DICV demonstrates resilience in a challenging 2024 and sets the course for sustainable growth
Daimler India Commercial Vehicles (DICV), a wholly-owned subsidiary of Daimler Truck AG (“Daimler Truck”), today reflected on its resilient and transformative performance in 2024. Despite the Indian commercial vehicle market experiencing an overall ten percent decline due to macroeconomic challenges, elections, erratic monsoon, and sectoral uncertainties, DICV strengthened its core operations and laid a strong foundation for sustainable growth through a firm commitment in innovation, sustainability, quality, and customer-centric solutions.
Business resilience: Bus and aftermarket business drove DICV’s solid performance in 2024
While an overall market recovery was anticipated post-election, the demand in the Indian commercial vehicle industry remained subdued across several key sectors. Despite facing this challenging market environment, DICV achieved its highest ever annual bus sales of around 2,200 units, representing a 10.5% year-on-year growth driven by replacement demand and the expansion of transportation solutions. DICV bus exports also increased by 65.9% to about 1,000 units, reflecting growing global demand for high-quality and made-in-India buses.
Customer service revenue rose to INR 1,381 Cr., marking a 27.8% increase over the previous year, while aftermarket revenue grew 18% year-on-year. Collectively, both segments now contribute a significant share of the company’s top line with their strong performance in 2024.
Satyakam Arya, Managing Director and CEO, Daimler India Commercial Vehicles, said: “Despite numerous challenges, 2024 has been a year of resilience for us. In a time marked by geopolitical tensions and domestic elections, our entire industry faced significant tests. However, through collective strength, we have emerged stronger by focusing on what truly matters – our customers, products, and people. Therefore, I am incredibly proud to share that we recorded our highest-ever bus sales, a remarkable milestone that reflects our dedication and hard work. Additionally, we expanded our aftermarket and customer service business, and took decisive actions in innovation, sustainability, and transformation. Each of these achievements is the result of the strength and agility of our strategy and the exceptional team at DICV.”
Alexander Schoen, Chief Financial Officer, Daimler India Commercial Vehicles, said: “Despite the tough market environment in 2024, our revenue mix developed positively, driven by a 30.7% growth in domestic bus revenue and 58.5% increase in bus export revenue. With our customer service and components business collectively generating over INR 2,200 Cr., our business fundamentals remain strong. In addition to these financial successes, we have continued to invest in advanced technologies and sustainable practices that position us for long-term, sustainable growth.”
