trend is expected next fiscal as well.”

Domestic sales, accounting for over 90 percent of total volume, are expected to inch closer to the previous peak of ~10 lakh units seen in fiscal 2019. Export volume, however, will continue to be sluggish due to continuing inflationary headwinds and economic slowdown in key markets such as Sri Lanka, Africa, and Latin America.

This fiscal operating margin is seen reaching pre-pandemic peaks of ~10 percent, supported by price hikes to offset higher cost of compliance on emission norms, better realisations due to increased sales of M&HCVs and stable raw material prices. This trend is expected to be sustained next fiscal too. That said, in the event of continued sluggishness in sale volumes, discounts offered by CV makers may increase, and partially impact operating margins.

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Tata Motors, one of the leading commercial vehicle manufacturers, has expanded its electric-CV portfolio with the launch of the Intra EV Pickup at prices starting INR 1.19 million (ex-showroom). The EV is positioned as a high-payload solution for urban and regional cargo requirements.

The Intra EV is engineered for demanding duty cycles across sectors such as e-commerce, FMCG and dairy distribution. It features a purpose-built electric architecture designed to handle diverse Indian weather and terrain conditions.

The e-SCV has 1,750 kg payload capacity with load body options extending to 10.2-feet. It uses a 72kW electric motor generating 230 Nm of peak torque and 23 percent gradeability. It features an IP67-rated 28.2 kWh battery providing a certified range of 211 km on a single charge. The Intra EV supports CCS2 fast charging, enabling a 10-80 percent charge in approximately 55 minutes.

The EV integrates an Electronic Braking System (EBS) for stability and a three-level regenerative braking system to enhance energy recovery. Fleet management is supported via the Tata Motors Fleet Edge platform, which provides real-time tracking, vehicle health monitoring and predictive maintenance data.

The cabin is crash-tested and features Electric Power Assisted Steering (EPAS) and a walk-through design to reduce driver fatigue during extended operating hours.

Tata Motors provides a 6-year or 200,000 km high-voltage battery warranty. It is supported by a network of over 25,000 charging points and 200 dedicated EV service centres across India. The launch follows the deployment of the company's electric buses and the recent introduction of the Ace EV 1000 and Ace Pro EV mini-trucks.

Girish Wagh, Managing Director & CEO, Tata Motors, said, “Our commitment to green mobility is focused on delivering sustainable solutions that are proven at scale and relevant to India’s diverse commercial mobility needs. Building on the strong market response to our electric mini‑trucks and the successful deployment of our electric buses serving commuters across 10 cities nationwide, we rolled out our next‑generation electric trucks earlier this year and are now advancing further with the launch of electric pickups. Through this progression, Tata Motors has established the country’s most comprehensive electric commercial vehicle portfolio across segments. This momentum is being enabled by progressive Government policies and strong collaboration across customers, partners and suppliers, accelerating India’s transition to cleaner and more sustainable mobility.”

Pinaki Haldar, Vice-President & Business Head – SCVPU, Tata Motors, said, “The all-new Intra EV Pickup has been developed with a clear focus on earning capability and everyday usability, combining one of the highest payload capacities in its segment with strong performance, long range and high uptime, all at a segment-beating price. Its comfortable, crash‑tested cabin, car‑like driving dynamics and thoughtfully integrated features are designed to reduce fatigue and improve productivity across long operating hours. As adoption of cleaner technologies accelerates, Tata Motors remains committed to raising industry benchmarks and making electric cargo mobility a practical, confident choice for businesses.”

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Pune-headquartered automotive major Force Motors has reported its domestic wholesales of 36,536 units for FY2026, which marks a 20 percent increase compared to the 30,531 units sold in the previous fiscal year.

For the month of March 2026, the company registered a 14 percent growth with 4,126 units sold.

The company stated it witnessed growth across its product portfolio, supported by demand in passenger mobility, institutional and defence sectors.

Force Traveller continued to maintain a 70 percent market share in the light commercial vehicle segment, with applications in school and ambulance services.

The company’s premium passenger mobility platform Urbania recorded volume growth exceeding 100 percent, while Trax platform saw 70 percent growth with traction from Tier-2 and Tier-3 markets.

Force Motors’ Special Vehicle Division delivered its first batch of 600 Gurkha units to the Indian Army.

At present, Force Motors operates five manufacturing units and an R&D centre in Pune. The company produces and tests engines for all Mercedes-Benz and BMW cars and SUVs manufactured in India.

Additionally, Force MTU Power Systems, a joint venture with Rolls-Royce Power Systems AG, produces 10 and 12-cylinder engines for global power generation and rail applications. Overall exports for the company's four-wheelers grew by 13 percent during the year.

