Indian Electric Truck Report is our latest detailed analytical report with a forecast for 2030. The key truck segment for electrifying is mini and pickup trucks. The market potential of this segment is 600K units in the next 3 to 4 years. These smaller, versatile trucks are ready to transform logistics and transportation. They are suitable for both urban, semi-urban, and rural areas. The penetration of Mini and Pickup Electric Trucks is increasing. The key drivers are market demand, environmental concerns, and attractive ROI.
The Indian Electric Truck Industry:
The OEMs should not look at the market size of Small and pickup trucks in India, which is more than 50 percent of the total Truck market in India. The key to success in penetration is the addressable market size. If the addressable market grows, it should be considered an attractive market segment. The following attractive segments are Light Duty Trucks and Intermediate Trucks. The Electric Truck will register a 42% CAGR in five years.
The Indian Electric Truck Industry will transform in the next five years. The Electric Truck portfolio will be rich and adopted by all customer segments, from Early adopters to Laggards. Technology will be easily accessible and affordable. The Mini and Pick-up Electric Trucks are suitable for limited applications. By 2030, around 85 percent of trucks will be ideal for electric trucks with GVW up to 3.5T. There will be significant changes in the Electric Truck Industry by 2030. This does not mean that 85% of the trucks will be electric by 2030.
The ecosystem will be highly developed, at least in urban areas. The customer will benefit from a wider choice of e-truck models and variants.
Electric Truck Product Market Fit:
Electric Trucks are new in India. They must match the expectations of the Indian transport and logistics Industry. Product Market fit is the most critical factor for Electric Trucks in India. A firm fit will enable electric trucks to offer an alternative to ICE Trucks, give attractive ROI, Better TCO, and ultimately, value to fleet owners. ETruck should find the appropriate truck application and satisfy the market’s needs.
The revenue model is a crucial criterion for an electric truck that should be profitable. Another critical point in product market fit is a cost-effective customer acquisition model, which includes a willingness to pay.
OEMs must create value by delivering a value proposition that meets the needs of fleet owners or fleet operators.
- ACG Creates the lean product process, which provides the following framework:
- What Types of fleet owners need to target for your eTruck
- Which customer and which truck application need to target
- Underserved truck fleet owners’ needs
- Value position for each truck application
- Define MVP feature set, and
- create and test MVP with the fleet owners
The bottom of the pyramid discusses the Target Truck Application, the type of Fleet owner, and the truck’s specific needs, such as payload, Range, price, and charging time.
The User experience is at the top of the pyramid. The value proposition depends entirely on the customer segment. The critical question is what kind of features customers are more willing to pay for. It depends on the type of Truck application, the Truck segment, and the Fleet owners. For example, mine owners are ready to pay a higher upfront cost. The tipper runs between 18 and 20 hours a day. Electric Tippers save a lot of money on fuel. Mini and pickup trucks are also attractive segments for electric truck adoption.
Product Strategy and Position:
OEMs have different Product strategies. Tata Motors uses its legacy product lines and brand to launch Electric Trucks. Tata ACE is available in various powertrain options, including Electric Trucks. This is an excellent example of a business case for a vehicle platform.
Indian electric trucks are expected to evolve from an overserved customer segment to a mass or all types of customer segment—transit from a high upfront cost option in 2024 to a mainstream choice by 2030. Initially, electric trucks follow a Disruptive Strategy, targeting underserved customers with limited reach.
By 2030, the strategy shifts to cover a broad range of applications, with upgraded eTruck V1 to V4 designed to handle over 85% of truck application suitability.
This progression reflects a move towards delivering better performance, Trust, Reliability, Durability, and more comprehensive features, aiming to capture a large portion of the market through a dominant strategy that aligns with diverse customer demands.
Other players like Switch Mobility are using new Products and Brand names to penetrate this segment. The company offers products in the pickup truck range with superior technical specs.
Euler Motors recently launched an Electric four-wheeler with multiple options and a 1250Kg payload. The truck’s pricing ranges from 8.99 to 12.99 lakhs. Two product versions are available: the basic model and one with advanced features like night vision and other ADAS capabilities.
Mahindra Zeo was launched at a lower payload capacity, targeting some specific and low-range application segments.
Eicher has launched its electric truck in the 5T plus GVW range with a battery size of 64.5kWh and a range of 160+ km at around 2,800,000 INR. Another player, EVAGE, has innovative manufacturing facilities called macro factories. This truck is in the pickup truck segment with a 22kWh battery and a range of 100 km. Omega Seiki plans to introduce its Mika truck range in the light-duty segment.
Product and Segment Analysis:
Tata Motors is always position itsself as a cost effective Trucks for mass market customer base. Euler recently launch 4 Wheeler Electric Truck with attractive ADAS – night vision trucks position itself as a broad differentiator.
Mahindra ZEO targets a narrower customer segment. Focusing on the affordable customer segment is key, but the scope is limited. Focused Differentiators is identified as potentially the most profitable segment but small in size.
Electric Truck Launch Strategy:
OEMs need to launch electricity in a phase-wise manner. This is the implementation part of the Product market fit strategy. First, launch the most favorable product for your eTruck, the Early adopter customer segment with a high demand. The first region can be considered an established product performance and brand establishment.
Following success in the region, OEMs can enter other markets. ACG helps identify the key markets to launch your Electric Truck based on various parameters.
Electric Truck Product Analysis:
Electric Truck Product analysis is the critical matrix that provides OEMs with information about whether their product is offered to the right segment. ACG created the Product frame to recommend whether OEMs need to work on Product Mix, Length of Product line, Breadth of eTruck, Depth of eTruck, and consistency of eTruck.
We analyzed Tata Motors, Ashok Leyland, Switch Mobility, Euler Motors, Mahindra, and other new players.
Electric Truck Product Life Cycle Analysis:
Since electric trucks have different technology from ICE trucks, ACG developed an updated product life cycle based on various factors, such as technology maturity, changes in market growth, and customer-expected buying behaviors.
Key Highlights of the Report:
- Indian Electric Truck and addressable market size
- Key Products, specs, Features, and their price position
- Application wise Electric Truck market size and forecast for 2030
- Customer upgradation from 3W auto to 4W Electric Truck
- Product strategy and product planning
- How to find customers and target them
- Customer persona
Please contact us to get the full Table of Contents.
