Kerala Small Commercial Vehicle Market to Grow With Impressive CAGR until 2027
Kerala
Small Commercial Vehicle Market is anticipated to grow with increasing sales,
in the forecast period, 2023-2027F.
According to TechSci report on, “Kerala
Small
Commercial Vehicle Market - By
Top 5 Cities, Competition Forecast & Opportunities, 2027” Kerala small commercial vehicle market is
anticipated to grow with an impressive CAGR value during the forecast period,
2023-2027. The market value is expected to grow on the backbone of growing
inclination of the common population toward public transportation. Increasing
demand for the small commercial vehicles in the recent years is also due to
increasing freight movement in the state. Surge in the demand for the
transportation service within the state and exporting the products to
neighboring states is also driving the growth of the Kerala small commercial
vehicle market in the upcoming five years. Rising awareness regarding
ill-effects of personal vehicles and their increasing utilization for commute,
causing degradation in the environment has further initiated the public
transport usage. Moreover, the demand for small light commercial vehicles is
also due to expanding e-commerce sector in the state. Rising population density
in the state, growing adult population and their higher disposable income have
aided to trends of online shopping and demands for lightening fast deliveries,
in-home product deliveries are further supporting the growth of the Kerala
small commercial vehicles market in the next five years. Additionally,
healthcare sector is also responsible for the futuristic growth of the Kerala
small commercial vehicle market. Under the influence from recent pandemic
caused due to COVID-19, demands for faster deliveries of vaccine, PPE kits,
drugs, medicines, oxygen cylinders and other therapeutic products increased.
Government facilitated the production of the small commercial vehicles to
support the growing demand for faster distribution of the pharmaceutical &
therapeutic products, thereby substantiating the growth of the Kerala small
commercial vehicle market in the future five years. Demands for electronic
small commercial vehicles is also influencing the growth of the Kerala small
commercial vehicle market in the forecast period.
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The
Kerala 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 growing
demands for the freight movement of FMCG products. Attempts to prolong the
shelf life, and growing demands for the FMCG products among the population,
inclined toward snacks, fast food, and other FMCG products is anticipated to
further lead the growth of the Kerala small commercial vehicle market in the
next five years. Moreover, the e-commerce sector further supports the growth of
FMCG industry. Growing demands of online deliveries, and increase in the online
shopping with rising disposable incomes of the youth population adds to the
growth factors of the Kerala small commercial vehicle market in the future five
years.
Based
on propulsion, the market is differentiated between ICE and electric. 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 Kerala small commercial vehicle market in
the forecast period. 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.
A
partial list of major market players of the Kerala 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 Kerala Private Limited
·
Saera Electric Auto Pvt. Ltd
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“The market analysis also studies the top 5 cities analysis, that are Thiruvananthapuram, Ernakulam,
Kozhikode, Kollam, and Kottayam. Thiruvananthapuram is anticipated to lead the top 5
city analysis in the upcoming five years, due to the growing industrialization
in the city. Thiruvananthapuram is one of the largest populated cities of the
state, and rising population enhances the demand for freight movement, and
online deliveries. Moreover, presence of global market players in the city. Kerala
Automobiles Limited, is one of the most functional automobile manufacturing
companies in Kerala. The product line of autorickshaw, pickup vans, delivery
van, auto chassis, hydraulic tipper, etc. along with the export demands are
fulfilled by the company. 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,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Kerala
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 Kerala 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 Kerala small commercial vehicle market.
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