The Headlines – Indian commercial vehicle industry poised for upcycle as replacement demand builds: Nomura

The Headlines – Indian commercial vehicle industry poised for upcycle as replacement demand builds: Nomura

The Indian medium and heavy commercial vehicle (M&HCV) industry appears to be entering the next upcycle, with industry volumes estimated to grow by around 8 per cent year-on-year in FY26 and 10 per cent in FY27, following a period of modest growth, according to a report by Nomura.

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