Heavy Duty Truck sales projected to reach 2,75,000 to 2,80,000 units in India by FY24

The CEO & MD of VE Commercial Vehicles believes Heavy Duty (HD) truck sales will reach a total of 2,75,000 to 2,80,000 units as the industry is growing each year at a significant rate.

The Senior Vice President of Heavy Duty (HD) Truck Business at VE Commercial Vehicle (VECV) - Gagandeep Singh Gandhok said that the sales for HD trucks in India are most likely to reach a total of 2,75,000 to 2,80,000 units by the end of FY24. A total of 2,47,858 units of heavy duty trucks were sold in FY23.

Eicher HD Trucks saw the highest ever sales volume hike in FY23 at a 7.7% market share with a total of 18,965 units being sold.

In 2008 Volvo and Eicher started their joint venture in the Indian truck manufacturing industry. The company executive said that their market share in 2008 was just about 1.9%. Since then the company’s market share has been growing and it reached a highest of 7.7% in FY23. The truck maker is expected to grow even more in FY24 with the launch of their new HD truck series ‘Non-Stop’.

In regards to the HD truck market growth, Gagandeep Singh Gandhok said, “Infrastructure projects, especially roads, announced by the government will significantly change the face of the industry.”

The CEO & Managing Director of VECV - Vinod Aggarwal said, “The overall load carrying capacity in the system has gone up because of the migration to bigger trucks.”

In India, developments will be seen on many road projects in a few months. The total worth of these projects is estimated to be INR 2 lakh crore and most of the projects are either in the process of being finalised or about to be completed.

New road projects mean more opportunities for the truck manufacturing industry. In that regard, Eicher Trucks has already made its move by launching a new HD truck series ‘Non-Stop’ this Monday.

Also Read- Eicher Launches ‘Non-Stop’ Heavy Duty Truck Series in India

The heavy duty Eicher Non-Stop truck series includes a haulage truck for long-haul transportation - Eicher Pro 6048X, a tipper truck - Eicher Pro 6019XPT and two tractor trailer trucks - Eicher Pro 6055XP and Eicher Pro 6055XP 4x2.