Maharashtra Small Commercial Vehicle Market to Grow With Impressive CAGR until 2027
Maharashtra
Small Commercial Vehicle Market is anticipated to grow with increasing sales,
in the forecast period, 2023-2027F.
According to TechSci report on, “Maharashtra
Small
Commercial Vehicle Market - By
Top 5 Cities, Competition Forecast & Opportunities, 2027” Maharashtra
small commercial vehicle market might register an impressive CAGR during the
forecast period, 2023-2027, to establish growth due to factors like higher
numbers of manufacturing units in the states. Growing sales for the small
commercial vehicle in the state is further driving the growth of the
Maharashtra small commercial vehicle market in the upcoming five years.
Moreover, the demands for the small commercial vehicle from other states, and
growing exports of the vehicles would also support the growth of the
Maharashtra small commercial vehicle market in the next five years. The demand
for small commercial vehicle is also rising from the end use industries.
Expanding e-commerce, FMCG, pharma industry, etc. is aiding the growth of the
Maharashtra small commercial vehicle market in the future five years. The
consumers are highly inclined toward e-commerce sector, online shopping, and
online sales of various products. Thus, the online delivery services are
further expanding and demands for faster delivery, one-day delivery also substantiate
the growth of the Maharashtra small commercial vehicle market in the forecast
years through 2027. Additionally, development of the automotive industry,
increase in the industrial activities and industrialization in the state are
some of the major factors responsible for the growth of the Maharashtra small
commercial vehicle market in the future five years. Rapid adaptation of
electronic vehicles, and battery powered small commercial vehicles are also aiding
the growth of the Maharashtra small commercial vehicle market in the forecast
years through 2027.
Strict
environmental regulations, demand to cut short the fuel usage and save
environment of the toxic exhausts out of the vehicles have aided to the growing
demands for electric small commercial vehicles in the recent years. The
government is highly inclined to focus its resources to promote the use of
electric vehicles. Moreover, increasing investment in the advancement of the
efficient vehicles, and rapid product line development by the market players in
the state is further aiding the growth of the Maharashtra small commercial
vehicle market in the forecast period.
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The
Maharashtra small commercial vehicle market is segmented by vehicle tonnage,
industry, propulsion, competitional landscape, and regional distribution. By
industry, the market is fragmented into e-commerce, FMCG, pharma, electronics,
construction, agricultural, hospitality, forestry, oil & gas, and others. FMCG
industry is anticipated to hold the largest revenue shares of the market and
dominate the market segment in the upcoming five years on grounds of increasing
demand for the transportation and distribution of the FMCG products for shorter
distances. Maintaining the shelf life of the FMCG product is a major concern
that demands for the products to be transported for short distances and with
efficiency to maintain the shelf life of the products. E-commerce sector is also
expected to follow closely behind the FMCG industry as the demands for online
delivery and online shopping is rapidly increasing. Based on propulsion, the
market is differentiated between ICE and electric. ICE propulsion engines are
anticipated to hold the largest revenue shares of the market and dominate the
market segment in the upcoming five years on the grounds of traditional usage
of the ICE engines in the manufacturing of small commercial vehicle. Electric
propulsions are anticipated to register fastest growing CAGR due to increasing
inclination of consumers and government toward electric vehicles. Rising
awareness regarding degrading environmental conditions further aid the growth
of the segment and the growth of the Maharashtra small commercial vehicle
market in the forecast period.
A
partial list of major market players of the Maharashtra small commercial
vehicle market includes :
·
Lohia Auto Industries
·
Tata Motors Limited
·
Ashok Leyland Limited
·
Atul Auto Limited
·
Piaggio Vehicles Pvt. Ltd. (PVPL)
·
Mahindra & Mahindra Ltd
·
Bajaj Auto Ltd.
·
TVS Motor Company
·
Isuzu Motors Maharashtra Private Limited
·
Saera Electric Auto Pvt. Ltd
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“The market analysis also studies the top 5 cities analysis, that are Pune,
Mumbai, Bhiwandi, Nagpur, and Nasik. Pune is anticipated to lead the top 5 city
analysis in the upcoming five years, due to the presence of highest number of market
players in the city. Market players like Piaggio, Aprilla, Vespa, Bajaj Auto,
KTM, Force Motors, etc. have their production units in Pune and with high
capacity of production, these players are producing majority of the small
commercial vehicles thus satisfying the growing demands. Moreover, increasing
sales and thus the production of the small commercial vehicle is further
driving the growth of the Maharashtra small commercial vehicle market in the
next five years. New market players would be required to operate with
collaborations and invest in new product development since the market is
already well established in the state. Global players like Ashok Leyland,
Piaggio, Bajaj Auto, make the market highly competitive,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Maharashtra
Small Commercial Vehicle Market By Vehicle Tonnage (Less Than 1 ton, 1 - 2 Ton,
and 2 - 3 Ton), By Industry (E-commerce, FMCG, Pharma, Electronics,
Construction, Agricultural, Hospitality, Forestry, Oil & Gas, and Others),
By Propulsion (ICE and Electric), By Top 5 Cities, Competition Forecast & Opportunities,
2027” has
evaluated the future growth potential of Maharashtra small 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 Maharashtra small commercial vehicle market.
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