India – Demand for medium and heavy rigid trucks across India declined by 4.4% to total 250,969 units in FY 2023 (ending March 31, 2024), down from 262,521 units in the financial year ending March 31, 2023 (FY 2022). Export sales of medium and heavy rigid trucks (7.5t gvw and above) declined by almost a third at 28.2 per cent from 11,032 units in FY 2022 to 7,918 units in the fiscal year 2023. Production of medium and heavy duty rigid trucks decreased from 277,221 units in FY 2022 to 267,280 units in FY 2023, down by 3.6 per cent.

Sales of medium-duty rigid trucks (7.5t to 12 tons) rose modestly by 6.7% to 37,667 units in FY 2023 from 35,298 units in FY 2022. Export sales declined by 7.3% in FY 2023 to register 3,568 units compared with 3,848 units in FY 2022. Output rose by 10% to almost 50,000 units. Ashok Leyland registrations proved the most positive at 54% with domestic sales of 5,642 units in FY 2023, up from 3,663 the year before, but the segment is dominated by Eicher and Tata Motors, which jointly share some 80% of the segment’s marketplace.