India Truck Market To Establish Growth With Impressive CAGR Until FY2027
India Truck Market is
expected to show robust growth due to demand for logistic trucks in the
forecast period, FY2017-FY2027.
According to
TechSci report on, “India Truck Market, By Region, Competition
Forecast & Opportunities, FY2017 - FY2027”. India truck market
has shown promising growth in historical years until FY2021 and is expected to
continue its growth in upcoming forecast years FY2023 to FY2027. India truck market
owes its growth to the factors like increasing production of light, medium, and
heavy trucks in the country. Increasing production scales, and sale capacity of
the market dominators like Tata Motors, Mahindra & Mahindra, etc. further
leads the growth of the India truck market in the upcoming five years.
Feasibility of the light commercial trucks to carry smaller number of products
and keeping transportation charges under affordable ranges further supports the
growth of the India truck market. Also, to reach the hilly areas, and such
difficult terrains of Eastern India, along with desert lands in the country
through trucks are further facilitating the growth of the India truck market in
the next five years. Expanding automotive industry, higher demands for the
vehicles and advancing technology to provide functional tires & vehicles to
work easily in all terrain, also aid market growth in the future five years.
Fuel efficiency, lower maintenance cost, and longer life of the automobiles are
some of the technological advancement the companies are working on to improve
and thus substantiate the India truck market growth in the forecast years
through 2027.
Although due to lockdown situation
production of the trucks, and other automobile parts were halt and the
unavailability of the experience truck drivers due to increasing cases of
COVID-19 patient restrained the market growth. But with the recent relaxations
and reinstatement of the production units, the India truck market is
anticipated to grow further in the forecast period.
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The India truck market segmentation is based on
vehicle type, propulsion, class, application, regional distribution, and
competitional landscape. Based on vehicle type, the market is further
bifurcated into light duty truck, medium duty truck, and heavy duty truck. Light
duty trucks are anticipated to hold the largest revenue shares of the market
and dominate the market segment in the upcoming five years on grounds of
growing production of light commercial trucks in the country. Mahindra &
Mahindra Limited holds over 60% of the revenue shares of the total light
commercial trucks in the country. Also, demands for freight movement to the
hilly regions of the country, is further driving the growth of the India truck
market in the next five years. Medium & heavy duty trucks are also
anticipated to register significant growth in the future five years on the
grounds of increasing by road transportation services. Increased freight
movement of construction material, heavy machinery, etc. through road transport
further aided the growth of the India truck market in the forecast period. More
than 2 trillion metric ton freight was transported in the year 2016. Also,
increased production of heavy trucks is aiding market growth as over 123
thousand heavy trucks were produced in the year 2020.
Based on application, the market is also
sub-segmented into logistics, construction, mining, and others. Logistics are
anticipated to hold the largest revenue shares of the market in the upcoming
five years and dominate the market segment on account of increasing freight
movements in the difficult terrains in the country. Increasing delivery
services, and online shopping services also facilitate the growth of the
logistic segment. Construction segment is also anticipated to hold the significant
shares of the market in the next five years due to expanding construction
industry. Increasing development of residential, industrial, and commercial
infrastructure also support the growth of the segment as well as the 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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