{"id":61696,"date":"2025-11-29T14:58:30","date_gmt":"2025-11-29T09:28:30","guid":{"rendered":"https:\/\/newswiredelhi.com\/index.php\/2025\/11\/29\/latest-report-on-indian-commercial-vehicle-market-being-saturated\/"},"modified":"2025-11-29T14:58:30","modified_gmt":"2025-11-29T09:28:30","slug":"latest-report-on-indian-commercial-vehicle-market-being-saturated","status":"publish","type":"post","link":"https:\/\/newswiredelhi.com\/index.php\/2025\/11\/29\/latest-report-on-indian-commercial-vehicle-market-being-saturated\/","title":{"rendered":"Latest Report on Indian Commercial Vehicle Market Being Saturated"},"content":{"rendered":"<div>\n<p><strong>New Delhi [India], November 28:<\/strong> If you look at the total number of commercial vehicle (CV) units sold in the last three years, you can see the industry growth has been stagnant.<\/p>\n<ul>\n<li>In FY 2022-23, <strong>962,468 CVs<\/strong> were sold<\/li>\n<li>In FY 2023-24, <strong>968,770 CVs<\/strong> were sold<\/li>\n<li>In FY 2024-25, <strong>956,671 CVs<\/strong> were sold<\/li>\n<\/ul>\n<p>And these numbers raise a serious question: <strong>has the CV or truck industry been saturated, and is there no future growth?<\/strong><\/p>\n<p>To counter these concerns, <strong><a href=\"https:\/\/www.truckonwheels.com\/\" target=\"_blank\" rel=\"noopener\">TruckOnWheels\u2019<\/a> <\/strong>research team has some optimistic projections that the trucking industry in India still has a lot of growth opportunities to capitalise on. And this article aims to explore those growth factors.<\/p>\n<h2><strong>Commercial Vehicle Market Overview<\/strong><\/h2>\n<p>Commercial vehicles are divided into 3 main categories. Each category of vehicles plays a crucial role to meet specific demands. Before we dive further, we need to review the market performance of all three categories to understand the CV market.<\/p>\n<h3><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-61840 aligncenter\" src=\"https:\/\/newswiredelhi.com\/wp-content\/uploads\/2025\/11\/PNN-2025-11-29T121915812.jpg\" alt=\"Vehicle Market\" width=\"1200\" height=\"675\"><\/h3>\n<h3><strong>Small Commercial Vehicles (SCV)<\/strong><\/h3>\n<p>Small Commercial Vehicles (SCVs) have emerged as the most rapidly growing category, particularly with the advent of electric SCVs. This segment typically includes pickup trucks, mini trucks, and small container vehicles, with payload capacities generally ranging from 500 to 1,200 kg.<\/p>\n<p>SCV units are sold almost double as compared to medium and heavy commercial vehicles, filling the gap between rural producers, urban markets, and consumer-end delivery.<\/p>\n<p>The increasing shift toward CNG and electric SCVs, which offer <strong>25\u201340% lower running costs<\/strong> compared to diesel vehicles, promises an optimistic future growth ahead.<\/p>\n<h3><strong>Medium Commercial Vehicles (MCV)<\/strong><\/h3>\n<p>Medium Commercial Vehicles (MCVs) are usually used for FMCG distribution, building materials, manufacturing goods, and hub-to-spoke operations. This category typically includes trucks in the <strong>7.5\u201316 tonne GVW<\/strong> range.<\/p>\n<p>In FY 2025, MCV retail sales increased to <strong>77,568 units<\/strong>, marking a <strong>6.05% YoY growth<\/strong> from FY 2024.<\/p>\n<p>Monthly retail sales also witnessed strong momentum, and similar upward trends were seen throughout the year, with MCVs registering a <strong>19.78% YoY increase<\/strong> in October 2025.<\/p>\n<h3><strong>Heavy Commercial Vehicles (HCV)<\/strong><\/h3>\n<p>Heavy Commercial Vehicles (HCVs) constitute the largest and most capital-intensive segment of India\u2019s CV industry. With a GVW typically above <strong>16 tonnes<\/strong>, HCVs are designed for high payload capacity and long-distance operations.<\/p>\n<p>Recent trends have been mixed:<\/p>\n<ul>\n<li>In <strong>October 2025<\/strong>, HCV retail sales were <strong>27,685 units<\/strong>, a <strong>76% decline<\/strong> YoY.<\/li>\n<li>In <strong>August 2025<\/strong>, sales increased from <strong>21,159<\/strong> to <strong>22,412<\/strong>, a <strong>92% rise<\/strong> YoY.<\/li>\n<\/ul>\n<p>From a production standpoint, combined M&amp;HCV production was largely flat:<\/p>\n<ul>\n<li>FY 2024-25: <strong>393,619 units<\/strong><\/li>\n<li>FY 2023-24: <strong>393,463 units<\/strong><\/li>\n<\/ul>\n<h2><strong>Market Growth Driving Factors in the CV Industry<\/strong><\/h2>\n<p>Over the last 3 years, the market growth in the commercial vehicle industry has been stagnant, so what are the factors that promise a <strong>7.46% CAGR<\/strong>?