Market Research Report
India Truck and Bus Market - 2019-2026
|Published by||DataM Intelligence||Product code||792800|
|Published||Content info||110-140 Pages
Delivery time: 1-2 business days
|India Truck and Bus Market - 2019-2026|
|Published: February 1, 2019||Content info: 110-140 Pages||
India truck & bus market is valued at USD 9.46 billion in 2018 and is expected to grow substantially at a CAGR of XX% over the forecasted period 2019 to 2026. The growth in industry is due to rise in the 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. Large population migration from rural areas to urban cities and increased transportation activities within the city requires 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) vehicles manufacturing companies to manufacture BS-VI vehicle from April 2020, which will result in high standardization of the products for commercial vehicles. Integration of advance 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.
Major factors driving the growth in the India truck & bus market are increasing Logistic services in India in recent years due to rise in industrialization and domestic manufacturing that driving the demand for truck & bus market in the Indian market.
Supporting government policies to promote sustainable and alternate 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 less pollutants. Switching over vehicles from BS-III to BS-IV requires technology upgradation which needs additional cost in the research and development of new vehicles is another factor restraining the growth in the market.
India truck & bus market is segmented on the basis of truck type, bus type and fuel type. On the basis of truck type, it is segmented into light, medium and heavy truck. 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.
Heavy truck is the second prominent segment in the Indian truck market attributed to rising consumer migration towards high capacity and heavy-duty trucks is the key driver for the heavy trucks market growth in recent years. Growth of Medium truck segment is slow compared to 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 has supported the medium truck segment, especially for tipper trucks in India in recent years.
On the basis of axle type, India bus market is segmented into single axle and multi axle. Single Axle is dominating the bus market in India due to high penetration of single axle buses for intercity, school and college, city, and tourist transportation purposes. Growth in the multi axle bus market too is gaining traction in recent years driven by growing consumer demands for demand for comfortable and sophisticated travel requirements.
India truck & bus market is highly fragmented with 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 bus in 2017 with 48.40% of total bus sales.
Companies in Indian truck & bus market are enhancing their market 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.