Commercial vehicle production in India FY 2008-2024
Over one million commercial vehicles were produced in India in fiscal year 2024. This included commercially registered passenger and goods vehicles. In comparison to the preceding year, the production volume increased slightly. 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. In India, 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. India exported both light commercial vehicles, as well as medium and heavy commercial vehicles. However, light commercial trucks dominated the export market in India, followed by medium and heavy trucks. Tata Motors was the leading exporter of commercial vehicles from the country.
