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

News provided by

Jan 16, 2024, 20:45 ET

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 Economy
Key Trends Driving the Indian Commercial Vehicle Market
Truck Applications Overview
Freight Transport Categories and Types, India
Truck Ecosystem in India
Snapshot of Global Commercial Vehicles in 2022
OEM Landscape, 2023
Regulations and Policies, 2023-2027 Outlook
Electric Vehicle (EV) Incentives and Subsidies, 2023

Growth Opportunity Analysis

Key Growth Metrics
Forecast Criteria
Growth Drivers for the Indian Commercial Vehicle Market
Growth Restraints for the Indian Commercial Vehicle Market

Growth Opportunity Universe

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

Application Usage and Sector Outlook

Truck Sales by Application
Courier, Express, and Parcel (CEP) Logistics
Consumer Durables, Retail, and eCommerce
FMCG, Pharma, and Documents
Road Construction and Real Estate
Planned Road Construction
Fruit, Vegetables, and Milk
Agricultural Products

Historic Unit Sales Performance Review

LD Truck Sales Cycles
LD Truck Market Share Comparison for CY 2018-2022
MD Truck Sales Cycles
MD Truck Market Share Comparison for CY 2018-2022
HD Truck Sales Cycles
HD Truck Market Share Comparison for CY 2018-2022

Unit Sales and Powertrain Forecast

Indian Commercial Vehicle Unit Sales Forecast, 2022-2035
LD Truck Unit Sales Forecast
LD Truck Powertrain Forecast
MD Truck Unit Sales Forecast
MD Truck Powertrain Forecast
HD Truck Unit Sales Forecast
HD Truck Powertrain Forecast
Forecast Discussion

Alternative Fuels Ecosystem

LNG
CNG
NG for the Transportation Sector
Hydrogen Ecosystem

Truck Technology Systems

Truck Technology Road Map
Cabin Ergonomics
Fuel Efficiency Improvements, 2021-2035

Safety and Telematics Systems

Truck Safety Systems
Truck Safety System Adoption, 2022-2035
Truck Telematics Installed Base
Truck Telematics Market Share
Truck Telematics Feature by OEM
Truck Telematics Installed Base Forecast

OEM Profiles

Ashok Leyland
Eicher
Mahindra
Tata Motors

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

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets