2021-2024年印度中重型车辆市场分析

Market analysis of medium- andheavy-duty vehicles in India for Moorthy Nair, Anirudh Narla INTRODUCTION In April 2020, the medium- and heavy-duty vehicle (MHDV) sector in India transitionedto Bharat Stage (BS) VI emission norms alongside light-duty vehicles. A previous ICCTpublication examined the market for financial years 2019–20 and 2020–21 (Sathiamoorthy The focus of the analysis remains on MHDVs, including buses and trucks (both rigidtrucks and tractor-trailers). For the purposes of this analysis, medium-duty vehicles(MDVs) are defined as those with a gross vehicle weight (GVW) between 3.5 and 12tonnes, while heavy-duty vehicles (HDVs) have a GVW above 12 tonnes. Apart from the The sales data referenced in this paper were sourced from Segment Y AutomotiveIntelligence. Although the market was still recovering from the impacts of the COVID-19pandemic in 2021, MHDV sales nevertheless rebounded from approximately 171,000units in 2020 to about 288,500 in 2021. This upward trend continued, with sales www.theicct.org communications@theicct.org @theicct.org MARKET SHARE OF MHDVS BY MANUFACTURER, Figure 1 shows the market shares and total sales per manufacturer for 2021–2024.Continuing a trend from 2019 and 2020, Tata Motors, Ashok Leyland, and EicherMotors consistently accounted for over 80% of total MHDV sales from 2021 to 2024,underscoring their continued dominance in the market. Tata Motors maintained its By contrast, Ashok Leyland, the second-largest seller of MHDVs, experienced a steadyincrease in its market share from 21% in 2021 to around a quarter of the MHDV marketin all subsequent years. Eicher Motors maintained a stable share of 16% between2021 and 2024. BharatBenz held a modest share ranging between 4% and 5%, while The total sales of MHDVs witnessed an increase from around 288,500 units in 2021to around 419,800 units in 2022, a stark rise of 45%, surpassing the pre-COVID salesfigure of around 380,000 in 2019. In 2023, sales surged by 17% to around 490,000units. In 2024, the MHDV market experienced a marginal dip of 0.36% compared with MARKET SHARE BY BODY STYLE We categorized the MHDV segment by body style into rigid trucks, buses, and tractor-trailers. Figure 2 shows the market share and total sales of MHDVs by body style for the Rigid trucks comprised the majority of MHDV sales, although their market share hasdeclined over the years. In 2021, rigid trucks comprised 81% of MHDV sales, with around236,000 units sold. Sales increased by 30% by 2022, to around 306,300 units, thoughtheir market share dropped to 73%. In 2023, sales rose to 319,700 units, while market Tata Motors remained the leading manufacturer in the rigid truck segment, with around127,000 units sold in 2024. However, its market share declined from 51% in 2021 to 41%in 2024. Ashok Leyland, Eicher Motors, and BharatBenz maintained relatively stablemarket shares over this period, collectively accounting for 45%–50% of total sales with Thebus segmentrecorded a substantial rise in sales, increasing from around26,300units in 2021to around106,500 units in 2024, a nearly fourfold growth. Annual salesstood at about 61,100 units in 2022 and 90,800 units in 2023, reflecting a consistentupward trajectory. The MHDV segment also saw a surge in market share from 9%in 2021 to 22% in 2024. The top four manufacturers, Tata Motors, Ashok Leyland,Eicher Motors, and Force Motors, consistently accounted for over 80% of total bus increase in sales by 2024, Eicher Motors a seven-fold increase, and SML Isuzu a more The tractor-trailer segment accounted for about 9% of total MHDV sales in 2021 ataround 26,200 units, rising to 12% in 2022 at about 52,400 units and further to 16%in 2023 at around 79,500 units, before dropping to 14% in 2024 at roughly 72,000units—the latter representing a 9.4% year-on-year reduction in sales. Tata Motors andAshok Leyland dominated the tractor-trailer segment during this period, together MARKET SHARE BY GVW A vehicle’s GVW is its total weight when the vehicle is fully loaded. This sectionprovides insights into how the market has shifted over time in terms of GVW. As shown in Table 1, the share of HDVs has been gradually declining, especially in therigid truck segment (from 57.3% in 2021 to 43.4% in 2024). In the bus segment, theMDV share more than doubled from 6.6% in 2021 to 15.0% in 2024, indicating increased As shown in Table 2, compared with 2021, the largest variation in sales-weightedaverage GVW was seen in the bus segment, which recorded a 12% increase in 2024.By contrast, tractor-trailers remained largely stable, while rigid trucks experiencedsome year-to-year fluctuations but ended 2024 with an average GVW nearly thesame as in 2021. Despite tractor-trailers maintaining a stable and heavy average GVW, Ashok Leyland, BharatBenz, and Tata Motors were the key manufacturers, drivinghigher sales-weighted average GVW for rigid trucks. Over the period of analysis, AshokLeyland ranged from 27.5 to 30 ton