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Anticipating Robust Growth: Projections for India's Heavy Duty Truck Sales by FY24

Over 15,000 dealer partners across 27,000 outlets nationwide engaged in planting of saplings on Tuesday.

November 20, 2023 | 2 min read | Industry News, Commercial Vehicles

A spokesperson at HD Truck Business at Volvo Eicher Commercial Vehicles (VECV), envisions the heavy-duty truck industry to reach an impressive volume of 2,75,000–2,80,000 units by the end of FY24, showcasing optimism in the face of ongoing and planned expansions in mining, infrastructure, and road projects. In FY23, a record-breaking 2,4,7858 units of heavy-duty trucks (over 18.5 tonnes) were sold. He attributes this positive outlook to the transformative impact of government-announced infrastructure projects, particularly in the realm of roads.

Eicher Heavy Duty (HD) trucks, in FY23, achieved unprecedented volumes of 18,965 units with a remarkable 7.7 percent market share. Sub-segments like 4X2 haulage, MAV haulage, and Tippers and Tractors also saw record-high volumes. The company's market share in the heavy-duty truck segment, which was a modest 1.9 percent in 2008, has steadily climbed to approximately 7.7 percent in FY23.

Against the backdrop of tenders worth around Rs 2 lakh crore for upcoming road projects and motorways, VECV is strategically positioning itself to capitalize on these opportunities. Recently, VECV launched the Eicher Non-Stop Series, a new range of heavy-duty trucks tailored for the rapidly evolving long-haul transportation needs in the country. Comprising four new heavy-duty trucks with powerful and fuel-efficient engines, the Non-Stop series is complemented by a connected service ecosystem, ensuring enhanced performance and superior uptime for fleet owners. The series includes the Eicher Pro 6019XPT Tipper, Eicher Pro 6048XP haulage truck, Eicher Pro 6055XP, and Eicher Pro 6055XP 4x2 tractor-trucks, adding to Eicher's extensive line-up of heavy, medium, and light-duty trucks and buses.

It is emphasized on the significance of this milestone, stating, 'Eicher offers a robust heavy-duty portfolio to its customers, supported by a connected service ecosystem, resulting in increased productivity and profitability. The new range of vehicles has been designed to ensure exceptional performance, and with our holistic service solutions that leverage AI and machine learning, they are poised to deliver non-stop growth in business and profitability.'

VECV, a multi-brand, multi-division company, manufactures a comprehensive range of premium, next-generation trucks across 4.9–55T and buses with a seating capacity of 12-72 across light, medium, and heavy-duty applications. Aside from manufacturing Eicher and Volvo trucks and buses, VECV is involved in the distribution of Volvo trucks in India, engine manufacturing, and exports for Volvo.

Discussing the demand for alternate fuels in the heavy-duty truck segment, it is mentioned that the company is prepared with all alternate fuel technologies. However, there is currently limited demand for CNG trucks in the heavy-duty segment. It is further suggested that LNG and electric vehicles could be potential alternative fuels, but customer preferences for these options remain unclear.