The Trucking Industry in India to Bounce Back Prominently in 2021 with A Rapid Growth Rate

Ken Research on its latest research and publication has forecasted that the Indian Trucking Industry is likely to bounce back with a better growth rate in 2021 with the pandemic receding with time. The veteran analysts from the research organization had jotted certain facts which makes the future of the Indian trucking industry look bright. The Indian Government has been perpetually investing in building more and more roads, inland coastal ship infrastructure, and ports to reduce the congestion in the highly congested metropolitan cities. With the revised and more flexible axle norms, reduced freight cost, and the growth of the e-commerce sector, the growth of the trucking industry in India would surely witness a boom. 

Present & Future Scenario of the Indian Trucking Industry and Projections 

The Indian Trucking Industry is majorly affected due to the Covid-19 breakout in India but it is expected to recover soon. The truckers who have bought trucks with institutional finance faced a hard time in 2020 in paying off the EMIs as the tata ace hire in Delhi business as well as all other cities of India have suffered miserably. However, with the increased demand for numerous categories of e-commerce products, evolving technical innovations, and advanced Fleet Management software, this is believed that these would be the major contributing factors in the bouncing back of the Indian trucking industry very fast. 

Major Reasons for the Rapid Growth 

Increase in the government spends - The 2020-21 Budget has allocated an amount of 170,000 crores for the development of the transportation infrastructure in the country and this is 8% more as compared to the last year. There are several efforts, initiatives, and projects which are being taken up which would lead to the eventual growth of the Indian trucking industry. Hence, the Tata Ace Hire in Gurgaon and all other cities would witness increased demand. 

High seasonal demand variation - The overall demand for trucking services is usually high during the festive season (Sept, Oct, Nov, Dec) and then during the harvesting months (Feb to April). So, the demand for the tata ace hire Noida and all other major cities and towns is likely to increase in these months. 

Change in Government regulations - There are several flexibilities that are being offered by the Indian Government in order to promote the trucking industry like GST has been converted to all-digital transactions. Also, the introduction of Fastag and e-way bills have made it easier for the truckers to operate. All these initiatives have been counted to be promoting the growth of the trucking industry in India. 

Improving cold transportation - India, in recent years, has been transporting big bulks of vegetables and fruits that require cold chain services. Thus, the cold chain services are being used on a large scale and the demand for these services is at an all-time high. This is contributing to a higher demand for the tata ace hire in Pune and several other cities in India. 

The Growth of the Indian Logistics Market 

The Indian Logistics industry is witnessing a huge growth with a promising CAGR and growth of the various components like the courier parcel, warehousing, and the VAS markets. With the development of all these, the demands for trucks and tempos are also increasing. The e-commerce sector is another very popular industry that is becoming extremely popular with the increased usage of flexible online payments like Paytm, Amazon Pay, Google Pay, PhonePe, etc. With the growth of the e-commerce industry, the demand for trucks is also increasing at a rapid pace in India. 

Conclusion 

Overall, we can conclude that the future of the trucking industry is bright in India although the industry has suffered a major lag due to the impact of Covid-19 and long periods of lockdowns. As per the analysts and experts, we would be able to witness the glorious growth of the trucking industry in India in 2021.

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