{"id":23589,"date":"2023-10-16T13:03:11","date_gmt":"2023-10-16T12:03:11","guid":{"rendered":"http:\/\/www.spglobal.com\/mobility\/en\/research-analysis\/will-indias-mhcv-production-surpass-its-2018-peak-by-2025-.html"},"modified":"2023-10-16T13:03:11","modified_gmt":"2023-10-16T12:03:11","slug":"will-indias-mhcv-production-surpass-its-2018-peak-by-2025","status":"publish","type":"post","link":"https:\/\/gamefootballmobileanimeiphone.com\/index.php\/2023\/10\/16\/will-indias-mhcv-production-surpass-its-2018-peak-by-2025\/","title":{"rendered":"Will India\u2019s MHCV production surpass its 2018 peak by 2025?"},"content":{"rendered":"<p xml:lang=\"EN-US\" ><strong>With the current push by the Indian<br \/>\ngovernment for major infrastructure and development projects,<br \/>\nexpansion of the e-commerce network, and strong replacement demand<br \/>\nfrom the domestic market, India is expected to grow its truck and<br \/>\nbus production to a new peak by 2025 \u2014 crossing its 2018 peak<br \/>\nof 531,500 units. By 2025, MHCV production should reach its new<br \/>\nannual peak of 566,900 units, according to S&amp;amp;P Global Mobility<br \/>\nanalysis. But lack of funds, and high raw material and commodity<br \/>\ncosts are the challenges OEMs must overcome.<\/strong><\/p>\n<p xml:lang=\"EN-US\" >India enjoys a strong position in the global<br \/>\nheavy vehicle market as the second-largest producer of trucks and<br \/>\nbuses in the world. India has a strong domestic market, and exports<br \/>\nare growing.<\/p>\n<p xml:lang=\"EN-US\" >The part of the market with gross vehicle<br \/>\nweight above 6 metric tons (6T) is expected to have support from<br \/>\nreplacement demand as well as a growing economy, increasing mining,<br \/>\ninfrastructure and construction activities, and overall healthy<br \/>\nfleet utilization levels.<\/p>\n<p xml:lang=\"EN-US\" >Production is expected to grow further as the<br \/>\nIndian government overhauls the country&#39;s transportation system and<br \/>\ncontinues to expand the road infrastructure to the far corners. The<br \/>\nmany tailwinds of the local medium and heavy commercial vehicle<br \/>\nindustry are expected to lift the production of medium and heavy<br \/>\ntrucks and buses by nearly 20% year over year in calendar year 2023<br \/>\nand by another 5% in both 2024 and 2025. This is forecast on the<br \/>\nheels of the 34% recovery in calendar year 2022, according to<br \/>\nS&amp;amp;P Global Mobility analysis.<\/p>\n<p xml:lang=\"EN-US\" ><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.ihsmarkit.com\/www\/images\/1023\/mengi.png\" alt=\"\" width=\"603\" height=\"304\" \/><\/p>\n<p xml:lang=\"EN-US\" >One factor to growth is the scrappage policy<br \/>\nintroduced in 2022, which will be implemented in phases.<\/p>\n<ul role=\"list\" >\n<li role=\"listitem\" data-aria-level=\"1\" data-aria-posinset=\"1\" aria-setsize=\"-1\" data-list-defn-props=\"{&amp;quot;335552541&amp;quot;:1,&amp;quot;335559683&amp;quot;:0,&amp;quot;335559684&amp;quot;:-2,&amp;quot;335559685&amp;quot;:720,&amp;quot;335559991&amp;quot;:360,&amp;quot;469769226&amp;quot;:&amp;quot;Symbol&amp;quot;,&amp;quot;469769242&amp;quot;:[8226],&amp;quot;469777803&amp;quot;:&amp;quot;left&amp;quot;,&amp;quot;469777804&amp;quot;:&amp;quot;\uf0b7&amp;quot;,&amp;quot;469777815&amp;quot;:&amp;quot;hybridMultilevel&amp;quot;}\" data-listid=\"1\" data-font=\"Symbol\" data-leveltext=\"\uf0b7\">\n<p xml:lang=\"EN-US\">Phase I (from April 2023): It was mandatory to<br \/>\nscrap government MHCV vehicles older than 15 years with a target to<br \/>\nreduce carbon footprints.