According to the TechSci report titled “India Truck Market, By Region, Competition Forecast & Opportunities, FY2017 – FY2027,” the truck market in India has demonstrated promising growth in historical years until FY2021 and is expected to continue this growth in the upcoming forecast period from FY2023 to FY2027. The growth of the India truck market can be attributed to factors such as the increasing production of light, medium, and heavy trucks within the country. Key market dominators like Tata Motors and Mahindra & Mahindra, with their expanding production scales and sales capacity, further drive the growth of the India truck market in the next five years. The feasibility of light commercial trucks to transport smaller quantities of products and maintain affordable transportation charges also supports the market’s growth. Moreover, the ability of trucks to reach hilly areas and difficult terrains in Eastern India, as well as desert lands, contributes to the growth of the India truck market in the next five years. The expanding automotive industry, higher demand for vehicles, and advancements in technology to provide functional tires and vehicles capable of operating in all terrains also aid market growth in the future five years. The focus on fuel efficiency, lower maintenance costs, and longer vehicle lifespans through technological advancements further substantiates the growth of the India truck market in the forecast years until 2027.
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However, the market growth was restrained due to the lockdown situation, which halted the production of trucks and other automobile parts, as well as the unavailability of experienced truck drivers due to the increasing number of COVID-19 cases. But with the recent relaxations and reinstatement of production units, the India truck market is anticipated to experience further growth in the forecast period.
The segmentation of the India truck market is based on vehicle type, propulsion, class, application, regional distribution, and competitive landscape. In terms of vehicle type, the market is categorized into light-duty trucks, medium-duty trucks, and heavy-duty trucks. Light-duty trucks are expected to hold the largest revenue shares and dominate the market segment in the upcoming five years, driven by the growing production of light commercial trucks in the country. Mahindra & Mahindra Limited holds over 60% of the revenue shares in the light commercial truck segment. The demand for freight movement to hilly regions further drives the growth of the India truck market in the next five years. Medium and heavy-duty trucks are also anticipated to experience significant growth in the future five years, primarily due to the increasing demand for road transportation services. The increased transportation of construction materials, heavy machinery, and other goods through road transport contributes to the growth of the India truck market in the forecast period. In 2016, over 2 trillion metric tons of freight were transported, and the production of heavy trucks exceeded 123 thousand units in 2020.
Based on application, the market is further segmented into logistics, construction, mining, and others. Logistics are expected to hold the largest revenue shares in the upcoming five years and dominate the market segment, driven by the increasing freight movements in difficult terrains across the country. The growth of delivery services and online shopping further facilitates the growth of the logistics segment. The construction segment is also anticipated to hold significant shares of the market in the next five years due to the expanding construction industry. The increasing development of residential, industrial, and commercial infrastructure supports the growth of this segment as well as the overall growth of the India truck market in the forecast years.
A partial list of market players in the field includes :
- Tata Motors Limited
- Hinduja Group (Ashoke Leyland)
- Mahindra & Mahindra Limited
- Eicher Motors Limited
- Asia Motor Works Ltd
- Hindustan Motors
- Force Motors Ltd
- Daimler Truck AG
- Volvo Group
- Isuzu Motors Ltd.
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“Road transportation of products is exceptionally high in the country. Rail transport often faces the drawbacks of not able to reach remote areas and difficult terrains. Moreover, smaller quantities of products transportation are more economical to be done through road as compared to railways, thus driving the growth of the India truck market in the upcoming five years. Also, rapidly growing demands for the green vehicles, electric vehicles, and eco-friendly sources of energy for the automobile functions are expected to drive the companies to increase their research and development sector. Technological advancement in the automobile parts like tires, and engines along with the better fuel efficiency demands in the trucks are expected to further facilitate the growth of the market in the future five years. New market players may focus on these grounds to establish their brands,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Truck Market By Vehicle Type (Light Duty Truck, Medium Duty Truck, Heavy Duty Truck), By Propulsion (ICE, Electric), By Class (Class 1, Class 2, Class 3, Class 4, Class 5, Class 6, Class 7, Class 8), By Application (Logistics, Construction, Mining, Others), By Region, Competition Forecast & Opportunities, FY2027” has evaluated the future growth potential of India truck market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India truck market.
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