Delhi Small Commercial Vehicle Market to grow at steady CAGR through 2027
The high demand from manufacturing industries and growing
logistics services in the local market are expected to drive the demand for Delhi
small commercial vehicle market in the forecast period, 2023-2027.
According
to TechSci Research report, “Small Commercial Vehicle Market – Delhi Industry Size, Share,
Trends, Opportunity, and Forecast, 2017-2027”,
the Delhi small commercial vehicle market is expected to witness a growth of
steady CAGR in the forecast period, 2023-2027. Rapidly growing road and highway
infrastructure and the development of shipping and shopping networks are
driving the demand for small commercial vehicles. Increasing urbanization and
growth in the small and medium businesses increased demand for last-mile
connectivity is, fueling the transportation of products between regional and
local destinations. The small commercial vehicles offer several advantages,
such as their ability to travel easily through narrow roads and carry huge
loads are, accelerating their market demand. Advancements in the automotive
industry and a rise in industrial activities across the region are fostering
the demand for commercial vehicles. The support from the government to promote
the e-mobility industry and the launch of small electric commercial electric
vehicles are expected to create growth opportunities for the Delhi small
commercial vehicle in the forecast period.
However,
the presence of alternate vehicles and stringent emission regulations may
restrain the Delhi small commercial vehicles market growth for the forecast
period.
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The Delhi small commercial vehicle
market is segmented into vehicle tonnage, industry, propulsion, competitive
landscape, and regional distribution.
Based on industry, the market is divided
into e-commerce, FMCG, pharma, electronics, construction, agricultural,
hospitality, forestry, oil & gas, and others. The FMCG industry is expected
to account for a significant market share in the forecast period. The growing
expenditure capacity of consumers and the rapid urbanization and modernization
make the consumers invest in quality products. Changing dietary habits and
increasing health-consciousness among consumers are accelerating the sales of
comfort and convenience products. Small commercial vehicles are used to carry
and move bread, eggs, face wash, washing order, fruits, and vegetables to the
consumer from local as well as regional markets. The growing demand for grocery
products among consumers is expected to boost the demand for small commercial
vehicles in the forecast period.
Based on propulsion, the market is
divided into ICE and electric. The ICE segment dominated the market and is
expected to maintain its dominance through the forecast period. The majority of
the small commercial vehicles introduced by the market player belong to this
segment, thereby holding the majority of the market share. Market players are
introducing vehicle models having higher fuel efficiency and fuel capacity to
lure the customers into buying the small commercial vehicles using ICE engines
for propulsion. Also, electric vehicles are expected to witness the fastest
incremental growth in the forecast period. The growing environmental concerns
and the need to comply with stringent emission norms and regulations are
creating the need for alternative fuel vehicles. The advent of small commercial
electric vehicles and the development of supportive charging infrastructure are
expected to bolster the segment demand for the next five years.
Major market players operating in the Delhi
small commercial vehicle market are:
·
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 Delhi Private Limited
·
Saera
Electric Auto Pvt. Ltd
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“The centre has announced initiatives
such as the Production Linked Incentive Scheme (PLI) and scrappage policy are
impacting the demand for small commercial vehicles significantly. The
announcement of infrastructure development projects such as the National
Infrastructure Pipeline (NIP) by the leading authorities is expected to fuel
the demand for small commercial vehicles. High support from the government and
the launch of advanced versions of the small commercial vehicles in the market
are expected to propel the Delhi small commercial vehicle market growth till
2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Delhi 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 Region, Competition Forecast & Opportunities, 2027”, has evaluated the future
growth potential of Delhi 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 Delhi small commercial vehicle market.
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