India truck market is
anticipated to grow with an estimated CAGR in the forecast years FY2023-FY2027,
on the grounds of surging demands for the logistics trucks for the
transportation of products. Higher prevalence of smaller quantities of product
transportation along with the demand for transportation of products in the
difficult terrain like hilly regions, and desert lands, are further driving the
growth of the India truck market in the upcoming five years. Expanding growth
of the automotive industry along with the growing businesses of the multiple
market players are also supporting the market growth in the next five years.
High Production Drives Market
Growth
Increasing demand for the
light commercial trucks for lighter products in smaller quantities along with
surging demands for the transportation of heavy duty equipment and machinery
for various purposes are aiding the demands for heavy duty trucks and thus driving
the growth of the India truck market in the upcoming five years. Higher demands
have also aided to the higher production of the trucks in the country. With
market players that even penetrate the international market with their
products, the production of trucks in India have skyrocketed in recent years.
More than 123 thousand heavy
trucks were produced in India in the year 2020. Although this scale was half of
the previous years, the decrease in the production was observed due to imposed
lockdown due to widespread COVID-19. Since the lockdown has been relaxed and
manufacturing units, and industrial productions have resumed this FY2021, the
market is anticipated to regain its high production capacity and aid the market
growth in the future five years.
Expanding Logistics Demand
For Difficult Terrain Support Market Growth
India has been developing for
more than half a century. Though demands for further development, technological
advancements, and various service availability in some of the regions of the
country is pending. In most cases, difficult terrain, difficulty in reaching
the regions, and environmental factors like weather, landslides, heavy
rainfalls, etc. play vital roles. The government is also taking initiatives to
reach these regions and provide the required services. To transport, and
transfer products and services, light commercial trucks are often utilized.
With advancement in their
terrain specific tires, better mileage trucks, etc. the logistics industry is
facilitating the transportation and aiding the growth of the India truck
market. In the FY2021, 395.78 thousand light duty trucks were sold in the
country. Transportation becomes easier with the light commercial trucks.
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Market Segmentation
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. Propulsion based market
segment is further differentiated between ICE (internal combustion engine) and
electric. On the basis of class, the market is fragmented into class 1, class
2, class 3, class 4, class 5, class 6, class 7, and class 8. Based on
application, the market is also sub-segmented into logistics, construction,
mining, and others. The market analysis also studies the regional
segmentation to devise regional market segmentation, divided among North India region,
South India region, East India region, and West India region.
Company Profile
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., are some of the major market players in the country that
lead the market growth analysis. New market players are also actively entering
the market in the recent years and further strengthening the growth of the
future market growth.
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Attribute
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Details
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Base Year
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FY2021
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Historic Data
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FY2017 – FY2020
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Estimated Year
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FY2022
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Forecast Period
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FY2023 – FY2027
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Quantitative Units
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Revenue in USD Million, Volume in units and CAGR for FY2017 –
FY2020 and FY2023 – FY2027
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Report coverage
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Revenue forecast, volume forecast, company share, competitive
landscape, growth factors, and trends
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Segments covered
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·
Vehicle Type
·
Propulsion
·
Class
·
Application
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Regional scope
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North; South; East; West;
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Key companies profiled
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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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Customization scope
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10% free report customization with purchase. Addition or
alteration to country, regional & segment scope.
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Pricing and purchase options
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Avail customized purchase options to meet your exact research
needs. Explore purchase options
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Delivery Format
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PDF and Excel through Email (We can also provide the editable
version of the report in PPT/Word format on special request)
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Report Scope:
In this report, India truck market is segmented into
following categories, in addition to the industry trends which have also been
detailed below:
·
India Truck
Market, By Vehicle Type:
- Light Duty Truck
- Medium Duty Truck
- Heavy Duty Truck
- India Truck Market, By Propulsion:
o
ICE
o
Electric
- India Truck Market, By Class:
- Class 1
- Class 2
- Class 3
- Class 4
- Class 5
- Class 6
- Class 7
- Class 8
- India Truck Market, By Application:
- Logistics
- Construction
- Mining
- Others
- India Truck Market, By Region:
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in India truck market.
Available Customizations:
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to
five).
India Truck Market is an upcoming report to be released soon. If you
wish an early delivery of this report or want to confirm the date of release,
please contact us at [email protected]