Indian Trucking Industry Expected to Reach US$ 36,353 Million by 2028 | IMARC Group

According to the latest report by IMARC Group "India Truck Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", The India truck market size reached US$ 20,042 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 36,353 Million by 2028, exhibiting a growth rate (CAGR) of 9% during 2023-2028. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

Trucks offer various advantages over railways. In contrast to rail transport, these vehicles can accept products in smaller quantities, require less time than rail for the unloading and loading of commodities, and can also reach rural and hilly regions. Trucks can be classified according to their fuel type, including petrol, diesel, CNG, and LNG. The utilization of these vehicles can be categorized across various sectors, such as real estate, infrastructure, mining, etc. In addition, the strong economic growth of the country has also been a major factor in the development of the truck industry. As a result, these vehicles find widespread applications in construction and logistics operations.

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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.

India Truck Market Trends and Drivers:

The inflating income levels of the consumers, the emerging trend of urbanization, the expanding rural economy and e-commerce industries, and the launch of several policies by the government bodies to simplify business opportunities in the country are among the primary factors driving the India truck market. Besides this, the increasing investments by the leading players to develop lightweight variants of these automobiles to reduce vehicular radiation while enhancing the overall efficiency are further augmenting the market growth. Moreover, the growing popularity of zero-emissions trucks (ZETs), including battery electric trucks (BETs) and fuel cell electric trucks (FCETs) that have lower operating costs, is also catalyzing the market across India. Apart from this, the escalating demand for logistics and freight, various product innovations, and the rising improvements in the automotive industry are acting as significant growth-inducing factors. Furthermore, the elevating number of vehicles to transport goods via roads is expected to bolster the India truck market in the coming years.  

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.

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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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