India Light Commercial Market to be dominated by West Region During the Forecast Period 2029
Increasing demand for
transportation and development in technologies like EV, smart tire, hybrid
engine technologies are driving the growth of India Light Commercial Vehicle
Market in the forecast period 2024-2028.
According
to TechSci Research report, “India Light
Commercial Vehicle Market – By Region, Competition, Forecast, and Opportunities,
2019-2029F,” India
Light Commercial Vehicle Market is growing at a considerable rate as a result
of fast-growing logistic industry and rising tourism in the country. The automotive industry is considered to be one of
the major driving forces of economic expansion. A light commercial vehicle is a
commercial transport vehicle with a gross vehicle weight of up to 7.5 metric
tonnes. The development of the e-commerce industry has contributed to the
growth of the light commercial vehicle market in India. Sales of LCV should
increase as a result of the government's emphasis on enhancing infrastructure
and the expansion of the real estate and mining industries. Also, after the improvement
of COVID-19 situation, the majority of corporations, companies, and colleges
are increasingly opening up. This is increasing the need for
commercial vehicles in the region. The light commercial
vehicle market is also anticipated to grow as a result of the growing need
for transportation of necessities like groceries within cities and the
expansion of e-commerce.
The Indian government is aggressively supporting
the growth of the country's automotive sector. Furthermore, the government is
encouraging a shift towards cleaner energies by putting the BS VI standards
into effect from April 2020. Also, government subsidies provided under
FAME II are promoting the use of electric vehicles in India. This results in
the increasing demand for light commercial vehicles in the coming years.
The price of crude oil was also influenced by
pandemic and geopolitical restrictions. The purchasing power of both big fleet
owners of light commercial vehicles and individual customers is impacted by the
continually rising cost of energy. As a result, it limits light commercial
vehicle sales. Nonetheless, the manufacturing of large automobiles, electric
vehicles (EVs), and autonomous vehicles is on the rise in India's automotive
sector in post pandemic period. With several measures, the government actively
contributes to the growth of the auto sector. Major firms are also releasing a
range of products to maintain the competitiveness of the light commercial
vehicle market in India. Additionally, the expansion of networks
throughout all tier 1, tier 2, and tier 3 cities is predicted to cause the
India light commercial vehicle market to grow at a high rate during the next
years.
Many companies are collaborating and developing new
technologies to further boost the light commercial vehicle market in India. In
2023, Uber, one of the top ridesharing services, and Tata Motors agreed to
include 25,000 XPRES-T EVs into Uber's premium service. In February 2023, a new
commercial vehicle dealership, was established in Kerala, by Eicher
Trucks & Buses, a company division of VE Commercial Vehicles. Mahindra
& Mahindra has released 14 Mahindra LCVs, six of which are new electrified
versions, in an effort to further diversify its product line. In February 2023,
Tata Motors gave the West Bengal government 218 Winger veterinary vans. In
November 2022, Force Motors unveiled the Urbania van, with prices starting at
USD 35,000 (INR 28.99 lakh) ex-showrooms, in India. Overall, with such
above developments, it is expected that in the upcoming years, the market will
grow at a moderate rate.
Browse more than XX market data Figures spread through XX Pages and an in-depth TOC on " India Light Commercial Vehicle Market"
The India Light
Commercial Vehicle Market can be segmented by vehicle type, by propulsion type,
by end user, and by region. Based on vehicle type, the market is segmented into
Pickup Trucks and Vans. On the basis of propulsion type, the market is
segmented into ICE vehicles and Electric vehicles. In terms of end user, market
is divided into individual and fleet owner. The market analysis also studies
the region wise segmentation to devise light commercial vehicle market, divided
among North, West, East and South.
Some of the major companies operating in the India Light Commercial
Vehicle Market include:
- Tata Motors Limited
- Mahindra & Mahindra Ltd.
- Ashok Leyland Limited
- VE Commercial Vehicles Limited
- Maruti Suzuki India Limited
- Force Motors Limited
- SML Isuzu Limited
- Piaggio Vehicles Private Limited
- Toyota Motor Corporation
- Eicher motors
These are the key players
developing advanced technologies and launching new products to stay competitive
in the market. Other competitive strategies include mergers with tech firms,
new product developments, and marketing activities to increase customer outreach.
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“An increase
in the number of development projects, constantly improving road infrastructure
and penetration of electric vehicles in logistics industry is expected to boost
the light commercial vehicle market in India. Additionally, increasing E
commerce activities and light commercial vehicle for public transportation
further increase demand for commercial vehicles in India light commercial
vehicle market.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“India Light Commercial Vehicle Market Segmented By
Vehicle Type (Pickup Trucks, Vans), By Propulsion Type (ICE Vehicles, Electric
Vehicles), By End User (Individual, Fleet Owner), By Region (North, South,
West, East), By Competition, Forecast & Opportunities, FY2019-FY2029F” has
evaluated the future growth potential of India Light 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 the India Light Commercial Vehicle Market.
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