<\/p>\n<h3><strong>Economic Growth:<\/strong><\/h3>\n<p>India\u2019s economic growth is projected to increase by <strong>6.7% annually<\/strong>. A substantial portion of this growth will be channelled into rural infrastructure development\u2014creating an untapped market for CVs.<\/p>\n<h3><strong>E-commerce Expansion:<\/strong><\/h3>\n<p>India\u2019s rapidly expanding e-commerce market is reshaping commercial vehicle demand.<\/p>\n<p>As online retail penetrates Tier 2, Tier 3 cities, and rural areas, the need for last-mile logistics is surging, boosting demand for <strong>Light Commercial Vehicles (LCVs)<\/strong>.<\/p>\n<h3><strong>Government Support:<\/strong><\/h3>\n<p>The Indian government is actively shaping the CV sector via regulatory and financial measures.<\/p>\n<p>Policies like the <strong>Vehicle Scrappage Policy<\/strong> and <strong>PM E-DRIVE<\/strong> incentivise fleet owners to replace old vehicles with cleaner, new-generation CVs.<\/p>\n<h3><strong>Increasing Export Demand:<\/strong><\/h3>\n<p>India\u2019s ambition to become a global manufacturing hub is increasing the requirement for HCVs. Rising export demand for high-horsepower, multi-axle vehicles for port logistics and container movement.<\/p>\n<h2><strong>How the Market Leaders Are Shaping the Trucking Industry<\/strong><\/h2>\n<p>The <strong>top 5 truck manufacturers hold approx 91%<\/strong> of the market share. They are the key drivers of change.<\/p>\n<h3><strong>Tata Motors<\/strong><strong> \u2014 32% Market Share<\/strong><\/h3>\n<ul>\n<li><a href=\"https:\/\/www.truckonwheels.com\/tata\" target=\"_blank\" rel=\"noopener\">Tata Truck\u2019s<\/a> Deep market penetration<\/li>\n<li>Strong SCV portfolio<\/li>\n<li>Strategic demerger to focus entirely on the CV segment<\/li>\n<\/ul>\n<h3><strong>Mahindra &amp; Mahindra<\/strong> <strong>\u2014 28% Market Share<\/strong><\/h3>\n<ul>\n<li>Strong presence in rural\/semi-urban logistics<\/li>\n<li>Expanding &lt;3.5T LCV lineup along with iconic vehicles like <a href=\"https:\/\/www.truckonwheels.com\/mahindra\/mahindra-zeo\" target=\"_blank\" rel=\"noopener\">Mahindra ZEO<\/a><\/li>\n<li>Ambitious EV roadmap with a target of <strong>1 million EVs by 2031<\/strong><\/li>\n<\/ul>\n<h3><strong>Ashok Leyland \u2014 18% Market Share<\/strong><\/h3>\n<ul>\n<li>Strong in the HCV category<\/li>\n<li>Aggressive EV expansion via <strong>Switch Mobility<\/strong><\/li>\n<li>Focus on modular platforms<\/li>\n<\/ul>\n<h3><strong>VE Commercial Vehicles (Volvo\u2013Eicher) \u2014 ~8% Market Share<\/strong><\/h3>\n<ul>\n<li>Emphasis on modern, fuel-efficient solutions<\/li>\n<li>Leveraging Volvo\u2019s global engineering<\/li>\n<li>Expanding into SCV and EV categories<\/li>\n<\/ul>\n<h3><strong>BharatBenz (Daimler India) \u2014 3.2% Market Share<\/strong><\/h3>\n<ul>\n<li>High impact in the HCV segment<\/li>\n<li>New leadership under Torsten Schmidt from 2026<\/li>\n<li>Strong strategy aligning with global standards<\/li>\n<\/ul>\n<h2><strong>Conclusion<\/strong><\/h2>\n<p>Despite stagnation in total CV unit sales over the past three years, the TruckOnWheels research team projects a <strong>strong growth trajectory<\/strong> for India\u2019s CV market. These projections stem from a holistic analysis of industry trends, performance metrics, and forward-looking indicators.<\/p>\n<p><strong>Disclaimer: <\/strong><em>The figures and projections in this article are based on TruckOnWheels research and publicly available data. Market conditions may change, and this content should not be considered financial or business advice. Readers should verify information independently before making decisions.<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>New Delhi [India], November 28: If you look at the total number of commercial vehicle (CV) units sold in the last three years, you can see the industry growth has [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":61697,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_rishi_post_view_count":52},"categories":[4],"tags":[54],"class_list":["post-61696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-business","rishi-post"],"rishi__cb_customizer_meta":"","comments_count":"0","_links":{"self":[{"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/posts\/61696","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/comments?post=61696"}],"version-history":[{"count":0,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/posts\/61696\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/media\/61697"}],"wp:attachment":[{"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/media?parent=61696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/categories?post=61696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/tags?post=61696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}