Outlining the journey of M&HCVs for the last 12 years and how they have reflected IIP growth in India, Jayesh Shelar, Head – Product Management Group, Mahindra Truck & Bus Division, Mahindra & Mahindra Ltd, mentioned, “The last decade was one of discovery and presented key challenges like the 3 emission cycles. The BS IV to BS VI emission norm transition was the fastest in the world.” In his presentation as part of the webinar organized by S&P Global Mobility- formerly IHS Markit Automotive- (as part of their 2022 Automotive Solutions Webinar Series) under the theme ‘Indian MHCV Outlook – Is the Future Truly Electrifying’, Shelar expressed that the industry recovered quickly at a GACR of almost 14.8 percent – from the slowdown of FY2014 to the high of FY2019 – by displaying resilience and strong fundamentals. He spoke about the challenge posed by railways starting from 2010. “The rising fuel prices, a shift towards eco-friendly logistics, and an increase in technology have pushed the vehicle cost up,” he added.  

Describing the journey of M&HCV segments as a decade of discovery to a decade of disruption, Shelar said, “There were limited brands in India in 2010. By 2030 there will be multiple brand options available.” Drawing attention to a change in the customer profile, he mentioned, “The entry and exit barriers have come down and will ease further. From being acquisition and resale value sensitive in 2010, customers are now looking at Total Cost of Ownership (TCO). They are ready to experiment with new technologies and brands.” Pointing at a shift to higher capacity engines, Shelar said, “A movement towards battery-operated vehicles is also taking place. Fuel cell technologies are catching up and power requirements are ignificantly going up.” Of the opinion that average speeds have gone up and regulations and infrastructure have improved, he informed, “Trucks are traveling up to 450 km a day as compared to 275 km in 2010. By 2030, they will travel up to 700 km per day.”  

Highlighting rising affinity for technologies like telematics, Shelar mentioned, “A shift from transport to logistics model is taking place.” He drew attention to the TCO of an electric vehicle (despite high acquisition cost) being lower in comparison to the running cost of a diesel and natural gas vehicle over five years. “Fuel cost in diesel and natural gas vehicles is about 55 to 60 percent whereas, in case of the electrical vehicle, it is 14 percent,” quipped Shelar. Underlining the government’s pledge to be net zero by 2030 through measures like 500 gigawatts of non-fossil fuel electricity generation and an increase in natural gas production among others, he said, “Electric vehicle technology is relevant event though issues like high initial acquisition price and charging time will take some time to resolve.”

Drawing attention to key drivers like the FAME policy, stringent emission norms, higher compliance cost, and new business models against challenges like the high initial acquisition cost of EVs, range anxiety, developing charging infrastructure, and battery performance, Shelar said that fuel cell is the long-term technology for M&HCVs. In his presentation, Paritosh Gupta, Analyst – M&HCV Forecasting, S&P Global Mobility, averred that the global M&HCV industry headwinds include the Russia-Ukraine conflict and supply chain constraints. “The forecast for 2022 alone is a drop of about 150,000 units, which is 4.4 percent of the entire market size,” he added. Informing that major degradation has come from Europe and North America, Gupta mentioned, “In 2022, the European and North American markets have dropped by 86,000 units and 38,000 units respectively. A lot of volume from central and eastern Europe has been lost and the possibility of sales moving up smartly in the next three years is less.”  

Stating that South Asia, Middle East, and African regions are showing optimism, he explained, “The South Asian market is primarily driven by the performance of the Indian market over the last two quarters. The Chinese market was the only one in 2020 among the key regional M&HCV markets to report positive growth numbers.” Underlining China’s slowing economic growth due to factors like a highly stringent pandemic policy, ithdrawal of pandemic state support, and a shift from road to rail for bulk materials, Gupta expressed, “A 26 percent drop in 2022 and another 1.6 percent drop in 2023 is expected before recovery starts in 2024,” Announcing that the North American forecast is largely positive even though the potential for growth remains limited, he stressed on rising inflation, increasing interest rates, and manufacturing constraints. “We expect fleets to add capacity with the supply chain situation improving in 2023,” quipped Gupta.  

