Karnataka Small Commercial Vehicle Market to grow at steady CAGR through 2027
Rapidly growing road
infrastructure and the increasing popularity of online shopping are expected to
drive the demand for Karnataka small commercial vehicle market over the
forecast period, 2023-2027.
According to TechSci Research
report, “Karnataka 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”, the Karnataka small commercial vehicle
market is expected to witness a steady CAGR in the forecast period, 2023-2027.
Small commercial vehicles are among the most powerful trucks and are considered
suitable for the transport and logistics industry. The engine of small
commercial vehicles is manufactured by using advanced mobility solutions to
provide higher fuel efficiency at low fuel consumption. The growth of the
market is attributed to the growing logistics services in the local markets and
massive regional government initiatives and financial support. An increase in
investments from manufacturing companies to develop an efficient supply chain
to capture the highest market share boosts the demand for small commercial
vehicles. Consumers are willing to spend more on improving their lifestyle and
are shifting to urban areas, supporting the growth of small and medium
businesses.
However, the availability of
alternate vehicles and stringent emission norms may restrain the Karnataka
small commercial vehicles market growth in the forecast period.
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data Figures spread through 70 Pages and an in-depth TOC on " Karnataka Small Commercial Vehicle Market"
The Karnataka 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 over
the next five years, 2023-2027. According to the data published by the state
government, out of 97232 units that were registered in Karnataka during
2019-20, about 8782 units of the units were related to the manufacturing of
Food Products which occupied the top position, followed by the manufacturing of
textiles, 6.50% registration. Rapid urbanization improved living standards, and
consumer expenditure capacity increase is increasing the sales of FMCG goods
and products.
Based on
propulsion, the market is divided into ICE and electric. Electric propulsion
type is expected to witness the fastest incremental growth over the forecast
period, 2023-2027. Due to the continuous rise in the population and growing
disposable income, there is an increase in automobile sales in the region.
Consumers have become more aware and are willing to invest in zero-emission
vehicles that do not pollute the environment. The launch of advanced small
commercial vehicles having improved fuel mileage and efficiency is expected to
boost the segment share in the coming years.
Major market
players operating in the Karnataka 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 Karnataka Private Limited
- Saera Electric Auto Pvt. Ltd
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“Micro, small, and medium
enterprises form a crucial part of the industrial sector. The increase in the
number of small and medium-sized enterprises owing to favorable government
policies is expected to drive the demand for small commercial vehicles. They
require a small commercial vehicle for the transportation of goods and raw
materials. The government is launching plans like the “MSME Sarthak Scheme” and
allocated funds to support the growth of small and medium size industries in
Karnataka. Therefore, the high demand from manufacturing and construction industries
and high government support is expected to propel the Karnataka small
commercial vehicle market till 2027” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“Karnataka 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 Karnataka 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 Karnataka small commercial vehicle market.
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