VECV Aims for Double-Digit Share in Heavy Duty Segment
Published On Nov 27, 2015
VE Commercial Vehicles (VECV), a collaboration between Eicher Motors and the well famed Volvo Group, is working towards a double-digit market share in the heavy duty truck market. At the ongoing Excon fest held in Bangalore, the company showcased three new products catering to mining and construction sectors.
“We have launched three new products in the mining and construction vertical. These will also help us consolidate our position in the heavy duty truck segment. Our strategy is to keep on adding new products, thereby steadily increasing our market share to double digits,” said the brand's CEO, Vinod Aggarwal. He also added that the firm would strengthen its position in the segment by tapping into the haulage sector as well. The company currently has a wide presence in the 5-15 tonne segment with a market share of 33%. In addition to this, it also commands a decent hold in the bus segment, with a market share of 15%.
“The worst recession for the commercial vehicle industry is behind us now. All segments of industry are already growing except trucks used at construction sites,” Aggarwal said. He foresees higher demands in the mining and construction sectors in the future. “Already, the coal mining industry is showing handsome growth with focus of the government on increasing domestic production of coal. Furthermore, with a number of infra projects under implementation and the government's action to remove hurdles, the construction segment is likely to show good growth in the next 2-3 years,” he added.
