Haryana Small Commercial Vehicle Market to grow at a steady CAGR through 2027
Surge in demand for e-mobility solutions and rise in the
number of market players are expected to drive the demand for Haryana small
commercial vehicle market in the forecast period, 2023-2027.
According
to TechSci Research report, “Small Commercial Vehicle Market – Haryana Industry Size, Share,
Trends, Opportunity, and Forecast, 2017-2027”,
the Haryana small commercial vehicle market is expected to witness a growth of
steady CAGR in the forecast period, 2023-2027. The rise in demand for logistics
services from the local market and ongoing commercial activities in the state
are driving the market demand. Also, the growing popularity of online channels
is boosting the development of transportation and shipping networks. Consumers
are spending more on quality lifestyles and are purchasing goods and products
which can suit their current lifestyle. The high internet penetration and
proliferation of smart devices make the youth population shift towards online
sales platforms. The intense competition among the market players makes them
adopt attractive marketing strategies and provide facilities to consumers like
quick doorstep delivery and free exchange options to capture the largest market
share. Generally, e-commerce channels use third-party services to manage the
supply chain. These third-party companies utilize light commercial vehicles to
transport goods from retailers to consumers. Small commercial vehicles are
fuel-efficient compared to heavy commercial vehicles and bear low operational
costs, making them preferred among third-party service providers. The several
benefits offered by small commercial vehicles are expected to boost the
adoption in the e-commerce industry at a significant rate over the next five
years.
However,
the availability of alternate options may restrain the Haryana small commercial
vehicles market growth for the forecast period.
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Small Commercial Vehicle Market"
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The Haryana 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 agriculture industry is
expected to hold a significant market share in the forecast period. It is one
of the most prominent industry verticals, and Haryana is among the better
Indian states in agriculture performance. The major commodities produced from
agricultural lands are oilseeds, sugarcane, wheat, rice, maize, cotton, etc.
Farmers who have less land and have lower agricultural yields invest in the
purchase of small commercial vehicles as they are affordable and highly
fuel-efficient compared to heavy commercial vehicles. The high demand from the
agriculture industry is expected to bolster the demand for the Haryana small
commercial vehicle market for the next five years.
Based on propulsion, the market is
divided into ICE and electric. The ICE segment is expected to capture the
highest market share in the forecast period. The majority of the existing small
commercial vehicles use ICE engines for their propulsion. Market players are
launching advanced versions of small
commercial vehicles to attract customers to
purchase small commercial vehicles of their particular brand. The ongoing
advancements in technology and the underdeveloped electric vehicle charging
infrastructure are expected to support the demand for ICE-based small
commercial vehicles over the next five years.
Major market players operating in the Haryana
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 Haryana Private Limited
·
Saera
Electric Auto Pvt. Ltd
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“The rise in awareness about the environmental
benefits of using electric vehicles and the fast depletion of fossil fuels
supports the automotive industry's transformation from traditional-based fuels
to eco-friendly fuels. The Haryana state government has formulated a draft that
aims to promote the electric vehicle in the state and has proposed to phase out
all fuel-based commercial fleets and logistics vehicles in Gurugram and
Faridabad by 2024 and in all cities by 2030. The growing popularity of electric
vehicles and favorable government policies are expected to accelerate the
demand for small electric commercial vehicles. The rise in awareness about the
benefits of using small commercial vehicles for transportation and logistics
purposes among enterprises is expected to propel the Haryana small commercial
vehicle market growth till 2027” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Haryana 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 Haryana 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 Haryana small commercial vehicle market.
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