Indian Heavy Duty Truck Market Forecast 2030

The Indian Heavy-Duty (GVW 28T +) truck segment is the most attractive for various Truck applications and the largest segment in terms of Value. 219K trucks were sold in FY 2024, contributing to 22.8 percent of the market share in the Indian truck industry. It is expected that by FY 2030, the Indian HDT Truck Industry will cross 250K trucks.

Some applications, such as mines and Cement, have started to adopt Electric heavy-duty trucks because they offer a favorable total cost of ownership (TCO).

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FY 2025 Q2 GDP growth is 5.4%, the slowest in seven quarters. The construction and mining Industries showed degrowth.

The GDP data for Q2 FY2025 reflect the challenges posed by unpredictable monsoons and slower-than-expected urban consumption growth. This slowdown has affected several industries, including retail, mining, and the automotive sector.

However, the outlook for the coming quarters and FY 2025 appears more favorable. Key factors driving this optimism include:

• An expected increase in government capital expenditure.
• Rising demand after the monsoon session in Real Estate, Mining, Manufacturing, and
  Stable rural consumption.
• These factors will likely support more substantial economic growth in the near term.

Brand-wise Indian HDT Truck Market Share:

Tata Motors maintains the leadership position in the Heavy-Duty Truck Segment. However, Tata Motors lost 4 percent of its market share in H1 FY2025, while Ashok Leyland increased its market share continuously from FY2020. Eicher’s market share is relatively stable at around 4 percent. However, it has a rich product portfolio. Mahindra is still struggling to gain market share in the heavy-duty truck segment.

Segment: GVW 28T and above

HDT Truck Segment Market Share:

Rigid Haulage has been the largest segment in the Indian Truck Industry for over three decades. This segment still dominates the Truck Industry, but it is declining. It came to 39 percent in H1 FY 2025 from 46 percent in FY 2020. Transporters and logistics companies prefer Tractor-Trailers for various applications, including bulk materials, Heavy Construction materials, Coal Transport, Auto logistics, Port Operations, and the transportation of goods. This is because they offer better Total Cost of Ownership (TCO).

Segment: GVW 28T and above

Tipper is another key segment in the Indian Truck Industry. Due to high demand in the Mining and Construction Industries, the Tipper segment had a 35 percent share in FY 2020. Low demand has been registered in H1 FY2025 due to negative growth in the Construction and mining Industries in Q2 FY2025. Tipper sales are expected to increase in Q3 and Q4 of FY 2025.

Brand-wise Rigid Haulage Market Share:

In FY 2023, Ashok Leyland surpassed Tata Motors to become the market leader. Ashok Leyland demonstrated consistent growth in market share, becoming the market leader, with its share increasing from 37% in FY 2020 to 53% by H2 FY 2024.

Segment: GVW 28T and above

The rigid truck segment is shifting towards vehicles with a higher gross weight. 45.5T and 47.5T have a 35% market share in H1 FY2025.

Brand-Wise Tipper  Market Share:

Tata Motors dominates the tipper segment, particularly in the on-road Transportation of Coal, sand, and construction aggregates. The company has maintained a market share of over 60 percent since FY 2020. Tata Motors’ dominance creates significant barriers to entry for competitors. Like Rigid Haulage, Ashok Leyland is still struggling to cross the 30 percent market share in the heavy-duty tipper segment. Its overload capacity is one of the significant challenges in this segment. Dominates the tipper segment, especially the on-road Coal, sand, and construction aggregates segment. Like Rigid Haulage, Ashok Leyland is still struggling to cross 30 percent of the market share in the Heavy-Duty Tipper segment. Its limited overload capacity is one of the significant challenges in this segment.

Segment: GVW 28T and above

Volvo is a leading player in mining applications and intensive mining. The Eicher Tipper has been spotted on numerous mining sites, and the company has successfully closed a bulk deal with mine contractors. Product upgradation is one of the significant factors in increasing its market share. The second reason is that its sales team responds immediately. Mahindra holds only 3 percent, which is considered a low level of product acceptance.

Brand-wise Tractor Trailer Market Share:

Tata Motors consistently holds a strong leadership position in the tractor-trailer segment, maintaining a 61 percent market share from FY 2020 through H2 FY 2024.
Tata Motors’ dominance suggests a strong brand presence, superior product offerings, and an extensive distribution and service network.

Segment: GVW 28T and above

Ashok Leyland’s market share increased from 27 percent in FY 2020 to 30 percent by the end of H2 FY 2024, reflecting moderate growth. Mahindra is also a minor player in this segment, with a 3 percent market share. The key applications of this segment are construction material, Coal transport, Ports, Heavy Machinery, and Bulkers.

Price Position of Heavy Duty Truck Segment:

The median price for Heavy-Duty Haulage trucks is lower than for other segments. Tata has an attractive price bracket.

Ashok Leyland and Eicher are showing strong performance in the Concrete Mixer segment. To penetrate this segment, both are following aggressive pricing strategies. This segment is highly concentrated around the median price.

BharatBenz’s price point is attractive when you consider the post-discount invoice value. Initially, BharatBenz did not offer any discounts to customers.

Segment: GVW 28T and above

The tractor-trailer segment offers a wide range of price points and several models to choose from.

Heavy Duty Truck Model Distribution segment:

Engine power ranges from 180 to 300 hp in the Rigid Haulage Truck segment.
Ashok Leyland RH AVTR 2820 has a median engine power of 180 hp, positioned at the lower range of the segment.

In the RMC Truck range, the Tata Prima holds a premium position with a 300 hp engine. Eicher and Ashok Leyland have a moderate range of engine power.

Tipper has a wide range of engine power due to its various applications in different terrains.

The tractor-trailer segment shows significant variability.

Key Highlights of the Report:

• Indian Heavy Duty Truck Market Forecast
• Sales Volume, Market share, and (de) growth Analysis of Brands and segments
• State-wise market Attractiveness and market size of each truck segment
• Segment Market Trend and Forecast – Tipper, Rigid Haulage, Tractor Trailer, RMC, and Special Application
• Model-wise Price Position with pre- and post-discount
• Application-wise Demand Analysis for the next 10 years
• Application-wise Tipper, TT, and Rigid Haulage Truck Sales of the past 5 years and forecast for 2035
• Customer feedback Analysis of each brand and application
• Technical Product Position based on key technical specs
• Brand and Product Strategy Analysis of Tata Motors, Ashok Leyland, BharatBenz, Eicher, Volvo, and Scania
• Key buying factors influencing purchase decisions
• Why does the Rigid Haulage and Tractor Trailer segment overlap with each other
• Model-wise TCO Analysis based on the demand