Forecast: Trucks Production in India

The truck production in India saw significant fluctuations over the past decade. From 2013 to 2023, the production experienced high volatility with notable growth in 2015 (30.64%) and 2018 (42.24%), and sharp declines in 2019 (-37.07%) and 2020 (-51.77%). By 2023, the production stood at 282.76 thousand units, marking a decrease of 13.63% from the prior year. Over the last five years, the compound annual growth rate (CAGR) was -6.88%, indicating an overall downward trend.

Looking forward, the forecast from 2024 to 2028 suggests a stable but modest growth trajectory, with a forecasted 5-year CAGR of 0.09%. Key trends to watch include the impact of new environmental regulations, the adoption of electric trucks, and the ongoing economic recovery post-COVID-19. These factors could influence both the supply chain and production efficiencies, potentially altering the projected stability.