Indian Commercial Vehicle Growth Opportunities

Indian Commercial Vehicle Growth Opportunities

Alternative Powertrains and New Business Models Will Ensure Transformational Growth

RELEASE DATE
08-Dec-2023
REGION
South Asia, Middle East & North Africa
Deliverable Type
Market Research
Research Code: PEA1-01-00-00-00
SKU: AU_2023_398
AvailableYesPDF Download
$4,950.00
In stock
SKU
AU_2023_398
$4,950.00
DownloadLink
ENQUIRE NOW

Description

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.

Author: Shyamsundar Kanakaraj

Table of Contents

Why is it Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top 3 Strategic Imperatives on the Indian Commercial Vehicle Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

Scope of Analysis

Product and Powertrain Segmentation

Research Aims and Objectives

Key Questions This Study Will Answer

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

Regulations and Policies, 2023–2027 Outlook (continued)

Electric Vehicle (EV) Incentives and Subsidies, 2023

Key Growth Metrics

Forecast Criteria

Growth Drivers for the Indian Commercial Vehicle Market

Growth Restraints for the Indian Commercial Vehicle Market

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

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

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

LNG

CNG

NG for the Transportation Sector

Hydrogen Ecosystem

Truck Technology Road Map

Truck Technology Road Map (continued)

Truck Technology Road Map (continued)

Cabin Ergonomics

Fuel Efficiency Improvements, 2021–2035

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

Tata Motors—OEM Profile

Tata Motors—OEM Models, 2023

Ashok Leyland—OEM Profile

Ashok Leyland—OEM Models, 2023

Eicher—OEM Profile

Eicher—OEM Models, 2023

Mahindra—OEM Profile

Mahindra—OEM Models, 2023

Growth Opportunity 1—Adoption of Low- and Zero-emission Trucks

Growth Opportunity 1—Adoption of Low- and Zero-emission Trucks (continued)

Growth Opportunity 2—New Truck Ownership and Business Models

Growth Opportunity 2—New Truck Ownership and Business Models (continued)

Growth Opportunity 3—Improved Safety and Connected Telematics Solutions

Growth Opportunity 3—Improved Safety and Connected Telematics Solutions (continued)

Your Next Steps

Why Frost, Why Now?

List of Exhibits

List of Exhibits (continued)

Legal Disclaimer

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. Author: Shyamsundar Kanakaraj
More Information
Deliverable Type Market Research
Author Shyamsundar Kanakaraj
Industries Automotive
No Index No
Is Prebook No
Keyword 1 Indian CV Market Dynamics
Keyword 2 Indian CV Industry
Keyword 3 Indian CV Market Growth
Podcast No
WIP Number PEA1-01-00-00-00