Gujarat 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 Gujarat small commercial vehicle market is expected to witness a growth of steady CAGR in the forecast period, 2023-2027. The surge in retail sales in major cities like Vadodara, Rajkot, and Ahmedabad and the high demand from the manufacturing units present in the state are the driving factors for the Gujarat small commercial vehicle market. Also, the adoption of attractive marketing strategies by the market players for better brand imaging and to reach a wider audience and the launch of better-performing advanced versions of the existing car models are expected to create lucrative growth opportunities for the Gujarat small commercial vehicle market over the next five years.

Growing Retail Industry Drives the Market Demand

Rapid urbanization improved living standards, and high per capita income are boosting the purchasing capacity of consumers. Consumers are investing in purchasing products that can add to the convenience and the comfort of their existing lifestyle. There is a high demand for electronic products, furniture, fashion and merchandise, and food items. Shopkeepers are stocking up their shops with products to attract customers and boost sales. Small commercial vehicles are used to transport materials and goods from the manufacturing industry to warehouses and storage spaces that are transported to retailers.

Also, online sales platforms are gaining popularity among consumers due to high internet penetration and the proliferation of connected devices. The outbreak of COVID-19 bolstered the demand for the e-commerce industry as consumers can easily obtain things for daily needs by ordering through online channels. Market players are making efforts to maintain an efficient supply chain to bridge the gap between demand and supply. Small commercial vehicles use less fuel and have less load-carrying capacity than heavy commercial vehicles. In 2021, around 29.52 thousand units of small commercial vehicles were sold in Gujarat. Small and medium enterprises and start-ups actively use small commercial vehicles. The growing retail industry and online platforms are expected to contribute significantly to the growth of the Gujarat small commercial vehicle market over the next five years.

Booming Manufacturing Sector Supports the Market Growth

The government is working to strengthen its economic position and is launching initiatives and policies to boost the industrial and manufacturing sector. The state government of Gujarat 2020 announced the New Gujarat Industrial Policy to push the 'up and coming sectors' sectors of India dynamic business system and boost Gujarat's ecosystem. It also aims to support micro, small, and medium-sized enterprises, adopt advanced technology and equipment in the manufacturing sector, and the balanced development of infrastructure and industry. The policy also provides relocation incentives to companies willing to shift their manufacturing base from China. Previously, Gujarat was also ranked first among the 'number of Industrial Entrepreneurs Memorandum' (Intent to Invest) due to the presence of favorable policies and government support. The strong infrastructure and supportive government rules and regulations are expected to attract a large number of investors to Gujarat and boost the growth of the existing manufacturing sector. The developing and advancing manufacturing industry uses small commercial vehicles for daily transportation activities. The manufacturing sector is making efforts to advance its transportation and logistics sector, which is expected to fuel the sales of small commercial vehicles for the next five years. 

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Market Segmentation

The Gujarat small commercial vehicle market is segmented into vehicle tonnage, industry, propulsion, competitive landscape, and regional distribution. Based on vehicle tonnage, the market is divided into less than 1 ton, 1 - 2 ton, and 2 - 3 ton. Based on industry, the market is divided into e-commerce, FMCG, pharma, electronics, construction, agricultural, hospitality, forestry, oil & gas, and others. Based on propulsion, the market is divided into ICE and electric. The market is also studied by dividing Gujarat into cities namely Ahmedabad, Surat, Vadodara (Baroda), Rajkot, Kachh.

Market Players

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  Gujarat Private Limited, Saera Electric Auto Pvt. Ltd are the major market players leading the Gujarat small commercial vehicle market growth.

Report Scope:

In this report, Gujarat small commercial vehicle market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• Gujarat Small Commercial Vehicle Market, By Vehicle Tonnage:
• Less Than 1 ton
• 1 - 2 Ton
• 2 - 3 Ton
• Gujarat Small Commercial Vehicle Market, By Industry:
• E-commerce
• FMCG
• Pharma
• Electronics
• Construction
• Agricultural
• Hospitality
• Forestry
• Oil & Gas
• Others
• Gujarat Small Commercial Vehicle Market, By Propulsion:
• ICE
• Electric
• Gujarat Small Commercial Vehicle Market, By City:

o   Ahmedabad

o   Surat

o   Vadodara (Baroda)

o   Rajkot

o   Kachh

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Gujarat small commercial vehicle market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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