News: According to media sources, India’s truck fleet is ageing rapidly, with about 42% of vehicles older than 12 years (amounting to ~17-19 lakh trucks) with present average fleet age pegged at ~9.5 years vs.7.5 years in the past, with a large concentration of older trucks in states like Maharashtra, Karnataka, and Gujarat. Medium and heavy commercial vehicles dominate the ageing segment. Industry leaders such as Tata Motors and Ashok Leyland continue to dominate the older fleet base, even as they prepare for a transition toward electric trucks. View: Around 85% of the current fleet registered since 2003 belongs to two industry majors, Tata motors (58%) & Ashok Leyland (27%), indicating a large share of replacement demand will kick in for these companies. This is structurally long-term positive for the Tata Motors CV and Ashok Leyland with potential replacement demand pegged at ~17-19 lakh trucks vs. the current annual run-rate of ~3.3-3.5 lakh units, leading to steady annual growth over the next 5 years