Over one million commercial vehicles were produced in India in fiscal year 2023. This included commercially registered passenger and goods vehicles. In comparison to the preceding year, the production volume increased drastically. The decline in 2020 and 2021 was due to planned transition to BS-VI emission standards, excess freight capacity, revised axle load norms, and an overall slowdown of the economy were some of the reasons for this industry witnessing a sharp decline.
Trucks – freight carriers of the nation
Trucks constituted the major share among light commercial vehicles as well as heavy commercial vehicles. Trucks were preferred freight carriers across the country as it provided end to end connection, flexibility, and more reliability over other means of carriers. The Indian truck industry is quite fragmented and has several small players. Due to fierce competition, the price is relatively low. To stop rampant overloading, which was one of the primary reasons for road mishaps in the country, the central government brought in new axle norms. The industry moved towards vehicles with high gross vehicle weight.
Export of commercial vehicles
As the fourth-largest producer of commercial vehicles across the world, India exported a considerable volume of commercial vehicles to other countries. In 2019, the European Union imported commercial vehicles worth over 65 million euros from India. India exported both light commercial vehicles, as well as medium and heavy commercial vehicles. Tata Motors was the leading exporter of commercial vehicles from the country.
Commercial vehicle production in India from financial year 2008 to 2023
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SIAM India. (July 6, 2023). Commercial vehicle production in India from financial year 2008 to 2023 (in units) [Graph]. In Statista. Retrieved June 18, 2024, from https://www.statista.com/statistics/318027/commercial-vehicle-production-in-india/
SIAM India. "Commercial vehicle production in India from financial year 2008 to 2023 (in units)." Chart. July 6, 2023. Statista. Accessed June 18, 2024. https://www.statista.com/statistics/318027/commercial-vehicle-production-in-india/
SIAM India. (2023). Commercial vehicle production in India from financial year 2008 to 2023 (in units). Statista. Statista Inc.. Accessed: June 18, 2024. https://www.statista.com/statistics/318027/commercial-vehicle-production-in-india/
SIAM India. "Commercial Vehicle Production in India from Financial Year 2008 to 2023 (in Units)." Statista, Statista Inc., 6 Jul 2023, https://www.statista.com/statistics/318027/commercial-vehicle-production-in-india/
SIAM India, Commercial vehicle production in India from financial year 2008 to 2023 (in units) Statista, https://www.statista.com/statistics/318027/commercial-vehicle-production-in-india/ (last visited June 18, 2024)
Commercial vehicle production in India from financial year 2008 to 2023 (in units) [Graph], SIAM India, July 6, 2023. [Online]. Available: https://www.statista.com/statistics/318027/commercial-vehicle-production-in-india/