Uttar Pradesh Small Commercial Vehicle Market to be dominated by Agricultural Industry by 2027
The growing road and highway infrastructures and high-end
investments by manufacturing industries are expected to drive the demand for Uttar
Pradesh small commercial vehicle market in the forecast period, 2023-2027.
According
to TechSci Research report, “Small Commercial Vehicle Market – Uttar Pradesh Industry Size, Share,
Trends, Opportunity, and Forecast, 2017-2027”,
the Uttar Pradesh small commercial vehicle market is expected to witness a
growth of robust CAGR in the forecast period, 2023-2027. Small commercial
vehicles are witnessing massive demand from all parts of the country and are
the fastest-growing vehicle type in the commercial vehicle category. They
typically consist of mini-trucks, pickups, auto-rickshaws, and 3-wheelers.
Initially, the 3-wheeler small
commercial vehicles dominated the market, but
India's supreme court banning the overload of vehicles and restricting the
entry of heavy commercial vehicles in the cities led to the launch of mini
trucks and pickups. Customers can choose a small commercial vehicle according to
their demands and requirements. The small commercial vehicle offers several
advantages to the end-users, such as compact size, small turning radius, and
easy maneuverability. They help in the rapid loading and unloading of
shipments. Some of the most popular small commercial vehicles among consumers
are Mahindra Jeeto, Ashok Leyland BADA DOST, Tata Ace gold, Maruti Suzuki Super
Carry, Ashok Leyland Dost+, Mahindra Bolero Maxitruck Plus, among others.
However,
strict emission regulation and availability of alternate vehicles may restrain
the Uttar Pradesh small commercial vehicles market growth in the forecast
period.
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The Uttar Pradesh 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 agricultural industry is
expected to account for a significant market share in the forecast period,
2023-2027. Uttar Pradesh has a well-developed agro-based industry in the
country. It is the largest producer of sugarcane and is known as the ‘sugar
bowl of India’. The states comprise fertile regions of the Indo-Gangetic Plain,
which is the major reason for its agricultural growth. Uttar Pradesh produces
substantial quantities of pulses, vegetables, pulses, maize, wheat, rice,
sugarcane, and mangoes which require transportation from farmers to processing
and end-use industries. The growing agriculture industry is accelerating
commercial activities, which is expected to bolster the growth of the Uttar
Pradesh small commercial vehicle market over the next five years.
Based on propulsion, the market is
divided into ICE and electric. The electric segment is expected to witness the
fastest incremental growth in the forecast period. The target set up a
government in the form of electric vehicle policy 2019 is expected to promote
the adoption of electric small commercial vehicles among the end-users. It aims
to phase out all conventional commercial fleet and logistics vehicles and
achieve 50% electric vehicle mobility in goods transportation in ten electric
vehicle cities by 2024 and all by
2030. The government is also making efforts to set up electric vehicle
manufacturing plants of high-power density for smooth electric mobility and set
up approximately 2 lakh slow and fast charging stations and swapping stations.
Major market players operating in the Uttar
Pradesh 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 Uttar Pradesh Private Limited
·
Saera
Electric Auto Pvt. Ltd
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“The changing preference of consumers to
buy through online platforms is boosting the popularity of the e-commerce
industry across the region. Availability of high-speed internet connection, the
proliferation of smart devices, and the tech-savvy youth population use the
online sales channel to order products for daily use. The growing online
shopping and shipping network and logistics industry to meet the increasing
customer requirements and the high demand for last-mile delivery connectivity
services are expected to create lucrative growth opportunities for the market
in the forecast period. Market players are advised to focus on manufacturing
high speed, fuel-efficient electric vehicles that can help the organizations to
develop an efficient supply chain to support the flourishing e-commerce
industry is expected to propel the Uttar Pradesh small commercial vehicle
market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Uttar Pradesh 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 Uttar Pradesh 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 Uttar Pradesh small commercial vehicle market.
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