The India truck market size reached USD 23,864.7 Million in 2024 and is projected to expand to USD 47,140.2 Million by 2033, growing at a CAGR of 7.46% during 2025-2033. Growth is driven by increasing transportation demand in agriculture, manufacturing, and e-commerce, supported by infrastructure expansion, government initiatives for cleaner trucks, and technological advancements in fleet management.

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MARKET TRENDS

The rapid expansion of e-commerce in India significantly drives the truck market, notably rising last-mile delivery requirements. With more players entering and global companies participating, the need for efficient logistics solutions grows. Smaller, agile trucks are increasingly demanded for hyperlocal delivery models that serve limited radii in congested urban environments. For instance, Volvo Trucks reported a 25% increase in global gas-powered truck sales in 2024, selling over 8,000 units that reduce CO2 emissions up to 100% when using biogas. Specialized e-commerce logistics trucks such as refrigerated vehicles and those equipped with real-time monitoring have been introduced to meet these demands.

Government initiatives and regulations play a vital role in market growth. The consolidation of warehouses following favorable tax schemes enhances supply chain efficiency, boosting truck demand for longer transport distances. Stricter emission norms encourage the production and adoption of cleaner, fuel-efficient trucks. Campaigns promoting domestic manufacturing incentivize manufacturers to localize production and launch new truck models. Supplementary government investments in logistics parks and real-time tolling systems (FASTag) facilitate optimized freight movement. The PM E-DRIVE scheme allocates INR 500 Crore to support over 5,600 electric trucks in FY2026 with subsidies up to INR 9.6 Lakh, accelerating clean freight adoption.

MARKET GROWTH FACTORS

Infrastructure expansion underpins the demand for trucks with large tonnage capacities. Government investments in road construction and port expansion create significant requirements for heavy-duty trucks capable of transporting construction materials and goods over long distances. These efforts stimulate logistics and transportation sector growth, increasing demand for trucks over 30 tons, which provide the payload and power necessary for efficient industrial operations in manufacturing, mining, and agriculture.

Government support for sustainable transportation accelerates market expansion. Emission reduction efforts and stricter norms have prompted the ramp-up in cleaner, fuel-efficient trucks. The National Logistics Policy emphasizes truck fleet digitization and multimodal logistics convergence. Subsidies and warranties under the PM E-DRIVE scheme empower the heavy-duty truck segment's electrification drive, facilitating a greener freight future.

For detailed insights, visit the India Truck Market report page: https://www.imarcgroup.com/indian-truck-market