According to the latest report by IMARC Group “India Truck Market Size: Industry Trends, Share, Growth, Opportunity and Forecast 2021-2026“, The Indian truck market reached a value of US$ 10,850 Million in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 12% during 2021-2026.
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.
Report Scope:
- Historical Market Trends
- Market Breakup by Region
- North India
- East India
- West India
- South India
- Market Breakup by Vehicle Type
- Heavy Duty Truck
- Medium Duty Truck
- Light Duty Truck
- Market Breakup by Tonnage Capacity
- 3.5 – 7.5 Tons
- 7.5 – 16 Tons
- 16 – 30 Tons
- Above 30 Tons
- Market Breakup by Fuel Type
- Diesel
- Petrol
- CNG & LNG
- Market Breakup by Application:
- Construction
- Logistics
- Others
- Value Chain Analysis
- Key Drivers and Challenges
- Porters Five Forces Analysis
- PESTEL Analysis
- Government Regulations
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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