Top Truck Manufacturers in India in 2024

The truck industry in India has witnessed steady growth over the last few years owing to the up-gradation of technology and production processes. Additionally, the best truck company in India manufactures different types of heavy-duty trucks.

As there is a rising demand for trucks among consumers due to the expansion and growth of the economy, it is vital to know about the top 10 truck manufacturers in India.

Also, know that whichever brand you choose to buy a truck from, it is crucial to get truck insurance. The 1988 Motor Vehicles Act mandates it. It offers financial protection in case of accidents, damage, theft, etc., and saves you from paying hefty traffic fines and getting into legal hassles.

Therefore, refer to this article to learn more about the leading truck manufacturers in India. 

Besides producing vehicles used for commercial, agricultural and transportation purposes, the best truck companies in India also produce electric cars to meet consumer demands.

However, the companies' presence in the commercial market, annual turnover, distribution network, etc., are some factors a buyer looks for before choosing a truck company.

Considering these essential pointers, we present you with a list of the top 10 truck companies in India sorted by market capitalisation.

1. Tata Motors Limited (Market Capitalization: ₹272,064 crore)

Founded in 1945, this Indian multinational automotive manufacturing company has its headquarters in Mumbai. It is a subsidiary of Tata Group, manufacturing trucks, trucks, vans, passenger cars, sports cars and more.

Apart from India, it is in countries like the United Kingdom, Thailand, South Africa, South Korea and Spain. It entered the commercial vehicle sector in 1954 after shaking hands with Daimler-Benz of Germany.

Let's learn more about this largest truck manufacturer in India from the following section.

• Turnover: 66578.27 crores as of March '23.
• Product USP: Fourth largest manufacturer of trucks, manufactures powerful products like Tata Sigma, Tipper Truck, etc., and comes with an advanced emission control system.
• Average Price Range: Starting from ₹3.99 Lakh to ₹78.03 Lakh.

2. Mahindra & Mahindra Limited (Market Capitalization: ₹2,02,851 crore)

One of India's top 10 truck manufacturers is the Mahindra Group, Mahindra and Mahindra Limited subsidiary. Like its competitor, Tata Motors, Mahindra truck company's establishment dates back to 1945.

Headquartered in Mumbai, Maharashtra, this truck company manufactures trucks and other transportation motors. Further, Mahindra's light commercial vehicles entered the market in 1948 and have a distribution network across countries like Italy, South Korea, the US, Australia and more.

Here are some additional details on the best truck manufacturer in India.

• Turnover: ₹87505.43 crores as of March '23.
• Product USP: 57 manufacturing facilities worldwide launched a new series of smart trucks named BLAZO.
• Average Price Range: Starts from ₹1.56 Lakh to ₹52.00 Lakh

3. Eicher Motors Limited (Market Capitalization: ₹1,00,450 crore)

Established in 1948, Eicher Motor is one of the top 10 biggest trucking companies and the parent company of Royal Enfield. It has its headquarters in New Delhi.

Further, the company launched its first heavy-duty truck in 2002 and has an international presence across South Asia, Africa and the Middle East.

Some other pointers to consider before buying trucks from this company are mentioned below:

• Turnover: ₹14,442 crores as of March '23.
• Product USP: Fuel efficient, higher payload, faster turnaround, the new series of Eicher trucks come with high loading capacity.
• Average Price Range: Starts from ₹12.16 Lakh to ₹64.99 Lakh.

4. Ashok Leyland Limited (Market Capitalization: ₹51,000.53 crore)

Ranking 2nd on the top 10 truck manufacturers in India, Ashok Leyland Limited manufactures trucks and heavy and medium commercial vehicles. The company was established in 1948 and had its headquarters in Chennai.

Further, it is owned by the Hinduja Group and has a footprint across 50 countries. Also, it has been present in the market since its launch.

Below are some additional details on this truck manufacturing company:

• Turnover:  ₹36,144.14 crores as of March '23.
• Product USP: Manufactures 7.5 to 49 tonnes of capacity trucks, Tusker Twin Axle Lorry, and Ashok Leyland Lorry.
• Average Price Range: Starts from ₹2.10 Lakh to ₹66.00 Lakh.

