In accordance with the findings presented in the TechSci report titled “India Truck Market, By Region, Competition Forecast & Opportunities, FY2017 – FY2027,” it is evident that the India truck market has exhibited notable growth in the historical years leading up to FY2021 and is poised to maintain this growth trajectory in the forthcoming forecast years from FY2023 to FY2027. Several factors have contributed to the robust expansion of the India truck market, including the escalated production of light, medium, and heavy trucks within the nation. The active participation and market dominance of key industry players such as Tata Motors and Mahindra & Mahindra have further propelled the market’s growth over the next five years. Additionally, the viability of light commercial trucks for transporting smaller quantities of goods while maintaining affordable transportation costs has provided substantial support to the India truck market’s expansion.
Furthermore, the ability of trucks to access challenging terrains in Eastern India, as well as arid regions throughout the country, has played a pivotal role in fostering market growth in the coming five years. The expanding automotive industry, surging demand for vehicles, and continuous advancements in technology aimed at enhancing the performance of tires and vehicles across all types of terrain are also set to fuel market growth in the future. Key areas of technological advancement in the industry include heightened fuel efficiency, reduced maintenance costs, and prolonged vehicle lifespan.
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E-commerce and Last-Mile Delivery:
The rapid proliferation of e-commerce in India stands as a primary catalyst for the truck industry. The surge in online shopping has spurred a heightened demand for last-mile delivery services, necessitating an extensive and dependable truck fleet to transport goods from warehouses to consumers’ doorsteps. The influx of e-commerce players, including global giants, has heightened the demand for efficient and cost-effective logistics solutions. Moreover, the emergence of innovative business models like hyperlocal delivery, which focuses on delivering goods within a limited geographic radius, has driven the need for smaller, agile trucks capable of navigating through congested urban areas.
Government Initiatives and Regulations:
Government initiatives and regulatory measures in India have played a pivotal role in propelling the truck industry forward. The introduction of favorable tax schemes, replacing multiple indirect taxes, has streamlined warehousing and distribution operations, enhancing supply chain efficiency and increasing the demand for long-distance transportation services. Furthermore, the government’s commitment to reducing vehicular emissions and promoting sustainable transportation has led to the adoption of cleaner and more fuel-efficient trucks. Stringent emission norms have spurred the development of technologically advanced trucks to ensure compliance. The government’s campaigns promoting domestic manufacturing have incentivized both domestic and international truck manufacturers to invest in the country, resulting in new truck models, greater localization of production, and the establishment of manufacturing facilities.
Challenges and Disruptions:
The COVID-19 pandemic and its associated lockdowns temporarily disrupted truck production and availability of experienced truck drivers due to a surge in cases. However, with the recent easing of restrictions and the resumption of production activities, the India truck market is poised for renewed growth during the forecast period.
In order to comprehensively understand the India truck market, it is essential to consider its segmentation based on various factors:
Market Segmentation:
The India truck market is segmented based on vehicle type, propulsion, class, application, regional distribution, and the competitive landscape. These segments offer a comprehensive perspective on the market’s dynamics.
Vehicle Type:
The market is further divided into light-duty trucks, medium-duty trucks, and heavy-duty trucks. Light-duty trucks are expected to hold the largest revenue share, primarily driven by the increased production of light commercial trucks within India. Mahindra & Mahindra Limited, in particular, maintains a significant share of over 60% in the light commercial truck segment. The demand for freight movement to hilly regions of the country is also contributing to the growth of the India truck market over the next five years. Medium and heavy-duty trucks are anticipated to experience substantial growth due to the rise in road transportation services and increased freight movement of construction materials and heavy machinery.
Application:
The market is further sub-segmented into logistics, construction, mining, and others. Logistics is expected to dominate the market segment by holding the largest revenue share in the next five years. This dominance is driven by the increased movement of freight in challenging terrains within India, coupled with the growth in delivery services and online shopping. The construction segment is also set to hold a significant share of the market due to the expanding construction industry, characterized by increased development of residential, industrial, and commercial infrastructure.
Production and Freight Movement:
A noteworthy statistic to consider is that in the year 2016, more than 2 trillion metric tons of freight were transported. Furthermore, the year 2020 witnessed the production of over 123 thousand heavy trucks, which has contributed to the market’s growth.
The India truck market is poised for substantial growth, driven by factors such as the rapid expansion of e-commerce, favorable government initiatives, and the introduction of cleaner, more fuel-efficient trucks. Despite temporary disruptions related to the COVID-19 pandemic, the market is expected to regain momentum in the coming years. Understanding the market’s segmentation, particularly in terms of vehicle type and application, is essential for stakeholders seeking to leverage the opportunities presented by the India truck market.
A partial list of market players in the field includes :
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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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