(MENAFN- EIN Presswire) The India truck market size reached US$ 16,832 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 33,018 Million by 2027.
INDIA, November 24, 2022 /einpresswire.com / -- Trucks represent heavy-road and large motor vehicles that transport cargo and carry specialized payloads, materials, or troops. They usually include suspension, roadwheels, rear axles, engines, electrical systems, brakes, axle ratios, transmissions, etc. Trucks are extensively utilized for hauling lumber, loading and unloading, carrying freight, towing, transporting, delivering large amounts of goods, etc. In line with this, they exhibit optimal durability, corrosion, strength, temperature resistance, etc. Trucks provide various benefits over railways as they can accept products in smaller quantities. Trucks can also reach rural as well as hilly regions and require less time than rail transport.
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The india truck market size reached us$ 16,832 million in 2021. Looking forward, IMARC Group expects the market to reach US$ 33,018 Million by 2027, exhibiting a growth rate (CAGR) of 10.5% during 2022-2027.
What are the major market drivers in the India truck market?
The escalating demand for autonomous operations, digitalization, and sustainability to enhance fleet efficiency and performance is primarily driving the India trucks market. Additionally, the rising utilization of electronic stability control features to control braking and steering that is useful in minimizing rollovers and numerous technological advancements, such as the introduction of eyelid monitoring systems, dual-facing cameras, forward collision avoidance, continuous remote monitoring features, etc., are further catalyzing the market growth. Besides this, the widespread adoption of heavy-duty trucks, owing to their high carrying capacity and suspension system, is acting as another significant growth-inducing factor. Moreover, the development of collision mitigation technology that uses radar, video, sensors, etc., to monitor and minimize risks on the road in real-time and alert drivers of potential hazards is bolstering the market growth across the country. Apart from this, they track crashes of several kinds and can take emergency action to avoid them and provide real-time traffic views while also observing truck driver behavior, which is propelling the market growth. Furthermore, the inflating popularity of onboard diagnostics (OBD) is anticipated to fuel the India truck market over the forecasted period.
Some of the Top Largest indian truck companies
1. Tata Motors Limited
2. Ashok Leyland Limited
3. VE Commercial Vehicles Limited
4. Mahindra & Mahindra Limited
5. SML Isuzu Limited
6. Daimler India Commercial Vehicles Pvt. Ltd
7. AMW Motors Ltd
8. Hino Motors Sales India Private Limited
9. Scania Commercial Vehicle India Pvt Ltd
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