Prasan Firodia, Managing Director, Force Motors, said, “Our performance this year reflects the way we are steadily shaping the business – being more focused, disciplined and aligned to the segments where we know and believe that we can lead. The Force Urbania is setting new benchmarks in premium shared mobility, while the Trax platform is helping improve connectivity across the country. Our Traveller range continues to anchor our presence in the segment, with its market leadership reflecting the deep trust customers place in the brand. At the same time, our continued work with the defence sector reflects the strength of our engineering and our ability to deliver in demanding conditions. We also saw steady growth in our export business, with overall exports growing by 13 percent (4-wheelers only). Given our strong exports’ presence in Gulf markets, we remain mindful of the evolving geopolitical situation and are closely monitoring the developments. As we look ahead, staying close to our customers and paying close attention to their needs & shaping our products and solutions accordingly—will remain a key focus for us. We will continue to build on our strengths with consistency, while staying responsive to evolving market needs”.

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ZF Commercial Vehicle Control Systems India has been awarded a business nomination by a mobility OEM to develop and supply an Advanced Driver Assistance System (ADAS) suite for an upcoming bus platform. The project encompasses system supply, vehicle integration, and validation, with the start of production targeted for Q1 FY2027.

The awarded solution centres on ZF’s OnGuardMAX platform, which utilises multi-sensor fusion including a front camera, mid-range radar and an image processing module. This system is integrated with Short-Range Radar (SRR), an Electronic Braking System (EBS) and Electronic Stability Control (ESC) to provide comprehensive active safety.

The platform enables Autonomous Emergency Braking (AEB), Lane Departure Warning (LDW) and Driver Drowsiness and Attention Warning (DDAW). It also features SRR units address blind spots to protect vulnerable road users, supporting Blind Spot Information Systems (BSIS) and Moving Off Information Systems (MOIS). The integration of EBS and ESC provides faster braking responses, shorter stopping distances and improved rollover resistance for electric vehicle platforms.

The ADAS suite is engineered to meet GSR 184(E) requirements. The technology has undergone 450,000 kilometres of testing on Indian roads and has received ARAI certification. The architecture is scalable to SAE Level 2 and is designed to support future automation requirements.

Paramjit Singh Chadha, Managing Director, ZF Commercial Vehicle Control Systems India, said, “ADAS was and remains a strategic priority for ZF Commercial Vehicles in India. With a legacy of deep customer understanding and proven technological competence that make commercial transportation safer, smarter and more efficient, we also offer ADAS solutions that fit the specific driving conditions in India and at the same time have the backing of our global expertise.”

Akash Passey, Non-Executive Chairman, ZF Commercial Vehicle Control Systems India, added, “We see a rapid acceleration in India in the adoption of advanced driver assistance technologies that enhance road safety and operational efficiency. ZF Commercial Vehicles Division offers made-to-fit market solutions that address the specific needs of leading and new-age e-mobility OEMs with the strength of ZF’s global engineering expertise and combining it with deep regional insights.”

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VE Commercial Vehicles (VECV), the joint venture between Volvo Group and Eicher Motors, has announced sales of 103,495 vehicles in FY2026, up 14.8 percent YoY, as against 90,161 units sold last year.

This marks the company’s highest-ever annual sales volume since the inception of the partnership in 2008.

The sales performance was distributed across several key commercial vehicle segments, which includes 47,789 Light & Medium Duty (LMD) Trucks (46.1 percent of total sales), 27,867 Heavy Duty (HD) Trucks (25.9 percent of total sales) and 19,363 buses (18.7 percent of total sales).

At present, VECV operates eight manufacturing plants in India, including an Industry 4.0-enabled facility in Bhopal and an engine manufacturing hub (VEPT) in Pithampur that supplies global Volvo Group requirements.

The company maintains a 100 percent connected vehicle portfolio through the Eicher Live telematics platform. Lifecyle support is provided through a pan-India network of over 1,250 touchpoints.

Furthermore, a new Automated Manual Transmission (AMT) plant is under development in Ujjain to focus on drivability and fuel efficiency.

B. Srinivas, MD & CEO, VECV, said, “Crossing the milestone of 1,00,000 vehicles in a year is a significant achievement for VECV and reflects the trust our customers have placed in our products and solutions. This milestone also fulfils a key part of the original vision set at the inception of the Volvo–Eicher joint venture, underscoring the strength and long-term strategic direction of our partnership. As we move forward, we remain committed to driving the next phase of growth through innovation, sustainability, and deeper customer engagement.”

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