Working Paper
Market analysis of heavy-duty vehicles in India for fiscal years 2019–20 and 2020–21
Market analyses by vehicle segment, weight category, manufacturer, and engine size are needed to optimize vehicle emission standards and testing requirements. In India, these are largely adopted from Euro standards to fit the Indian landscape, and that was the case with the Bharat Stage (BS) VI regulations that took effect April 1, 2020. The heavy-duty vehicle (HDV) market saw some big technology changes to meet the new standards, and this paper analyzes the first fiscal year (FY) 2020–21 of BS VI vehicle sales and the last year of sales under the previous BS IV standard, FY 2019–20. We also compare the results to our previous analysis of FY 2017–18, the first year of sales for BS IV vehicles in India.
As shown in the figures below, India’s HDV market remains concentrated. The top three manufacturers accounted for nearly 85% of sales in FY 2019–20 and 87% in FY 2020–21. Tata Motors by itself accounted for about 46% of the market in FY 2019–20 and approximately 49% in FY 2020–21, and that is similar to FY 2017–18. Additionally, the engine manufacturers in India continue to make smaller bus and truck engines than in other markets such as United States and Europe, and any transition in engine size trends are driven by gross vehicle weight ratings. This analysis also sheds light on how manufacturers complied with BS VI standards, and almost all BS VI vehicles are equipped with a diesel particulate filter (DPF) and selective catalytic reduction (SCR), and more than 55% are equipped with exhaust gas recirculation (EGR) and an ammonia slip catalyst (ASC).
