India Truck and Bus Market Overview
The "India Truck and Bus Market" is expected to grow at a high CAGR during the forecast period (2024-2031).
The growth in the industry is due to the rise in industrializations and urbanization in the rural and major metro politician cities.. Continuous growth in infrastructure development and rapid construction of roads, dams, and other construction activities will further drive the growth of trucks in India. Massive population migration from rural areas to urban cities and increased transportation activities in the town require a high number of buses for pollution to migrate and travel to far-off places. New regulations mandated by the Indian government will enforce transportation (Truck & Bus) vehicle manufacturing companies to manufacture BS-VI vehicles from April 2020, which will result in high standardization of the products for commercial vehicles. Integration of advanced driver assistance systems and GPS tracking devices is seen in recent years, to increase road transportation safety measures. The OEMs will have to pass the changes to initiate the technical changes which will incur an additional cost.
Market Summary
| Metrics | Details |
| CAGR | High |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Truck Type, Bus Type, By Segment, and By Fuel Type |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
To Know More Insights - Download Sample
Market Dynamics
- Major factors driving the growth in the Indian truck & bus market are increasing Logistic services in India in recent years due to the rise in industrialization and domestic manufacturing that stimulating the demand for truck & bus market in the Indian market.
- Supporting government policies to promote sustainable and alternative fuel vehicles such as hybrid, full electric, fuel cell, hydrogen, LNG and CNG, will drive the growth in more emission-friendly commercial vehicles in the forecast period.
- Rising pollution concerns and strict emission regulations for commercial vehicles is causing hindrance for the growth in the India truck & bus market.
- For instance, in April 2017, the changes in emission regulations for BS-IV has mandated the manufacturers to produce vehicles that emit fewer pollutants. Switching over vehicles from BS-III to BS-IV requires technology up-gradation which needs additional cost in the research and development of new cars is another factor restraining the growth in the market.
Market Segmentation Analysis
- India truck & bus market is segmented by truck type, bus type, and fuel type. By truck type, it is segmented into light, medium and heavy trucks. Light truck dominates the Indian market as the growth in the industry is driven by growing consumers demand and increasing logistic services in the country.
- A heavy truck is the second prominent segment in the Indian truck market attributed to rising consumer migration towards high capacity, and heavy-duty trucks are the key driver for the heavy trucks market growth in recent years.
- The growth of the Medium truck segment is slow compared to the light and heavy truck segments, and it offers attractive opportunities especially driven by increasing infrastructure development activities such as road construction, and other mining activities that have supported the medium truck segment, especially for tipper trucks in India in recent years.
- By axle type, Indian bus market is segmented into the single axle and multi-axle. Single Axle is dominating the bus market in India due to the high penetration of only axle buses for intercity, school, and college, city, and tourist transportation purposes.
- Growth in the multi-axle bus market is gaining traction in recent years driven by growing consumer demands for demand for comfortable and sophisticated travel requirements.
Market Companies
- India truck & bus market is highly fragmented with the presence of various national and international players. Some of the major players in the India truck & bus market are Tata Motors, Daimler AG, Ashok Leyland, Volvo, Eicher (VECV), Mahindra & Mahindra, SML Isuzu, AMW, Volkswagen Commercial Vehicles (VWCV), Volvo Group India, and Force Motors.
- Tata Motors is the leading manufacturer of trucks in 2017 with 55.20% of total truck sales followed by Ashok Leyland and Volvo-Eicher (VECV). Tata Motors is one of the leading manufacturers of the bus in 2017 with 48.40% of total bus sales.
- Companies in the Indian truck & bus market are enhancing their exchange through different product launches. For Instance, In September 2018, BEML Ltd has launched 205T Electric Drive Rear Dump Truck in India under ‘Make in India’ initiative.
