India Commercial Vehicle Market: Analysis Of Industry Size, Share, And Competition

According to the TechSci report titled "India Commercial Vehicle Market, By Region, Competition Forecast & Opportunities, FY2017 - FY2027," the commercial vehicle market in India has demonstrated significant growth in previous years until FY2021 and is expected to sustain this growth in the upcoming forecast period from FY2023 to FY2027. The growth of the Indian commercial vehicle market can be attributed to factors such as the increasing transportation services within the country. The market is further driven by the growing demand for fuel-efficient and technologically advanced commercial vehicles in the next five years. The rising demands have led to higher sales of trucks and buses, further supporting the growth of the market. Additionally, the market is influenced by the surging demand from end-use industries. The increasing mining activities, freight movement demands, and transit through commercial vehicles also contribute to the growth of the Indian commercial vehicle market over the next five years. The rising cost of fuel significantly affects the automotive industry, impacting sales and production. Consequently, there is a growing demand for commercial vehicles that offer lower fuel consumption, better mileage, and reduced maintenance costs. Technological advancements, such as electric commercial vehicles and the increasing demand for eco-friendly battery-powered vehicles, are also key factors driving the growth of the Indian commercial vehicle market in the future five years.

However, the market experienced certain setbacks in growth due to the recent pandemic conditions, which resulted in reduced production capacities of automobiles and their parts due to complete lockdown measures. With the relaxation of lockdown restrictions and the reinstatement of production units and manufacturing industries, a steady growth is anticipated in the forecast period until 2027.

The segmentation of the India commercial vehicle market is based on vehicle type, propulsion, regional distribution, and competitive landscape. In terms of propulsion, the market is divided into internal combustion engine (ICE) and electric vehicles. The utilization of ICE in commercial vehicles is expected to hold the largest revenue shares and dominate the segment in the upcoming five years, driven by its traditional utilization. Moreover, the increasing production of heavy-duty vehicles for higher freight movements is anticipated to contribute to the growth of the Indian commercial market in the next five years. On the other hand, electric propulsion is expected to generate the fastest CAGR growth in the future five years due to the rising demand for electric commercial vehicles. Growing environmental concerns and increasing fuel prices also play a role in driving the growth of the Indian commercial vehicle market in the upcoming five years.

Browse over XX market data Figures spread through 70 Pages and an in-depth TOC on "India Commercial Vehicle Market"

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The India truck market is further segmented based on vehicle type, propulsion, class, and application. The truck market's vehicle type segment includes light-duty trucks, medium-duty trucks, and heavy-duty trucks. Light-duty trucks are anticipated to hold the largest revenue shares and dominate the market segment in the upcoming five years, primarily due to the increasing production of low commercial vehicles used for transportation in hilly regions. Additionally, the challenges posed by terrains such as hilly regions and desert lands in accessing transportation locations further support the growth of the truck market and the overall Indian commercial vehicle market in the future five years.

The report also discusses the India bus market, which is segmented based on vehicle type, propulsion, length type, seating capacity, and application. The market segmentation for the bus market includes van and bus vehicle types. Buses are expected to hold the dominant market shares in the upcoming five years, driven by increasing investments in improving the country's transit system. Both state and central governments are enthusiastic about advancing the transportation system with electric vehicles and incorporating added services such as automatic door movements, higher fuel efficiency, and air-conditioned buses. These initiatives are expected to drive the growth of the bus industry and support the overall growth of the Indian commercial vehicle market in the future five years.

A partial list of market players in the field includes :

• Tata Motors Limited
• Mahindra & Mahindra Limited
• Eicher Motors Limited
• Volvo Group
• Hinduja Group (Ashoke Leyland)
• Ford Motor Company
• Asia Motor Works Ltd
• Mazda Motor Corporation
• Scania AB
• Daimler Truck AG 

“Automotive industry in the country is expanding with the increasing production scales of the market players active in the industry. Increasing sales along with the inclination of consumers toward specific brands and built up trust from long durations over the companies also facilitate the growth of the market in the upcoming five years. New market players anticipated to enter the market in near future must focus on higher investment and increased research and development of the more economical and eco-friendly products such that the immediate demands from the consumers can be fulfilled. Following the consumer demands would support their brand establishment and the further business expansion may become easier. Production units & parts manufacturing factories in the hilly regions of the country would also aid the market growth since maintenance, and repairment cost for the vehicles in difficult terrain increases multiple folds and affects market growth,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Commercial Vehicle Market By Vehicle Type (Truck {Light Duty Truck, Medium Duty Truck, Heavy Duty Truck}, Bus {Van and Bus}), By Propulsion (ICE, Electric), By Region, Competition Forecast & Opportunities, FY2027” has evaluated the future growth potential of India commercial vehicle market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India commercial vehicle market.

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About TechSci Research:

TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.

 

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