<\/p>\n<\/li>\n<li role=\"listitem\" data-aria-level=\"1\" data-aria-posinset=\"2\" aria-setsize=\"-1\" data-list-defn-props=\"{&amp;quot;335552541&amp;quot;:1,&amp;quot;335559683&amp;quot;:0,&amp;quot;335559684&amp;quot;:-2,&amp;quot;335559685&amp;quot;:720,&amp;quot;335559991&amp;quot;:360,&amp;quot;469769226&amp;quot;:&amp;quot;Symbol&amp;quot;,&amp;quot;469769242&amp;quot;:[8226],&amp;quot;469777803&amp;quot;:&amp;quot;left&amp;quot;,&amp;quot;469777804&amp;quot;:&amp;quot;\uf0b7&amp;quot;,&amp;quot;469777815&amp;quot;:&amp;quot;hybridMultilevel&amp;quot;}\" data-listid=\"1\" data-font=\"Symbol\" data-leveltext=\"\uf0b7\">\n<p xml:lang=\"EN-US\">Phase II (From October 2024): Private and<br \/>\npublic vehicles will be scrapped based on a fitness test. The<br \/>\nscrappage policy has the potential to replace more than 1 million<br \/>\nvehicles. Although voluntary in nature, the policy plays upon<br \/>\nseveral incentives such as new vehicle discounts from OEMs and<br \/>\nrebates on registration fees with the submission of a scrappage<br \/>\ncertificate. This policy targets buses in public fleets, as most<br \/>\nare older than 15 years.<\/p>\n<\/li>\n<\/ul>\n<p xml:lang=\"EN-US\" >Not all vehicle types may increase at the same<br \/>\nrate, though. Electric buses, in particular, may struggle, although<br \/>\ndemand from the public for electric buses is present and<br \/>\npolicymaker ambitions are high. The public fleets are operated by<br \/>\nthe State Transport Undertakings (STU) and now are looking at<br \/>\nalternative powertrains, especially electric buses. Convergence<br \/>\nEnergy Services Limited (CESL) is an entity under the Ministry of<br \/>\nPower that is releasing tenders for electric buses under the<br \/>\nNational Electric Bus Programme (NEBP).<\/p>\n<p xml:lang=\"EN-US\" >Under NEBP, more than 15,000 new electric buses<br \/>\nwill be introduced by 2025 to replace old diesel engine buses in<br \/>\nthe public fleet. However, the Gross Cost Contract business model<br \/>\nthat CESL is using for the adoption of electric buses is not<br \/>\nprofitable for OEMs. That&#39;s because CESL requests bidders to quote<br \/>\na price per kilometer for operating services over 12 years,<br \/>\nincluding maintenance of the vehicle &#8211; under which OEMs are unable<br \/>\nto recover the cost of the vehicle.<\/p>\n<p xml:lang=\"EN-US\" >In addition, banks are reluctant to give loans<br \/>\nto manufacturers of electric buses as they do not get timely<br \/>\npayment from STUs &#8211; leading to a lack of funds for OEMs. As a<br \/>\nresult, the production of electric buses should remain at the same<br \/>\nlevel as positive and negative drivers balance each other.