NEW DELHI, Nov 26: VE Commercial Vehicles (VECV), a joint venture between Sweden’s Volvo Group and Eicher Motors, is eyeing a double-digit market share in the heavyduty truck segment, riding on new product launches and improved demand from coal mining and construction verticals.
The company, which currently has a market share of around 4 per cent in the heavy duty segment (16-49 tonne), today introduced three new products catering to mining and construction verticals at Excon 2015.
“We have launched three new products in the mining and construction vertical. These will also help us consolidate our position in the heavyduty truck segment. Our strategy is to keep on adding new products, thereby steadily increasing our market share to double digits,” VECV CEO Vinod Aggarwal told PTI.
The company is also looking to consolidate its presence in the heavyduty truck segment by launching models in the haulage segment, he added.
VECV already has a strong position in the 5-15 tonne segment with a market share of 33 per cent and also commands a market share of 15 per cent in the bus segment.
“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.
Going ahead, Aggarwal sees a lot more demand growth coming from mining and construction sectors.
“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 hoped. (PTI)
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