The Volvo Group's joint venture company VE Commercial Vehicles (VECV) comprises the entire Eicher Motors truck and bus operations and the Volvo Group's Indian sales operations in the truck segment as well as the service operations for trucks and buses. The joint venture was formed in 2008.
The Indian market for heavy-duty trucks grew by 12% to 237,000 trucks in 2011 compared to 212,000 vehicles in 2010. The market for light and medium-duty trucks grew by 19% to 103,000 vehicles (87,000).
With 11% of the total Indian market for commercial vehicles, i.e. heavy-duty, medium-duty and light-duty trucks as well as buses, Eicher is India's third largest manufacturer of commercial vehicles. The position is especially strong in the light and medium-duty segment in which Eicher during 2011 had a market share of 30.5% (30.5). In heavy-duty trucks the market share is developing in the right direction, although from low levels, since Eicher during 2011 launched its, new heavy-duty truck program based on the cooperation in VECV. During 2011, Eicher had 3.1% of the market in the heavy-duty segment compared to 2.0% the year before. The ambition is to grow within heavy-duty trucks in the coming years.