<\/p>\n<p xml:lang=\"EN-US\" >Bus production in general, however, is expected<br \/>\nto profit from the opening of offices and educational institutions,<br \/>\nand good replacement demand supported by mandatory scrapping of<br \/>\npublic vehicles older than 15 years.<\/p>\n<p xml:lang=\"EN-US\" >Among commercial trucks, combined heavy- and<br \/>\nmedium-duty trucks witnessed growth in 2022, but heavy-duty trucks<br \/>\nsaw exceptional growth of 41% &#8211; supported by infrastructure and<br \/>\nconstruction activities, increases in mining operations, and<br \/>\nreplacement demand.<\/p>\n<p xml:lang=\"EN-US\" >Currently, the Indian truck industry is<br \/>\nreceiving tailwinds from urbanization, the growth of e-commerce,<br \/>\nthe auto production linked incentive (PLI) scheme, standardization<br \/>\nof fuel, rapid infrastructure growth, and low interest rates. These<br \/>\nfactors should propel truck production to grow by 14% in 2023, with<br \/>\na compounded annual growth rate (CAGR) of 4% from 2023-25.<\/p>\n<p xml:lang=\"EN-US\" >In heavy-duty trucks, a major part of the<br \/>\ndemand came for rigid trucks &#8211; where the tractor and trailer are<br \/>\nfixed securely on the same chassis &#8211; as they are comparatively easy<br \/>\nto operate in hilly and remote areas. Rigid trucks contributed more<br \/>\nthan 87% of total heavy truck production in 2022. We expect same<br \/>\nbuying trend to continue in 2023 as well.<\/p>\n<p xml:lang=\"EN-US\" >Production of heavy trucks will be driven by<br \/>\nthe government push on infrastructure development, stable economic<br \/>\nenvironment, and an increase in freight as well as replacement<br \/>\ndemand. We expect heavy truck segment to post a growth of 12% in CY<br \/>\n2023 and have a CAGR of 3.8% from 2023 to 2025. Both rigid and<br \/>\narticulated models should have good demand from both domestic as<br \/>\nwell as export markets. The major OEM gainers in the segment should<br \/>\nbe Ashok Leyland, Eicher Motors, and Tata.<\/p>\n<p xml:lang=\"EN-US\" >For medium-duty trucks, demand will continue to<br \/>\nbe led by the expansion of e-commerce networks and healthy demand<br \/>\nfrom agriculture and allied sectors. With the introduction of the<br \/>\nopen network for digital commerce (ONDC), government is also<br \/>\nsupportive of expanding e-commerce in India, which will act as<br \/>\ncatalyst in the growth momentum of the segment.<\/p>\n<p xml:lang=\"EN-US\" >We expect medium duty truck production to grow<br \/>\nby 18% in 2023 and have a CAGR of 4.2% for 2023-2025. Tata is<br \/>\nexpected to lead the segment followed by Eicher Motors and Ashok<br \/>\nLeyland.<\/p>\n<p xml:lang=\"EN-US\" >Overall, we expect MHCV production to improve<br \/>\ngoing forward, supported by a strong base, an expected pickup in<br \/>\neconomic activities, as well as policy initiatives including the<br \/>\nauto PLI scheme and scrappage policy.