Domestic commercial-vehicle (CV) sales volume will witness significant growth over the next few years and the overall CV volume is likely to reach close to 1-million units by FY24, a report said on Wednesday. The report by credit ratings agency Fitch Ratings also expects growing demand and the resultant rise in operating leverage to boost the profitability of the domestic CV-focused original equipment manufacturers after FY22, despite elevated production costs. A recovery in medium and heavy CVs from multi-year lows, along with sustained growth in light CV categories, will help overall CV volume to reach close to 1-million units by FY24 – the level of the last cyclical peak recorded in FY19, it said.
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