India Light Commercial Vehicles Market to Cross $ 6.8 Billion by 2023
Growing
number of small and medium enterprises, increasing per capita income, and
expanding logistics and e-commerce sector to fuel India light commercial
vehicles market through 2024
According to TechSci Research report, “India
Light Commercial Vehicles Market By Carrier Type, By Tonnage Type, By
Vehicle Type, By Fuel Type, By Number of Gears, By Fuel Injection Type, By
Application, Competition Forecast & Opportunities, 2013 – 2023”, light
commercial vehicles market in India is projected to reach $ 6.88 billion by 2023.
Growing construction, e-commerce, FMCG and logistics sectors, in addition to increasing
demand for CNG and electric vehicles and government initiatives such as ‘Make
in India’ are boosting demand for light commercial vehicles in the country. Earlier,
the commercial vehicles market was dominated by few players such as Tata,
Mahindra & Mahindra and Eicher, however, owing to increasing demand,
several international players have entered the market over the last few years.
For instance, in 2016, Maruti Suzuki launched Super Carry, the company’s first
light commercial vehicle in the Indian market.
Browse 22
market data Tables and 64 Figures spread through 107 Pages and an
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Commercial Vehicles Market"
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In India light commercial vehicles market, 2-3.5 Ton
segment accounted for more than half of the market share in 2017, backed by the
availability of a wide range of products in this segment and their huge
application in sectors such as logistics, goods distribution, e-commerce, etc.
Moreover, these vehicles are easier to maintain and are economically priced,
thus the segment is anticipated to maintain its market dominance during the
forecast period as well. Western and southern regions are the largest demand
generating regions for light commercial vehicles in India. An increasing number
of huge construction projects are either being
undertaken or planned in the regions. Moreover, several smart cities are being
constructed in the two regions, thereby driving huge demand for light commercial vehicles.
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“Availability of easy financing options, growing per
capita income, wide range of product offerings and growing number of international
brands entering the market are among the key factors boosting sales of light
commercial vehicles in India. Moreover, growing competition due to the competitive
pricing strategies of leading manufacturers is anticipated to have a positive
impact on India light commercial vehicles market over the course of next five
years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“India Light Commercial Vehicles Market By Carrier Type,
By Tonnage Type, By Vehicle Type, By Fuel Type, By Number of Gears, By Fuel
Injection Type, By Application, Competition Forecast & Opportunities, 2013
– 2023” has evaluated the future growth potential of light commercial vehicles market
in India, and provides statistics and information on market size, 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 faced by the industry.
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