According to TechSci Research report, “India Commercial Vehicles Market Research Report By Vehicle Type, Competition Forecast & Opportunities, 2023”, commercial vehicles market in India is anticipated to reach $ 21.9 billion by FY 2023. Growth in the market is anticipated on account of expanding infrastructure sector, growing manufacturing industry, booming e-retail sector coupled with fast developing logistics sector. Moreover, favorable government initiatives aimed at development of strong and sustainable infrastructure across various sectors is further expected to fuel demand for commercial vehicles in India over the course of next five years.
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On the basis of gross vehicle weight, the commercial vehicles market is broadly segmented into light commercial vehicles (LCVs), medium commercial vehicles (MCVs), and heavy commercial vehicles (HCVs). Light commercial vehicles (LCVs) segment has maintained its dominant position in India commercial vehicles market, grabbing a share of over 57% in FY2017, which is expected to further increase in the coming years. The dominance of LCVs can be attributed to a wide range of products in this segment, growing logistics sector, increasing economic activity coupled with rapid infrastructure development in India.
Among regions, western region is the largest commercial vehicles market with around one-third of the market share in FY2017. Western region is anticipated to continue its dominance during forecast period as well owing to increasing infrastructure development in the region. However, southern region is also giving stiff competition and is expected to witness increasing sales of commercial vehicles in the coming years. Moreover, increasing commercial activities, expanding e-retail sector and expanding manufacturing sector is expected to drive demand for commercial vehicles in other regions as well over the next five years.
“Increasing number of easy financing options, swift growth in infrastructure sector in India, coupled with a wide range of commercial vehicles available in the market, is anticipated to propel India commercial vehicles market during the forecast period. Moreover, intense competition due to competitive pricing strategy will further drive demand for commercial vehicles in the country in short to medium term.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“India Commercial Vehicles Market By Vehicle Type, Competition Forecast & Opportunities, 2023” has evaluated the future growth potential of commercial vehicles market in India, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges emerging in the India commercial vehicles market.