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ICICI Direct Report
Wholesale dispatches for September 2022 came in healthy with month-on-month growth witnessed across segments. The commercial vehicle space outperformed its peers with high double digit month-on-month volume growth especially in the medium and heavy commercial vehicle domain while it was a seasonally strong month for the tractor space (more than 20% YoY growth) riding on positive monsoon 2022 (106% of LPA).
The two-wheeler space also witnessed healthy double digit growth led by innovative offerings in premium segment by Royal Enfield brand at Eicher Motors Ltd. and channel inventory build-up before the festive season by the industry leader.
On the other hand, the passenger vehicle space recovered month-on-month with mid-single digit growth riding on strong order book and elongated waiting periods across original equipment manufacturers.
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