Describing that the Western European market is estimated to remain flattish while the Central and Eastern European market is estimated to drop by 28 percent, Gupta pointed at the Russia-Ukraine conflict and supply constraints as the reasons. Western European markets are facing challenges like raw material and truck price increase whereas the Eastern-Central European markets are facing sanctions, stoppage of production by foreign OEMs, and the possibility of Chinese OEMs setting up shops in Russia, he said. Stressing that South Asia was the fastest growing market in 2021, led by India outgrew expectations, Gupta revealed that India accounts for around 60 percent of the M&HCV sales in the region. “In 2022, the South Asian M&HCV market should grow by 7.2 percent and the figures for 2023 and 2024 will be healthy double-digit ones,” he explained. Of the opinion that the factors driving the South Asian M&HCV market include economic and industrial growth, public sector construction spending, the roll-out of new emission norms in Indonesia, comprehensive economic partnership across the region, and an increase in travel, Gupta quipped, “Struggling with chip and other raw material shortage, the Japanese and South Korean markets are expected to be largely flat.” 

Highlighting rising inflation, high import bills, and weaker global demand as Indian M&HCV headwinds, Gupta mentioned, “The outlook is largely positive though not to the extent it was two years back.” “The construction industry spending will command a CAGR of 10.1 percent between 2021 and 2026 and provide a solid impetus for M&HCV growth,” he added. Stating that while the infrastructure segment’s growth will fuel the growth of heavy-duty trucks, Gupta quipped, “The upward growth trajectory of the e-commerce industry towards becoming the second largest by 2034 is indicative of the growth in demand for medium-duty trucks.” Explaining that the rise of e-commerce and medium-duty trucks over the last five years is a parallel journey, he averred, “Expected to grow at a CAGR of 21 percent over the next 8 years as per IBEF, the e-commerce industry will give a huge boost to medium-duty trucks in India in the future.” “The government has also introduced several policies which are aimed at providing growth to the automotive industry,” he added.  

Pointing at the scrappage policy, production-linked incentive scheme, and electrification initiatives, Gupta said, “We see a big tranche of about 50,000 e-buses to come over the next five years” Of the opinion that the monopoly of Tata Motors and Ashok Leyland will continue over the next decade, he averred, “Expect the industry volumes to peak in 2025. Tata Motors will almost touch 200,000 units in 2026.” “In terms of segmental sales, heavy trucks are the largest shareholder in the (M&HCV) market and are expected to clock 275,000 units in 2026 growing at a rate of 7.8 percent,” quipped Gupta. Explaining that MCVs rise will be linked to the rise of e-commerce industry growth and will clock almost 97,000 units by 2026 at a rate of 7.3 percent, Gupta said, “Worst hit by the pandemic, the M&HCV bus segment is expected to pick up in 2022 and reach 54,000 units by 2026.” “The production trend of M&HCVs will be similar to the demand trend in the market. Some buffer will be provided by exports as part of the PLI scheme,” he added.  

On the topic of M&HCV propulsion trends, Manat Bali, Research Analyst, S&P Global Mobility, mentioned, “Electrification is happening at a much higher pace in buses than trucks. About 99 percent of the M&HCV truck market is currently belonging to IC engines comprising gas and diesel fuels. About 75 percent of the bus market is driven by IC engines running on gas and diesel. With electrification initiatives, the market share of e-buses is expected to reach 30 percent in the long run. It will reach about 9.8 percent by 2029. Natural gas market share will increase up to 12 percent by 2029, triggered mainly by increased availability. It will achieve better traction in medium-duty trucks rather than in heavy-duty ones.”

Of the opinion that diesel fuel will see a de-growth of about 9 percent by 2029 in the Indian CV market at the cost of gas and electrification, Bali averred, “The only electrification taking place in the M&HCV segments is in the bus space as of now. In the long-run, the CNG market share will continue to trail that of the e-bus market share.” “Tata Motors will continue to lead the e-bus market followed by BYD and others in the long run,” he added. About the global e-bus market in the M&HCV category, Bali mentioned, “China is a highly ature and dominant player in e-buses. Other regions are moving up with South Asia having a CAGR growth of 46 percent from 2020 to 2029. India will dominate the e-bus market in South Asia by contributing to over 90 percent of the share.” “The factors driving electrification in India include FAME, state schemes, COP26 target, PLI schemes, and taxation,” he added. “The hindrances in electrification include regulatory drawbacks, infrastructure issues, cost concerns, and end-user dilemmas,” Bali concluded.  

Recorded webinar session Available on Demand, please click the link below to watch the session:

https://event.on24.com/wcc/r/3673674/7F886C4E4B36403DD80C623612674EFF?partnerref=motoringtrends
 

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Daimler India Commercial Vehicles (DICV), a wholly owned subsidiary of Daimler Truck, has launched its all-new BharatBenz Construction and Mining range, featuring the HX and Torqshift series models.

