According to the latest report by IMARC Group “India Truck Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The India truck market size reached US$ 16,832 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 33,018 Million by 2027, exhibiting a growth rate (CAGR) of 10.5% during 2022-2027.
Trucks are motor vehicles build to transport cargo or perform specific utilitarian tasks. They can be segmented into heavy, medium, and light-duty trucks, depending on vehicle weight. Commercial trucks can be massive and powerful and are usually designed to carry specialized equipment, such as fire trucks, refuse trucks, concrete mixers, etc. Trucks have several advantages over railways in the transportation of goods due to their greater reach in rural and hilly regions and reduced time requirements for loading and unloading products.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
Rising levels of industrialization and urbanization are primarily driving the market for trucks in India. Moreover, growing advancements in commercial infrastructures and increasing construction of roads, highways, dams, etc., connecting remote places are also contributing to the demand for trucks. Additionally, increasing numbers of regulations mandated by the Indian government ensuring high standardization of commercial vehicles are further stimulating the market growth. Furthermore, the expanding logistics industry and integration of advanced driver assistance systems like GPS tracking with trucks are expected to further drive the demand for trucks in India over the forecasted period.
Breakup by Region:
North India
East India
West and Central India
South India
Breakup by Vehicle Type:
Heavy Duty Truck
Medium-Duty Truck
Light Duty Truck
Breakup by Tonnage Capacity:
3.5 – 7.5 Tons
7.5 – 16 Tons
16 – 30 Tons
Above 30 Tons
Breakup by Fuel Type:
Diesel
Petrol
CNG & LNG
Breakup by Application:
Construction
Logistics
Others
Competitive Landscape with Key Player:
Tata Motors Limited
Ashok Leyland Limited
VE Commercial Vehicles Limited
Mahindra & Mahindra Limited
SML Isuzu Limited
Daimler India Commercial Vehicles Pvt. Ltd
AMW Motors Ltd.
MAN Truck & Bus
Hino Motors Sales India Private Limited
Scania Commercial Vehicle India Pvt Ltd.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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