Mordor Intelligence has published a new report on the India Commercial Vehicles Market, offering a comprehensive analysis of trends, growth drivers, and future projections.
The India Commercial Vehicles Market is projected to be valued at USD 48.27 billion in 2024 and is anticipated to grow to USD 65.26 billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 5.15% during the forecast period (2024-2030). The Indian commercial vehicles market includes a range of vehicle body types, such as light commercial vehicles (LCVs), medium-duty trucks (MDTs), heavy-duty trucks (HDTs), and buses.
Key Trends Driving India Commercial Vehicles Market
- Infrastructure Development
India’s ongoing infrastructure projects, including the construction of highways, bridges, and urban transit systems, have escalated the demand for commercial vehicles. The government’s focus on enhancing connectivity and logistics efficiency has further propelled this demand, positioning the commercial vehicle sector as a critical component in the nation’s economic growth.
2. E-commerce Expansion
The rapid growth of the e-commerce industry has revolutionized retail dynamics, necessitating a robust logistics framework. This surge has led to an increased demand for light commercial vehicles (LCVs) and heavy trucks to facilitate efficient last-mile delivery and bulk transportation, respectively. Consequently, the commercial vehicle market is experiencing substantial growth, aligning with the evolving consumer purchasing behaviors.
3. Transition to Cleaner Energy
In response to environmental concerns and global sustainability trends, India is transitioning towards cleaner energy alternatives in the commercial vehicle segment. The adoption of electric and liquefied natural gas (LNG)-powered vehicles is gaining momentum, supported by government incentives and policies aimed at reducing carbon emissions. For instance, India’s plan to convert a third of its heavy-duty truck fleet to LNG within the next five to seven years underscores this commitment.
Market Segmentation
The Indian commercial vehicles market is segmented based on vehicle type and end-user applications:
- By Vehicle Type:
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- Light Commercial Vehicles (LCVs)
- Heavy Trucks
- Buses & Coaches
2. By End-User:
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- Industrial
- Mining & Construction
- Logistics
- Passenger Transportation
- Others
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The LCV segment is anticipated to witness significant growth due to the rise in e-commerce activities and the need for efficient urban transportation solutions. Simultaneously, the heavy trucks segment is expected to benefit from large-scale infrastructure projects and increased industrial activities.
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Key Players
The Indian commercial vehicles market is characterized by the presence of several key players who contribute to its dynamic landscape:
- Tata Motors Limited
- Ashok Leyland Limited
- Mahindra & Mahindra Limited
- VE Commercial Vehicles Limited
- SML Isuzu Limited
These companies are actively engaged in product innovation, strategic partnerships, and capacity expansion to cater to the evolving market demands. For example, Mahindra & Mahindra is set to outperform in the passenger vehicle and tractor segments, bolstered by new SUV launches and increased production capacity.
Conclusion
India’s commercial vehicles market is on a robust growth trajectory, driven by infrastructure development, the expansion of e-commerce, and a strategic shift towards cleaner energy solutions. The collaborative efforts of industry stakeholders and supportive government policies are expected to sustain this momentum, positioning the sector as a pivotal contributor to India’s economic advancement.
Industry Related Reports:
Heavy Duty Trucks Market: The Global Heavy-Duty Truck Market Sales Statistics are categorized by Tonnage Type (10-15 Tons and More Than 15 Tons), Class (Class 5, Class 6, Class 7, and Class 8), Fuel Type (Gasoline, Diesel, Electric, and Alternative Fuels), Application Type (Construction and Mining, Freight and Logistics, and Other Applications), and Geography (North America, Europe, Asia-Pacific, and the Rest of the World).
Europe Electric Truck Market :The Global Heavy-Duty Truck Market Sales Statistics are categorized by Tonnage Type (10-15 Tons and More Than 15 Tons), Class (Class 5, Class 6, Class 7, and Class 8), Fuel Type (Gasoline, Diesel, Electric, and Alternative Fuels), Application Type (Construction and Mining, Freight and Logistics, and Other Applications), and Geography (North America, Europe, Asia-Pacific, and the Rest of the World).
Bus Market: The Bus Market is divided by Propulsion Type (Hybrid and Electric Vehicles, Internal Combustion Engine (ICE)) and by Region (Africa, Asia-Pacific, Europe, Middle East, North America, and South America). The report provides market size data in terms of both market value (USD) and market volume (units). Additionally, it features a detailed breakdown by Vehicle Type, Vehicle Configuration, Vehicle Body Type, Propulsion Type, and Fuel Category.
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