<\/p>\n<p xml:lang=\"EN-US\" ><a href=\"https:\/\/www.spglobal.com\/mobility\/en\/products\/medium-heavy-vehicle-model.html\"  rel=\"noreferrer noopener\">MEDIUM- AND<br \/>\nHEAVY-COMMERCIAL VEHICLE SALES FORECASTS<\/a><\/p>\n<p xml:lang=\"EN-US\" ><a href=\"https:\/\/www.spglobal.com\/mobility\/en\/products\/mhcv-plant-capacity-forecast.html\"  rel=\"noreferrer noopener\">MHCV PLANT CAPACITY<br \/>\nFORECAST<\/a><\/p>\n<p xml:lang=\"EN-US\" ><a href=\"https:\/\/www.spglobal.com\/mobility\/en\/research-analysis\/massive-growth-potential-constricted-by-snarled-infrastructure.html\"  rel=\"noreferrer noopener\">INDIA: GROWTH POTENTIAL<br \/>\nFACING INFRASTRUCTURE SNARLS, REGIONAL ISSUES<\/a><\/p>\n<p xml:lang=\"EN-US\" ><a href=\"https:\/\/www.spglobal.com\/mobility\/en\/research-analysis\/fuel-for-thought-the-commercial-vehicle-fleet-accelerates.html\"  rel=\"noreferrer noopener\">COMMERCIAL VEHICLES<br \/>\nACCELERATE TOWARD ZEV ADOPTION<\/a><\/p>\n<p xml:lang=\"EN-US\" ><a href=\"https:\/\/www.spglobal.com\/mobility\/en\/products\/automotive-tipnet-commercial-vehicle-market-data.html\"  rel=\"noreferrer noopener\">COMMERCIAL VEHICLE<br \/>\nINSIGHTS, TRENDS AND MARKETING<\/a><\/p>\n\n<h2><b>Commercials Cooperation Advertisements:<\/b><\/h2>\r\n<p><br>(1) IT Teacher IT Freelance<br> <\/p>\r\n<a href=https:\/\/itteacheritfreelance.hk\/wordpress><img src=http:\/\/gamefootballmobileanimeiphone.com\/wp-content\/uploads\/2023\/09\/ITTeacherITFreelance-Website.png alt=IT\u96fb\u8166\u88dc\u7fd2 java\u88dc\u7fd2 \u70ba\u5927\u5bb6\u914d\u5c0d\u96fb\u8166\u88dc\u7fd2,IT freelance, \u79c1\u4eba\u8001\u5e2b, PHP\u88dc\u7fd2,CSS\u88dc\u7fd2,XML,Java\u88dc\u7fd2,MySQL\u88dc\u7fd2,graphic design\u88dc\u7fd2,\u4e2d\u5c0f\u5b78ICT\u88dc\u7fd2,\u4e00\u5c0d\u4e00\u79c1\u4eba\u88dc\u7fd2\u548cFreelance\u81ea\u7531\u5de5\u4f5c\u914d\u5c0d\u3002\/><\/a><p><a href=https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/findteacher>\u7acb\u523b\u8a3b\u518a\u53ca\u5831\u540d\u96fb\u8166\u88dc\u7fd2\u8ab2\u7a0b\u5427! <\/a><br>\r\n\r\n\u7535\u5b50\u8ba1\u7b97\u673a -\u6559\u80b2 -IT \u96fb\u8166\u73ed\u201d ( IT\u96fb\u8166\u88dc\u7fd2 ) \u63d0\u4f9b\u4e00\u500b\u65b9\u4fbf\u7684\u7535\u5b50\u8ba1\u7b97\u673a \u6559\u80b2\u5e73\u53f0, \u70ba\u5927\u5bb6\u914d\u5c0d\u4fe1\u606f\u6280\u672f, \u96fb\u8166 \u8001\u5e2b, IT freelance \u548c programming expert. \u8b93\u5927\u5bb6\u65b9\u4fbf\u5730\u5c31\u80fd\u627e\u5230\u5408\u9069\u7684\u96fb\u8166\u88dc\u7fd2, \u96fb\u8166\u73ed, \u5bb6\u6559, \u79c1\u4eba\u8001\u5e2b.  <br>\r\n\r\nWe are a education and information platform which you can find a IT private tutorial teacher or freelance. <br>\r\n\r\nAlso we provide different information about information technology, Computer, programming, mobile, Android, apple, game, movie, anime, animation\u2026 \r\n<\/p>\n<p><br>(2) ITSec<br> <\/p><a href=https:\/\/itsec.vip><img src=http:\/\/gamefootballmobileanimeiphone.com\/wp-content\/uploads\/2023\/09\/ITSec-Main-Promotion-Image.png alt= https:\/\/itsec.vip\/\r\nSecure Your Computers from Cyber Threats and mitigate risks with professional services to defend Hackers.  \r\nITSec provide IT Security and Compliance Services, including IT Compliance Services, Risk Assessment, IT Audit, Security Assessment and Audit, ISO 27001 Consulting and Certification, GDPR Compliance Services, Privacy Impact Assessment (PIA), Penetration test, Ethical Hacking, Vulnerabilities scan, IT Consulting, Data Privacy Consulting, Data Protection Services, Information Security Consulting, Cyber Security Consulting, Network Security Audit, Security Awareness Training.