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

The Haryana small commercial vehicle market is expected to witness a growth of steady CAGR in the forecast period, 2023-2027. Favorable government policies to support the growth of small and medium enterprises and the need to optimize the operational costs are driving the demand for small commercial vehicles. Also, the introduction of advanced and better-performing small commercial vehicles into the market and the development of the transportation and logistics industry are prominent factors expected to accelerate the growth of the Haryana small commercial vehicle market over the next five years.

Flourishing Automotive Industry Drives the High Market Demand

Haryana is among the biggest automobile manufacturing hubs in the country. In 2021, around 17.81 thousand units of small commercial vehicles were sold in Haryana. It boasts of having five factories of countries leading two-wheeler and passenger vehicle manufacturers, including Honda Motorcycles and Scooter India Ltd., Hero MotoCorp Ltd, Maruti Suzuki India Ltd. The automotive industries are one of the most significant sources of revenue generation for the state. The government is supporting the growth of the automotive industry in the form of policies and regulations. They have formulated the Estate Management Policy 2020, in which the government has proposed incentives and development of the automotive sector. It also supports expanding the existing automobile manufacturing units, developing the supplier parks by offering the lands at lower rates, and conducting trade shows for the exporters to display their products. The rise in the efforts taken by the leading authorities to attract automotive manufacturers in Haryana is acting as a positive factor for the Haryana small commercial vehicle market for the next five years.

Developing Manufacturing Industry Boosts the Market Growth

Haryana has large available land which can be used to set up manufacturing plants. Major international companies have marked their presence in Haryana, such as OPPO Mobiles India Private Limited, Nestle India Limited, Nokia Solutions, Networks India Private Limited, JCB India Limited, Apollo Tyres Limited, and other companies working on the manufacturing of their products. The manufactured products need to be transported to retailers for further distribution. These companies use small commercial vehicles to reach the other parts of cities as they are fuel-efficient and have sufficient load-carrying capacity. Also, the growing small and medium-sized enterprises have a high demand for small commercial vehicles. Their output can be easily transported to the desired location using small commercial vehicles. They are more cost-efficient than other commercial vehicles. The high support from the government in the form of incentives and financial support coupled with the increase in investments from the manufacturing companies to develop an efficient supply chain is expected to accelerate the Haryana small commercial vehicle market growth for the forecast period.

Growing Road Infrastructure Supports the High Market Demand

The government is working on developing road and highway infrastructure to support the transportation and logistics industry. Rapid urbanization and the growing small and medium business are bolstering the transportation of products between local and regional destinations. The small commercial vehicle has advantages like driving smoothly on narrow roads and uneven terrain required for last-mile connectivity. Development of road infrastructure to support the commercial sector of the state is expected to fuel the demand for the Haryana small commercial vehicle market growth in the forecast period.

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Market Segmentation

The Haryana 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 Haryana into cities namely Faridabad, Panipat, Sonipat, Karnal, Ambala and Sadar.

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 Haryana Private Limited, Saera Electric Auto Pvt. Ltd are the major market players operating in the Haryana small commercial vehicle market growth.

Report Scope:

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

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

o   Faridabad

o   Panipat

o   Sonipat

o   Karnal

o   Ambal

o   Sadar

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Haryana 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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