Revival in the Indian Economy is likely to Fuel Trucks Demand
The effect of the COVID-19 pandemic has severely impacted the transportation sector, particularly the commercial vehicle manufacturers. A secondary factor to this shift is the sudden change in sources of revenue during this period. However, the commercial vehicle industry has seen massive growth in its retail sales in April 2022. Gradually, every CV segment, especially trucks, will witness a growth in retail sales and similarly, this will boost the demand for truck insurance.Read more
COVID-19 Impact on Truck Manufacturers
All the commercial vehicle manufacturers need to ensure that the transport network should continue to operate post-lockdown and practice all the norms of social distancing. The domestic retail sales of trucks is an indicator of the fruitful economic activities in country. Coming out of this pandemic has slowed down the pace of the trucking segment, however, the industry is now rejuvenating for greater demand for trucks this year.
Moreover, the government is assisting this sector regarding infra spending, leading to an increase in the demand for the trucks.
According to the industry experts, large fleet business operators are looking to get new vehicles for their business and expand their business from medium to heavy trucks to cater everyone’s demand. Moreover, the individual transporter or truck fleet owners are also preparing to add new trucks to their circle. As per the data, urban and rural India are likely to witness higher sales for small and light trucks across the country.
Retail Sales of Trucks in April 2022
According to the sales data for April 2022, Tata Motors reported the highest growth and stand at the top position by selling the highest number of trucks. Additionally, the company has recently launched its firstly fully-electric truck Tata ACE EV with a range of 154 KM.
In April 2022, Mahindra & Mahindra reported a growth of 72.31%. They have stood second on the list. With this, the company has recently allied with CSC Grameen eStore to launch its SCV products. Consumers can also visit their nearby store to make a booking for the Mahindra SCV range of Jeeto and Supro.
Next on the list is Ashok Leyland. In April 2022, they witnessed a massive growth of 49.93%. They have stood in third place in terms of commercial vehicle retail sales growth.
Future of Trucking Companies
The rise in demand for trucks has increased spending on infrastructures like power plants and highways. Similarly, the booming real-estate sector, mining industry, and face pace construction are further accelerating the demand for multi-axle trucks and tippers.
The industry experts are expecting the overall truck sale in the financial year 2023 to exceed. With a positive business environment, the truck manufacturers have confidence in fleet customers, transporters, and logistic companies as they would further boost the sales in the coming years.
The Rise in the Sales of Truck Insurance
Getting the best truck insurance deal involves more than a diligent comparison of premium rates offered by several commercial vehicle insurance companies. With the rise in the demand for commercial trucks, there will be growth in the demand for truck insurance also.
Moreover, the global COVID-19 pandemic has taught us the significance of being prepared for the worst. Therefore, if you are planning to buy trucks for your business, make sure your vehicle is secured with adequate truck insurance coverage from unforeseen adversities.
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A truck is a heavy financial investment, and repairing or replacing it can be a costly affair. After a sluggish start in 2020, the trucking industry is looking to grow with better opportunities and create better market access for the financial year 2022-23. Ensure that you have the right truck insurance coverage to protect them from several unpredicted risks while driving on the road.
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