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Indian Heavy Duty Truck Market Outlook

Indian Heavy Duty Truck Market Outlook

With growing volumes, regulatory changes and entry of new global players, the Indian Heavy Duty (HD) truck industry is undergoing a transformative switch from basic economy trucks to value trucks. Higher reliability and productivity are the major benefits of Value trucks with overall cost of ownership being the major USP. With lower availability of drivers, importance of comfort and safety is increasing for higher retention. Value added services must be packaged in value truck offerings to make it a more attractive proposition.

Key aspects this Industry Docket looks at:

• The Evolution of Indian HD trucks
• Potential of Value Trucks in India
• Driving Forces of Change in the Indian HD Market
• OEM Strategies for the HD trucks segment

Changing Customer Needs & Expectations from HD trucks


  • Frost & Sullivan – Introduction
  • Scope & Limitations
  • Market Outlook
    • Indian HD trucks are catching up on power to weight ratio; will mostly reach current levels of China and South Africa in the coming 3-4 years
    • Value truck segment will be the major driver of growth, profits will come from value offerings
    • Value trucks have immense potential in South Asia, ASEAN, Africa and the Middle East; OEMs should look at the larger market
    • Harmonization of Engine platforms toward value truck configuration indicates Global focus on value trucks
      • Table CV Market: Unit Shipment by Product Segment,
    • A clear shift toward higher tonnage segments is observed; future HD trucks should have higher payload capacity
      • Table HCV sales peaked in 2011-12, which was a historic high for the industry
  • GDP to grow above 7% for next 5 years. India to be one of the fastest growing HD truck markets in the world
    • 31T and 37T segment will more than double; Base platforms to be designed for these segments
    • Cement, Parcel, Coal, infra development to drive demand; Truck makers to explore customized solutions for better returns
    • All OEMs are further developing their Value offerings; Competition expected to intensify from 2020
    • With their technology being future-ready, new entrants BharatBenz and VECV to be formidable players in the coming decade
  • Trends in Truck Usage and Customer Preferences
    • Future trucks need to be more productive and reliable
    • Importance of Reliability, Turnaround time, Safety, Payload and power will increase; OEMs to focus on these parameters for future truck design
    • With better roads, customer will demand better trucks; higher reliability, lower downtime will be the key requirements
  • Customers willing to pay up to INR 200,000 more for trouble-free AMT; Global experience indicates 5% increase in cost for AMT
  • BS-VI implementation will increase truck prices by 20-25%; OEMs must add more features to the truck to have a higher perceived value to the customer
    • Table While the Government is keen to leapfrog from BS IV to BS VI norms by 2020, SIAM is resisting the move
    • Remote diagnostics & preventive maintenance will lead to better ownership experience; OEMs should have a proactive approach toward truck service
    • Parts availability will be more important than price competitiveness; OEMs should focus on network closer to the customer to ensure parts availability
  • The Industry going Forward
  • Strict regulation, more competition would be the norm; Future trucks should be more productive, comfortable and safe
    • Moving on…
  • Annexure: Our Services
    • Maximize Opportunities from existing products and markets; systematically explore new products, markets, including Inorganic Opportunities
    • Our Growth Consulting Canvas

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