According to the latest report by IMARC Group “India Truck Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The India truck market size reached US$ 16,832 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 33,018 Million by 2027, exhibiting a growth rate (CAGR) of 10.5% during 2022-2027. 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 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.
India Truck 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.
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:
- 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.
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
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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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