5. Force Motors Limited (Market Capitalization: ₹4,646 crore)

Founded in 1958, this is one of the top truck companies in India, manufacturing light commercial vehicles, minidor, matador and more. Headquartered in Pune, this company is managed by the Firodia Group.

Furthermore, the company introduced small trucks in 1951, and it has an international footprint across nations like Asia, Africa, Latin America, and the Middle East.

• Turnover: ₹5090.62 crores as of March '23.
• Product USP: High-quality products at competitive prices, high performance and premium quality engines and axles, hosts a team of experienced design engineers.
• Average Price Range: ₹4.37 lakh to ₹14 lakh.

6. SML ISUZU Limited (Market Capitalization: ₹1,936 crore)

Incorporated in 1983, SML ISUZU Limited or SMLI, is a commercial vehicle manufacturer with headquarters in Chandigarh.

In addition, Sumitomo Corporation and Isuzu Motors hold 44% and 15% of the stake in this company, respectively. It also has a wide range of distribution networks across countries like Nepal, Zambia, Tanzania, Ivory Coast, etc.

Some other vital pointers to consider about this company are;

• Turnover: ₹1824.71 crores as of March '23.
• Product USP: Manufacturers of trucks, buses, and other lightweight vehicles produce medium-duty trucks powered by Isuzu engines.
• Average Price Range: Starts from ₹14.61 Lakh to ₹23.71 Lakh.

7. Hindustan Motors (Market Capitalization: ₹378 crore)

Established in 1942, Hindustan Motor has its headquarters in Kolkata, West Bengal.

It is a Birla Technical Services Industrial Group subsidiary and exports trucks to Egypt, Bangladesh, Mauritius, Sri Lanka, and New Zealand.

Additionally, here are some details you might consider before purchasing trucks from this company.

• Turnover: ₹3.79 crores as of March '23.
• Product USP: Manufactures lightweight commercial vehicles; by collaborating with Isuzu, they built JCS trucks.
• Average Price Range: NA.

8. Daimler India Commercial Vehicles' BharatBenz (Market Capitalization: ₹79 Crore)

One of India's top 10 truck manufacturers, Bharat Benz is a Daimler India Commercial Vehicles brand established in 2011. Its headquarters is in Chennai.

On 2 March 2012, it unveiled its series of trucks in the range of 9 to 49 tonnes.

Here are some additional details of this truck company.

• Turnover: Crossed ₹10,000 crores as of FY2023.
• Product USP: Manufactures trucks, heavy-duty tractors, and buses, sold and serviced across a Pan-Indian network of more than 250 touchpoints.
• Average Price Range: Starts from ₹17 Lakh to ₹45 Lakh.

9. Volvo Trucks (Market Capitalization: ₹44 Crore)

This truck company was founded in 1928 and owned by A.B. Volvo. With headquarters in Gothenburg, Sweden, this company manufactures heavy-duty trucks.

Further, it has production facilities around the globe, including the USA, Africa, China etc.

To learn more about this company, refer to the following section:

• Turnover: NA
• Product USP: Flexible and comfortable workplace for drivers, durable and high performance.
• Average Price Range: ₹70 lakh to ₹90 lakh.

10. Asia Motorworks (Market Capitalization: ₹5 Crore)

This Indian automotive company was established in 2002 and was headquartered in Mumbai. The vehicles manufactured are exported to Nepal, Myanmar, Bhutan and Bangladesh.

Below are some additional details about this company:

• Turnover: NA
• Product USP: Covers a range of heavy-duty applications such as mining, power, construction, roads and highways, etc., and won the Commercial Vehicle of the Year award by NDTV Profit Car and Bike Awards 2008.
• Average Price Range: Starts from ₹18.40 to 37.15 lakh.

Therefore, by following the above list of top 10 truck companies in India, you can streamline your options while choosing an appropriate truck.

Furthermore, it is recommended that you protect your vehicle by availing of third-party commercial vehicle insurance coverage. It is mandatory by law and will provide financial cover to third parties for any damages caused by your truck in case of unforeseen accidents.