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India Commercial Vehicle Industry Outlook 2024 - 2028

See how India Commercial Vehicle performed compared to key markets such as the United States, Canada and Mexico.

Key Market Indicators

Indian commercial vehicle registrations are projected to climb to approximately 1.14 million units by 2028, up from around 965,000 units in 2023. This represents an average annual growth rate of 2.6%. Despite this growth, the Indian market has seen a slight decline of 0.8% year-on-year since 2010. In 2023, India ranked 10th globally in commercial vehicle registrations, with Austria leading at the same number of units. Canada, Mexico, and Argentina occupied the second, third, and fourth positions, respectively. In terms of production, India's commercial vehicle output is forecasted to reach about 658,000 units by 2028, rising from approximately 624,000 units in 2023. This indicates a modest average annual growth of 0.9%. However, since 2002, India's supply has decreased by 1.3% year-on-year. In 2023, India was ranked seventh in the global production standings, with Japan surpassing it with the same number of units. Mexico, China, and Canada ranked second, third, and fourth, respectively.

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India Commercial Vehicle Market Data and Forecasts

How much will India Commercial Vehicle Market grow to 2028?

Forecast: Export of Trucks from India
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