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In the commercial vehicle category, analysts said the demand sentiments and improved fleet utilisation aided sales, despite a moderation in freight rates post-festivals.
Nomura, however, said the volume growth of medium and heavy commercial vehicles is expected to slow down to 10% in the next financial year from nearly 42% in the current fiscal due to a slowing economy and industrial growth.
While the contribution of small-fleet operators has picked up in the overall demand for commercial vehicles, the industry is yet to see a broad recovery, which gets reflected in the new fleet additions, Motilal Oswal said.
Tractor sales are expected to grow 6-8% year-on-year in the month as sentiments across regions remain positive, led by healthy reservoir levels, better crop yields, and favourable financing, analysts said.
However, these benefits do not fully reflect themselves in December 2022 wholesale due to a lower scope of inventory push across companies and the beginning of the inauspicious season of Kharmas, Motilal Oswal said in its note.
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