India: Truck Market 2024

Truck Market Size in India

In 2022, the Indian truck market decreased by -1.7% to $X, falling for the second consecutive year after six years of growth. In general, consumption saw a slight curtailment. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Truck Production in India

In value terms, truck production amounted to $X in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of 9.9%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Truck Exports

Exports from India

In 2022, shipments abroad of trucks increased by 28% to X units, rising for the second year in a row after two years of decline. Over the period under review, total exports indicated pronounced growth from 2012 to 2022: its volume increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +152.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 98%. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, truck exports expanded remarkably to $X in 2022. Overall, exports continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 117% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in years to come.

Exports by Country

Saudi Arabia (X units) was the main destination for truck exports from India, accounting for a 34% share of total exports. Moreover, truck exports to Saudi Arabia exceeded the volume sent to the second major destination, South Africa (X units), twofold. Bangladesh (X units) ranked third in terms of total exports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Saudi Arabia totaled +51.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Africa (+6.6% per year) and Bangladesh (+2.7% per year).

In value terms, the largest markets for truck exported from India were Saudi Arabia ($X), Bangladesh ($X) and South Africa ($X), with a combined 49% share of total exports. Indonesia, Nepal, Mexico, Morocco, Australia, Bhutan, Vietnam, Mozambique, Chile and Sri Lanka lagged somewhat behind, together accounting for a further 29%.

Among the main countries of destination, Mexico, with a CAGR of +114.0%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average truck export price amounted to $X per unit, dropping by -12.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. The growth pace was the most rapid in 2017 when the average export price increased by 23% against the previous year. Over the period under review, the average export prices reached the maximum at $X per unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($X per unit), while the average price for exports to Australia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+14.1%), while the prices for the other major destinations experienced more modest paces of growth.

Truck Imports

Imports into India

In 2022, approx. X units of trucks were imported into India; waning by -38.7% compared with the previous year. Overall, imports recorded a abrupt curtailment. The pace of growth was the most pronounced in 2014 when imports increased by 223%. As a result, imports attained the peak of X units. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, truck imports declined rapidly to $X in 2022. In general, imports saw a deep contraction. The most prominent rate of growth was recorded in 2017 when imports increased by 134%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the Netherlands (X units) constituted the largest truck supplier to India, with a 37% share of total imports. Moreover, truck imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Thailand (X units), threefold. The United States (X units) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the Netherlands stood at -1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-5.4% per year) and the United States (-10.0% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of trucks to India, comprising 62% of total imports. The second position in the ranking was held by China ($X), with an 8% share of total imports. It was followed by Thailand, with a 5.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the Netherlands was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (+10.3% per year) and Thailand (-6.5% per year).

Import Prices by Country

The average truck import price stood at $X per unit in 2022, declining by -4% against the previous year. Overall, the import price showed a slight setback. The most prominent rate of growth was recorded in 2016 an increase of 131%. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per unit), while the price for Mexico ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+48.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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