Indian Commercial Vehicle Market Outlook: Market Growth with Adoption of Low- and Zero-emission Trucks and Improved Safety and Connected Telematics Solutions

DUBLIN, Jan. 16, 2024 /PRNewswire/ — The “Indian Commercial Vehicle Growth Opportunities” report has been added to ResearchAndMarkets.com’s offering.

The Indian trucking industry includes a diverse range of vehicles, operators, and logistics services and is a critical driver of economic growth and development. Following years of axle load regulation and the implementation of Bharat Stage 6 emission norms, the industry faced stagnant volumes made worse by the COVID-19 pandemic. However, the industry is in the recovery and growth phase now.

In 2022, total truck shipment was 0.87 million units. The largest share of the market remains with the light-duty segment, with 0.56 million trucks sold in 2022, followed by the heavy-duty segment with 0.22 trucks, and the medium-duty segment with 0.09 million trucks. With pivotal initiatives such as Bharatmala focusing on road infrastructure and Sagarmala on the modernization of ports, a comprehensive national logistics policy, and a national infrastructure pipeline, the outlay for development is high and will boost the demand for truck deployment. Despite elevated diesel prices, sales of compressed natural gas (CNG) trucks have increased in the medium-duty segment, accounting for 27.8% of the overall powertrain.

Revised CNG pricing will boost sales. The dedicated liquified natural gas (LNG) policy will increase LNG usage in trucks, especially in the heavy-duty segment, as LNG offers a longer range and performance similar to that of diesel. Leading OEMs have showcased their LNG models as prototypes, with launches expected in 2024. Truck electrification will start with light-duty trucks, target last-mile operations, and expand to other segments when charging infrastructure and acquisition cost improves. Electrification in commercial vehicles is further bolstered by subsidies from the central and state governments.

In addition, production-linked incentives (PLI) are also available for OEMs. The rise in connectivity and telematics solutions by third-party players and OEMs is improving fleet management for customers; however, more regulation is expected. The overall growth trajectory of the Indian commercial vehicle sector will remain strong.

Key Topics Covered:

Growth Environment

Pivotal Government Initiatives Focusing on Boosting the Indian EconomyKey Trends Driving the Indian Commercial Vehicle MarketTruck Applications OverviewFreight Transport Categories and Types, IndiaTruck Ecosystem in IndiaSnapshot of Global Commercial Vehicles in 2022OEM Landscape, 2023Regulations and Policies, 2023-2027 OutlookElectric Vehicle (EV) Incentives and Subsidies, 2023

Growth Opportunity Analysis

Key Growth MetricsForecast CriteriaGrowth Drivers for the Indian Commercial Vehicle MarketGrowth Restraints for the Indian Commercial Vehicle Market

Growth Opportunity Universe

Growth Opportunity 1 – Adoption of Low- and Zero-emission TrucksGrowth Opportunity 2 – New Truck Ownership and Business ModelsGrowth Opportunity 3 – Improved Safety and Connected Telematics Solutions

Application Usage and Sector Outlook

Truck Sales by ApplicationCourier, Express, and Parcel (CEP) LogisticsConsumer Durables, Retail, and eCommerceFMCG, Pharma, and DocumentsRoad Construction and Real EstatePlanned Road ConstructionFruit, Vegetables, and MilkAgricultural Products

Historic Unit Sales Performance Review

LD Truck Sales CyclesLD Truck Market Share Comparison for CY 2018-2022MD Truck Sales CyclesMD Truck Market Share Comparison for CY 2018-2022HD Truck Sales CyclesHD Truck Market Share Comparison for CY 2018-2022

Unit Sales and Powertrain Forecast

Indian Commercial Vehicle Unit Sales Forecast, 2022-2035LD Truck Unit Sales ForecastLD Truck Powertrain ForecastMD Truck Unit Sales ForecastMD Truck Powertrain ForecastHD Truck Unit Sales ForecastHD Truck Powertrain ForecastForecast Discussion

Alternative Fuels Ecosystem

LNGCNGNG for the Transportation SectorHydrogen Ecosystem

Truck Technology Systems

Truck Technology Road MapCabin ErgonomicsFuel Efficiency Improvements, 2021-2035

Safety and Telematics Systems

Truck Safety SystemsTruck Safety System Adoption, 2022-2035Truck Telematics Installed BaseTruck Telematics Market ShareTruck Telematics Feature by OEMTruck Telematics Installed Base Forecast

OEM Profiles

Ashok LeylandEicherMahindraTata Motors

For more information about this report visit https://www.researchandmarkets.com/r/wqomf9

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