Market Insights Mobility Commercial Vehicles

Trucks - India

India

In 2024, the Trucks market in India is projected to reach a total of 345.70k vehicles units sold.
Looking ahead, the market is expected to experience a compound annual growth rate of 2.59% from 2024 to 2030, resulting in a projected market volume of 403.00k vehicles units by 2030.
This growth potential is further emphasized by the expected production of 3,741.00k vehicles units in 2030.
When considering the international perspective, it is worth noting that in China is expected to dominate the market in 2024, with sales reaching a staggering 3,741.00k vehicles units.
India's truck market is experiencing a shift towards electric vehicles, driven by government initiatives and increasing environmental concerns.

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Analyst Opinion

The Trucks market in India has been experiencing significant growth in recent years, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Trucks market in India have been shifting towards vehicles that offer better fuel efficiency, higher load capacity, and improved safety features.

Customers are also increasingly looking for trucks that are more environmentally friendly and comply with stricter emission norms. This has led to a rise in demand for trucks with advanced technologies such as hybrid and electric powertrains. In terms of market trends, the Trucks market in India has witnessed a surge in the adoption of connected vehicle technologies.

These technologies enable fleet operators to track and monitor their vehicles in real-time, optimize routes, and improve overall operational efficiency. Additionally, there has been a growing demand for trucks with advanced telematics systems that provide features like remote diagnostics, predictive maintenance, and driver behavior monitoring. Local special circumstances in India, such as the government's focus on infrastructure development and the implementation of the Goods and Services Tax (GST), have also played a significant role in the growth of the Trucks market.

The government's emphasis on building new roads, bridges, and highways has increased the demand for trucks for transportation of goods and materials. Furthermore, the implementation of GST has streamlined the logistics sector, leading to increased demand for trucks to cater to the growing transportation needs. Underlying macroeconomic factors have also contributed to the growth of the Trucks market in India.

The country's robust economic growth, rising disposable incomes, and increasing urbanization have resulted in a higher demand for goods and services, which in turn has led to an increase in the transportation of goods. Additionally, the government's push for the 'Make in India' initiative has boosted the manufacturing sector, further driving the demand for trucks for the transportation of raw materials and finished goods. In conclusion, the Trucks market in India is witnessing significant growth due to customer preferences for fuel-efficient and technologically advanced vehicles, market trends such as the adoption of connected vehicle technologies, local special circumstances like infrastructure development and the implementation of GST, and underlying macroeconomic factors such as economic growth and the 'Make in India' initiative.

As these factors continue to drive the market, the Trucks market in India is expected to grow further in the coming years.

Methodology

Data coverage:

The data encompasses B2B enterprises. Figures are based on unit sales and production of trucks.

Modeling approach:

Market sizes are determined through a combined Top-Down and bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending per capita on transportation and consumer price index for purchase of vehicles. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, linear regression, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.