\/><\/a> \r\n<br><br> \r\n<p><a href=https:\/\/itsec.vip>www.ITSec.vip<\/a> <br> <br> \r\n<p><a href=https:\/\/sraa.com.hk>www.Sraa.com.hk<\/a> <br> <br> \r\n<p><a href=https:\/\/itsec.hk>www.ITSec.hk<\/a> <br> <br> \r\n<p><a href=https:\/\/penetrationtest.hk>www.Penetrationtest.hk<\/a> <br> <br> \r\n<p><a href=https:\/\/itseceu.uk>www.ITSeceu.uk<\/a> <br> <br> \r\nSecure Your Computers from Cyber Threats and mitigate risks with professional services to defend Hackers. <br><br>\r\nITSec provide IT Security and Compliance Services, including IT Compliance Services, Risk Assessment, IT Audit, Security Assessment and Audit, ISO 27001 Consulting and Certification, GDPR Compliance Services, Privacy Impact Assessment (PIA), Penetration test, Ethical Hacking, Vulnerabilities scan, IT Consulting, Data Privacy Consulting, Data Protection Services, Information Security Consulting, Cyber Security Consulting, Network Security Audit, Security Awareness Training. \r\n<br><br>Contact us right away. <br><br>Email (Prefer using email to contact us): <br>SalesExecutive@ITSec.vip<\/p>","protected":false},"excerpt":{"rendered":"<p>With the current push by the Indian<br \/>\ngovernment for major infrastructure and development projects,<br \/>\nexpansion of the e-commerce network, and strong replacement demand<br \/>\nfrom the domestic market, India is expected to grow its truck and<br \/>\nbus production to a n&#8230;<\/p>\n","protected":false},"author":1056,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-container-style":"default","site-container-layout":"default","site-sidebar-layout":"default","disable-article-header":"default","disable-site-header":"default","disable-site-footer":"default","disable-content-area-spacing":"default","footnotes":""},"categories":[3267],"tags":[61,122,127,129,124,128,125,132,131,133,126,130,123,66,94,88,97,56,64,65,60,3344,3351,3357,3360,3335,3340,3362,112,3353,40,75,95,3350,3352,3356,3343,3359,3339,3345,3334,3341,104,3354,33,120,3358,3349,3337,3348,105,101,98,115,30,29,41,86,3342,3361,70,69,68,72,71,26,118,108,87,3355,46,55,48,52,54,51,50,83,3338,62,58,57,3336,109,35,3346,59,63,85,79,82,96,80,27,81,114,44,42,43,45,38,39,110,117,100,111,116,3300,73,89,90,92,91,93,84,78,37,102,34,36,77,67,74,99,113,3347,119,28,121,32,47,49,53,103,31,76],"class_list":["post-23589","post","type-post","status-publish","format-standard","hentry","category-car-or-automobile","tag-airpods","tag-anime","tag-anime-characters","tag-anime-cosplay","tag-anime-edits","tag-anime-merchandise","tag-anime-movies","tag-anime-news","tag-anime-recommendations","tag-anime-reviews","tag-anime-series","tag-anime-streaming","tag-animes","tag-app-store","tag-app-store-samsung","tag-appgallery","tag-appgallery-oneplus","tag-apple","tag-apple-music","tag-apple-tv","tag-apple-watch","tag-auto-financing-guide","tag-automobile-industry-news","tag-automobile-laws-and-regulations","tag-automobile-shows-and-expos","tag-automobile-specifications","tag-automobile-technology","tag-autonomous-vehicles","tag-bbc-sport","tag-best-cars-for-long-drives","tag-best-mobile-games","tag-bixby","tag-bixby-xiaomi","tag-car-accessories","tag-car-comparison","tag-car-customization-ideas","tag-car-insurance-advice","tag-car-interior-design-ideas","tag-car-maintenance-tips","tag-car-resale-value","tag-car-reviews","tag-car-safety-features","tag-champions-league","tag-city-cars","tag-cyberpunk","tag-cyberpunk-2077","tag-driving-tips-and-tricks","tag-eco-friendly-cars","tag-electric-vehicles","tag-family-cars","tag-fantasy-football","tag-fifa","tag-football","tag-formula-1","tag-fortnite","tag-free-fire","tag-free-mobile-games","tag-freebuds-pro","tag-fuel-efficiency-tips","tag-future-of-automobiles","tag-galaxy-a52","tag-galaxy-note-20","tag-galaxy-s21","tag-galaxy-watch-4","tag-galaxy-z-fold-3","tag-game","tag-games","tag-golf","tag-harmonyos","tag-highway-cars","tag-how-to-backup-iphone","tag-how-to-factory-reset-iphone","tag-how-to-reset-iphone","tag-how-to-restore-iphone","tag-how-to-unlock-iphone","tag-how-to-unlock-iphone-5","tag-how-to-unlock-iphone-6","tag-huawei","tag-hybrid-cars","tag-ios","tag-ipad","tag-iphone","tag-latest-car-models","tag-live-soccer","tag-lol","tag-luxury-cars","tag-macbook","tag-macos","tag-mate-40-pro","tag-mi-11-lite","tag-mi-home-security-camera-basic-1080p","tag-mi-home-security-camera-basic-1080p-huawei","tag-mi-smart-band-6","tag-minecraft","tag-miui","tag-mlb-scores","tag-mobile-game-design","tag-mobile-game-development","tag-mobile-game-marketing","tag-mobile-game-monetization","tag-mobile-games","tag-mobile-gaming","tag-nba-scores","tag-nba-standings","tag-nfl","tag-nfl-scores","tag-nhl-scores","tag-off-road-vehicles","tag-one-ui","tag-oneplus","tag-oneplus-9-pro","tag-oneplus-buds-pro","tag-oneplus-nord-ce-5g","tag-oxygenos","tag-p40-pro-plus","tag-poco-x3-pro","tag-pokemon","tag-premier-league","tag-pubg","tag-pubg-mobile","tag-redmi-note-10-pro","tag-samsung","tag-samsung-pay","tag-soccer","tag-sports","tag-sports-cars","tag-steam","tag-steeam","tag-top-10-anime","tag-valorant","tag-when-do-the-iphone-7-come-out","tag-when-does-the-iphone-7-come-out","tag-when-is-the-iphone-7-coming-out","tag-world-cup","tag-xbox-series-x","tag-xiaomi"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/gamefootballmobileanimeiphone.com\/index.php\/wp-json\/wp\/v2\/posts\/23589","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gamefootballmobileanimeiphone.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gamefootballmobileanimeiphone.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gamefootballmobileanimeiphone.com\/index.php\/wp-json\/wp\/v2\/users\/1056"}],"replies":[{"embeddable":true,"href":"https:\/\/gamefootballmobileanimeiphone.com\/index.php\/wp-json\/wp\/v2\/comments?post=23589"}],"version-history":[{"count":1,"href":"https:\/\/gamefootballmobileanimeiphone.com\/index.php\/wp-json\/wp\/v2\/posts\/23589\/revisions"}],"predecessor-version":[{"id":23590,"href":"https:\/\/gamefootballmobileanimeiphone.com\/index.php\/wp-json\/wp\/v2\/posts\/23589\/revisions\/23590"}],"wp:attachment":[{"href":"https:\/\/gamefootballmobileanimeiphone.com\/index.php\/wp-json\/wp\/v2\/media?parent=23589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gamefootballmobileanimeiphone.com\/index.php\/wp-json\/wp\/v2\/categories?post=23589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gamefootballmobileanimeiphone.com\/index.php\/wp-json\/wp\/v2\/tags?post=23589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}