TNI || New Delhi || 18th Sept 2021
The world’s largest truck maker Daimler AG’s Indian unit, is expecting the country’s commercial vehicle market to enter a double-digit growth for the next 3-4 years consecutively.
The fact that since there is strong traction for ‘Made in India’ trucks globally with an expected bounce back in the domestic market demand, Daimler AG has recently committed over $300 million of investments in the country.
The German firm hopes that in the next five years, India will become one of its top five markets in the world.
According to Satyakam Arya, Managing Director & CEO at Daimer India, the order book of Daimer India Commercial Vehicle is full for the remaining calendar year for exports, and a domestic strong traction has gone on to help its BharatBenz brand to cross the significant mark of 10% market share.
He confirmed that there is a strong upswing for even the long haul of cement-steel demanding more trucks in tandem with sustained demand for the construction and e-commerce and construction space.
He added that the current scenario is likely to sustain for an extended period for the next three to four years. As per Arya, the medium and heavy truck market in the country is expected to double in 2021, which will be followed by a 30%-40% growth in 2022.
The figures, he says, will stabilize to 15% to 20% growth in 2023 and 2024.