The company expects demand coming from India's mining and construction equipment sector, which is projected to grow from USD 16 billion to USD 45 billion by 2030.

The introduction of the HX and Torqshift series follows extensive real-world validation, with over 150 trucks undergoing customer trials across India's most diverse construction and mining sites. These trials reportedly showed significant improvements in uptime, operational efficiency and profitability, leading to full-scale production.

Satyakam Arya, Managing Director and CEO, Daimler India Commercial Vehicles, said, "India's construction and mining sector continues to be one of our strongest business pillars, powering the next phase of national development. We're seeing a decisive shift as large contractors invest in owned assets for better control and long-term returns. Many fleets are 8-10 years old and reaching the end-of-life, creating a major replacement cycle. Our extensive customer trials with 150+ trucks have validated the real-world performance and profitability impact these vehicles deliver."

The company’s new product range includes the –

1. Heavy-Duty Construction Vehicles: The HX series, comprising the 2828C HX and 3532C HX models, are built for extreme durability, high productivity, fuel efficiency and drivability. It is available in two configurations: 280 hp with 1100 Nm torque and 320 hp with 1250 Nm torque. Additional features include Hill Hold Assist, unitised front axle bearings, a wind deflector and advanced driver state monitoring systems.
2. Specialised Mining Applications: The Torqshift series – 2832CM and 3532CM variants – features Automated Manual Transmission (AMT) for ‘zero lag performance, unmatched comfort, faster TAT and enhanced fuel efficiency’ in demanding mining operations.
3. Ready Mix Concrete (RMC) Solutions: The 2828C RMC variant with a 9 cubic metre capacity is equipped with the OM 926 BSVI OBD-II engine, generating 280 hp and 1100 Nm torque, ensuring reliable concrete transportation across challenging terrains.

Pradeep Kumar Thimmaiyan, President & Chief Technology Officer, Daimler India Commercial Vehicles, said, "We designed the HX by listening to customers. Priority for vehicles with higher payload capacities, faster TAT and fleet managers demanding lower maintenance costs. Every component re-design addresses real customer challenges. We've prioritised driver safety with full EU ECE R29-03 cabin compliance and best-in-class safety features."

The HX series comes with several notable features:

• High Gradeability: Up to 60 percent in the 2828C and up to 54 percent in the 3532C, enabling confident climbing with a full load.
• 360deg Reliability: The frame, axle, braking, and engine are designed for integrated performance.
• Best-in-Class Warranty: Tailored for long-term ownership confidence.
• Hill Hold Assist: Prevents rollbacks on steep grades, crucial for mining and construction sites.
• Unitised Bearing at Front Axle: Reduces maintenance and extends service life, lowering total cost of ownership.
• Driver State Monitoring: Advanced safety technology that monitors operator alertness.
• Inter-Axle & Inter-Wheel Diff Lock (IRT 440-11): Provides superior traction control for challenging terrains.
• Bolster Bogie Suspension with Shock Absorbers: Enhances load capacity, stability, and ride comfort.
• G131/G131HD Transmission Options: 9F+1R synchromesh gears with a heavy-duty variant for extreme applications.
• New Improved Rear Axle (IRT440-11): Enhanced with higher capacity for superior performance.
• Wind Deflector: Improves aerodynamics for better fuel economy.
• Better Approach Angle: Optimised ground clearance for mining operations and challenging terrain.
• New Styling: A distinctive rugged design reflecting capability and durability.

Rajiv Chaturvedi, President & Chief Business Officer, Daimler India Commercial Vehicles, said, "Fleet operators increasingly demand maximum uptime and swift maintenance solutions. The HX range helps operators minimise project delays and optimise operations. We're seeing strong demand for factory-fitted features – GPS, hill start assist and driver comfort amenities. Also, safety innovations like reverse cameras and driver state monitoring are becoming customer priorities."

The new models will be available across BharatBenz's 385 dealer touchpoints in India and are supported by comprehensive service infrastructure and 15,000 hours annual maintenance contracts.

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Pune-headquartered alternative energy vehicle manufacturer EKA Mobility has appointed Sanjay Kumar Bohra as its new Chief Commercial Officer (CCO).

In his new role, he will lead the Financial & Commercial strategy for EKA Mobility and the group, driving growth, efficiency and value creation across the organisation. Bohra comes with around four decades of experience across finance, banking and Business Process Services (BPS).

