DICV Sees 10.5% YoY Bus Sales Growth, 27.8% Increase In Service Revenue To Rs 1,381 Cr In 2024

Despite a 10 per cent decline in the Indian commercial vehicle market in 2024, Daimler India Commercial Vehicles (DICV), a subsidiary of Daimler Truck AG, delivered a strong performance driven by record bus sales, robust growth in exports, and a surge in aftermarket and customer service revenues. With a clear focus on innovation, sustainability, and customer-centric solutions, DICV strengthened its core business and laid the groundwork for long-term growth amid a challenging economic environment.

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 per cent year-on-year growth driven by replacement demand and the expansion of transportation solutions. DICV bus exports also increased by 65.9 per cent to about 1,000 units, reflecting growing global demand for high-quality and made-in-India buses.

Customer service revenue rose to Rs 1,381 Cr., marking a 27.8 per cent increase over the previous year, while aftermarket revenue grew 18 per cent 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 per cent growth in domestic bus revenue and 58.5 per cent increase in bus export revenue. With our customer service and components business collectively generating over Rs 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.”

Sustainability leadership: 100 per cent renewable power achieved

In April 2024, the company transitioned to 100 per cent renewable power for its activities under Scope 2 emissions, representing a major milestone in its sustainability journey. It also became the first facility in India to achieve the Indian Green Building Council (IGBC) Green Factory Building Version 2 standards.

Celebrating a decade of global supply chain contribution

DICV marked ten years of successful operations at its Consolidation Center (CC) in India. Since its launch in 2014, the CC has exported over 10,000 containers and 300 million parts to Daimler Truck plants worldwide, becoming a vital pillar in the company’s global supply chain - recognised for quality, efficiency, and reliability.

Strategic innovation in products: Expanded BharatBenz portfolio

In 2024, DICV expanded its product portfolio with the launch of its new range of BharatBenz Heavy-Duty Rigid Trucks. Additionally, the company introduced the all-new BharatBenz TorqShift tipper range, featuring globally proven AMT technology, successfully deployed in hundreds of thousands of Daimler Truck heavy-duty vehicles worldwide.

The TorqShift AMT range has exceeded industry expectations and is proving to be a game-changer in India’s commercial vehicle market. Already transforming the mining segment, DICV now plans to extend this technology across other key applications.

DICV also became the first OEM in India to set up a state-of-the-art facility dedicated to comprehensive vehicle safety and Conformity of Production (CoP) testing, in line with evolving regulatory standards and its continued commitment to product excellence.