The latest report by IMARC Group, titled “India Truck Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032“, The India truck market size reached US$ 22,126 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 44,600 Million by 2032, exhibiting a growth rate (CAGR) of 7.86% during 2024-2032.
A truck is a motor vehicle designed to transport large amounts of goods and perform special tasks. It consists of tires, engines, transmissions, axle ratios, brakes, rear axles, and electrical systems. It also comprises trailer and goods carrying space to deploy easy and safe transportation. It is made of steel and offers high durability, consistent strength, and corrosion-resistant capabilities. Besides this, it suffers fewer mechanical issues and breakdowns, operates in longer distances, and provides high flexibility and cost-effectiveness compared to other modes of transport. At present, heavy, medium, and light-duty trucks find extensive applications in construction, mining, freight, and logistics across India.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/indian-truck-market/requestsample
India Truck Market Trends and Drivers:
Rapid urbanization and significant growth in the economy represent one of the key factors positively influencing the market in India. In addition, the development of roads, highways, and mega infrastructure projects is creating a positive market outlook. This can also be attributed to the favorable initiatives undertaken by the Government of India to attract international tourists and promote economic growth. In line with this, the expansion of real estate and increasing construction, renovation, and mining activities is catalyzing the demand for heavy-duty trucks in the country. In addition, shifting consumer preferences toward short-term deliveries of raw materials are driving the market. In line with this, the emerging trend of online shopping, along with significant growth in the e-commerce industry, is propelling the market growth. Apart from this, trucks offer several advantages over railways in transporting goods due to their greater accessibility in rural and hilly regions and minimal time for loading and unloading products, which is catalyzing their demand in the country.
Besides this, the incorporation of various propulsions, such as internal combustion (IC) engines, hybrid, and electric, for improved drivability, durability, and operational efficiency is bolstering the market growth. Furthermore, the development of numerous online applications that assist in the purchasing of old trucks is contributing to the industry in India. Apart from this, the incorporation of the latest technologies, such as collision mitigation, electronic logging devices, dynamic routing, and trailer tracking, is offering lucrative opportunities to the key market players to introduce more product variants. Moreover, stringent regulations and mandates imposed by the governing authorities on waste recycling in different sectors due to growing environmental concerns are strengthening the growth of the market. The rising preference for hybrid and electric vehicles is projected to increase the sales of electric trucks, which, in turn, is projected to fuel the market growth.
Report Segmentation:
The report has segmented the market into the following categories:
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:
The competitive landscape of the market has also been analyzed, with some of the top leading Indian Truck Companies.
- 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.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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