India Truck Market Insights, Growth Drivers and Forecast Report by 2033

The India truck market size reached USD 23,864.7 Million in 2024 and is projected to expand to USD 47,140.2 Million by 2033, growing at a CAGR of 7.46% during 2025-2033. Growth is driven by increasing transportation demand in agriculture, manufacturing, and e-commerce, supported by infrastructure expansion, government initiatives for cleaner trucks, and technological advancements in fleet management.

STUDY ASSUMPTION YEARS

• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033

INDIA TRUCK MARKET KEY TAKEAWAYS

• Market Size (2024): USD 23,864.7 Million
• CAGR (2025-2033): 7.46%
• Forecast Period: 2025-2033
• West and Central India dominated the market in 2024 due to industrial growth, particularly in Maharashtra and Gujarat.
• Light Duty Trucks represent the largest vehicle type segment, driven by e-commerce and last-mile delivery demands.
• Trucks with above 30 tons capacity hold the largest share in tonnage capacity, propelled by infrastructure projects like road construction and port expansion.
• Diesel is the leading fuel type due to higher energy density and widespread refueling infrastructure.
• Logistics is the largest application segment, underpinned by investments in warehouses, distribution centers, and transportation fleets.

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MARKET TRENDS

The rapid expansion of e-commerce in India significantly drives the truck market, notably rising last-mile delivery requirements. With more players entering and global companies participating, the need for efficient logistics solutions grows. Smaller, agile trucks are increasingly demanded for hyperlocal delivery models that serve limited radii in congested urban environments. For instance, Volvo Trucks reported a 25% increase in global gas-powered truck sales in 2024, selling over 8,000 units that reduce CO2 emissions up to 100% when using biogas. Specialized e-commerce logistics trucks such as refrigerated vehicles and those equipped with real-time monitoring have been introduced to meet these demands.

Government initiatives and regulations play a vital role in market growth. The consolidation of warehouses following favorable tax schemes enhances supply chain efficiency, boosting truck demand for longer transport distances. Stricter emission norms encourage the production and adoption of cleaner, fuel-efficient trucks. Campaigns promoting domestic manufacturing incentivize manufacturers to localize production and launch new truck models. Supplementary government investments in logistics parks and real-time tolling systems (FASTag) facilitate optimized freight movement. The PM E-DRIVE scheme allocates INR 500 Crore to support over 5,600 electric trucks in FY2026 with subsidies up to INR 9.6 Lakh, accelerating clean freight adoption.

Technological integration profoundly influences the truck market. Developments in telematics, GPS tracking, and connectivity solutions enhance fleet management and operational efficiency, leading fleet owners to invest in modern trucks. The rising adoption of electric trucks is notable, with 10,400 units sold in 2024, representing a 53% growth over 2023. The demand is expected to increase beyond 15,000 units in 2025 due to lower fuel and maintenance costs, government incentives, and rising fuel prices. Partnerships between OEMs and tech startups for telematics and asset tracking improve truck utility, especially in remote areas.

MARKET GROWTH FACTORS

Infrastructure expansion underpins the demand for trucks with large tonnage capacities. Government investments in road construction and port expansion create significant requirements for heavy-duty trucks capable of transporting construction materials and goods over long distances. These efforts stimulate logistics and transportation sector growth, increasing demand for trucks over 30 tons, which provide the payload and power necessary for efficient industrial operations in manufacturing, mining, and agriculture.

Government support for sustainable transportation accelerates market expansion. Emission reduction efforts and stricter norms have prompted the ramp-up in cleaner, fuel-efficient trucks. The National Logistics Policy emphasizes truck fleet digitization and multimodal logistics convergence. Subsidies and warranties under the PM E-DRIVE scheme empower the heavy-duty truck segment's electrification drive, facilitating a greener freight future.

Expansion of cold-chain logistics especially for pharmaceuticals and perishable goods is fostering steady demand for temperature-controlled truck fleets. Also, increasing highway connectivity in Northeast and hilly terrains opens new corridors, supported by multi-modal logistics and digital freight platforms. These advancements empower regional operations and enhance performance optimization in the sector, boosting demand across the geographic spectrum.

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MARKET SEGMENTATION

By Vehicle Type:

• Heavy Duty Truck
• Medium Duty Truck
• Light Duty Truck

Light duty trucks dominate due to their agility, efficiency in last-mile deliveries, and suitability for congested urban areas. They provide flexible, economical transport solutions for SMEs and align with government directives promoting cleaner emissions.

By Tonnage Capacity:

• 3.5 – 7.5 Tons
• 7.5 – 16 Tons
• 16 – 30 Tons
• Above 30 Tons

Trucks with above 30 tons capacity lead the market, fueled by infrastructure projects demanding transport of heavy goods and industrial materials across long distances, supporting multiple sectors such as manufacturing, mining, and agriculture.

By Fuel Type:

• Diesel
• Petrol
• CNG & LNG

Diesel remains predominant owing to its high-energy density suitable for heavy-duty operations, efficient combustion leading to better fuel economy, widespread availability, and engine durability for challenging long-haul and off-road applications.

By Application:

• Construction
• Logistics
• Others

The logistics segment commands the largest share, driven by consumer preference for doorstep deliveries, investments in logistics infrastructure, and the growth of organized retail, manufacturing, and industrial sectors.

By Region:

• North India
• West and Central India
• South India
• East India

West and Central India dominate, propelled by industrial growth in Maharashtra and Gujarat, with Central India’s rich natural resources also substantially supporting truck demand.

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REGIONAL INSIGHTS

West and Central India account for the largest market share due to robust industrial development, especially in manufacturing, construction, mining, and agriculture. Maharashtra and Gujarat host major industries such as automotive and petrochemicals, driving transportation demand. Central Indian states like Madhya Pradesh, rich in resources, significantly contribute to agricultural and mining outputs, reinforcing truck uptake across the region.

RECENT DEVELOPMENTS & NEWS

• October 31, 2024: Volvo Trucks launched advanced pedestrian and cyclist safety systems—Active Side Collision Avoidance Support and next-generation Collision Warning with Emergency Brake—available on multiple models from November 2024.
• May 10, 2025: Adani Enterprises introduced India’s first hydrogen-powered truck for mining logistics, capable of 40 tons cargo over 200 km, used in coal transport, advancing sustainable transportation.
• April 17, 2024: Daimler India Commercial Vehicles unveiled the all-electric Next Generation eCanter truck, targeting India's battery-electric market with availability within 6-12 months.
• January 17, 2025: Eicher Trucks and Buses launched the electric-first Eicher Pro X Range in the 2-3.5T Small Commercial Vehicle segment, featuring largest-in-class cargo space, energy efficiency, and advanced safety, manufactured at a high-tech facility in Bhopal.

KEY PLAYERS

• Ashok Leyland Limited
• Daimler India Commercial Vehicles Pvt. Ltd
• Hino Motors Sales India Private Limited
• Mahindra & Mahindra
• Scania Commercial Vehicles India Pvt. Ltd.
• SML ISUZU Ltd.
• Tata Motors Limited
• VE Commercial Vehicles Limited

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