Prior to joining EKA Mobility, he served as the Group CFO at Force Motors, having spent over a decade at the company, leading finance function across domestic and international operations. He has also worked with the likes of Citigroup and Tata Consultancy Services in his professional career.

Dr. Sudhir Mehta, Founder & Chairman, EKA Mobility & Pinnacle Industries, said, "We are glad to welcome Sanjay to the EKA family. His deep understanding of finance, coupled with a strong track record in business transformation and strategic leadership, will be instrumental in propelling EKA’s next phase of growth. He will play a key leadership role not just at EKA Mobility, but across our group, as we scale our operations and expand our global footprint."

Sanjay Kumar Bohra, said, "I am excited to join EKA Mobility at such a transformative time for the automotive and clean mobility industry. EKA’s bold vision, innovation-led approach, and strong commitment to sustainability are aligned with my professional ethos, and I look forward to contributing to the EKA and the group’s continued success and global expansion."

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The Indian commercial vehicle (CV) industry is likely to see wholesale growth of 3-5 percent in FY2026, backed by the resumption of construction and infrastructure activities. The report states that while domestic CV wholesale volumes saw a marginal 0.1 percent YoY increase in May 2025, retail volumes witnessed a 3.7 percent YoY contraction.

For the initial two months of the fiscal year 2026 (April-May 2025), CV wholesale volumes declined by 0.7 percent on a YoY basis. The decline in retail volumes, which also saw an 11.3 percent sequential drop in May 2025, suggests elevated inventory levels at dealerships.

Breaking down the performance by segment, the medium and heavy commercial vehicle (M&HCV) segment saw its retail sales volumes decline by 4.4 percent YoY in May 2025, with a significant sequential decline of 18.9 percent. ICRA noted that regional disruptions and the geopolitical situation had some impact on demand for the month. M&HCV (trucks) wholesale volumes are anticipated to register a modest 0-3 percent YoY growth in FY2026, following a 4 percent decline in FY2025.

Similarly, retail volumes in the light commercial vehicle (LCV) segment in May 2025 declined by 3.2 percent YoY and 4.9 percent sequentially, reflecting muted demand. LCV (trucks) wholesale volumes are expected to register a limited 3-5 percent YoY growth in FY2026. The increasing preference for pre-owned vehicles over new ones in this segment has also impacted demand recently.

Despite the subdued performance in May, ICRA forecasts a modest YoY growth of 3-5 percent in wholesale volumes for the domestic CV industry in FY2026, after a marginal 1.2 percent year-on-year decline in FY2025. While M&HCV (trucks) and LCV (trucks) segments are expected to see modest volume growth, the buses segment is projected to experience a relatively higher growth of 8-10 percent for the fiscal year.

The anticipated pick-up in construction and mining activities, coupled with a steady economic environment, is expected to support demand prospects for the LCV (trucks) and M&HCV (trucks) segments. Meanwhile, replacement demand is likely to be a key driver for volume growth in the buses segment.

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Chennai-based commercial vehicle major Ashok Leyland has bagged an order to deliver 200 trucks to Instant Transport Solution, a key express logistics player in India.

Instant & XP India, is a leading express logistics player in e-commerce, FCL, LCL and 3PL space, is one of the fastest-growing integrated logistics businesses in India.

It currently operates a fleet of around 2,100 trucks and has placed a substantial order of 200 units of Ashok Leyland’s trucks. The first batch of 100 units of 1916 single axle and 2820 multi-axle haulage trucks were delivered, marking the beginning of this extensive fleet expansion.

Sanjeev Kumar, President – MHCV, Ashok Leyland, handed over the keys to the first batch of 100 trucks to Rajbir Singh Chaudhary, Chairman, Instant Transport Solution, in the presence of senior executives from both organisations.

Sanjeev Kumar, said, “We are delighted to deliver the first batch of 1916 single axle and 2820 multi-axle haulage trucks to Instant Transport Solution. This order underscores the confidence customers place in our robust, innovative and reliable vehicles. As we continue to push the boundaries of technology and customer experience, collaborations like these will help shape a more efficient, future-ready logistics sector.”

Rajbir Singh, said, “We have complete trust in the quality and performance of Ashok Leyland trucks. Their outstanding after-sales support ensures seamless operations for us, while their growing service network further enhances our capabilities. This delivery represents more than just new trucks – it signifies a deepening partnership aimed at advancing logistics efficiency. With Ashok Leyland’s dedication to innovation and our forward-thinking approach to transportation, we look forward to continued success on the road.”

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