Commercial Vehicle Sector Thrives in India, Aids Economic Progress
Published On Apr 19, 2016
The commercial vehicle sector forms the backbone of the economy in India. The country's solid transport field helps to further bolster the thriving economy, and the placement of trucks here is a core of the overall growth. At present, the country lags vastly with respect to its logistics, technology and movement, and as a result, a wealth of opportunities await players in the industry.
Back in 2008, Tata Motors took the center stage when it launched its global Prima platform, propelling itself to a more renowned world stage. The launch of the Prima trucks was aligned with the industry's sales and performance. The advanced models dwarfed all trucks made domestically, and became the company's most renowned truck brand. The Prima models are packed with a 280 bhp engine and have a vast array of features.
Two years later, Ashok Leyland took the spotlight, bringing out the U-Truck. The event allowed the company to revamp its models, boosting its engines' capacities and producing higher performance variants.
At this period, European major MAN forayed into India, setting the landscape ripe for added growth and innovation. The industry was beginning to witness competition when Mahindra, which had previously been based in the small commercial vehicle area, had debuted in the M&HCV side.
With the field changing rapidly, German mega auto maker Daimler took advantage and introduced its India-oriented brand, BharatBenz. Foreign CV makers at this period were beginning to expand their hold of the market, with Eicher and Volvo teaming up for a competitive new joint venture that would also capture a strong bit of the M&HCV market.
As major players in the auto segment pour into the country, and as innovation sky-rockets in the CV field, India has shaped its playing field at the right course for both business growth and economic spurts. The country is currently witnessing a budding economy, and only with all other sectors now aligning with a solid background, can real growth last.
See Also:
Truck Rentals Remain Strong in FY16
Heavy Duty Segment Booms in March, Robust Growth for Industry Leaders
