DUBLIN, Jan. 24, 2023 /PRNewswire/ — The “India Commercial Vehicle Market, By Vehicle Type (Truck (Light Duty Truck, Medium Duty Truck, Heavy Duty Truck), Bus (Van and Bus), By Propulsion (ICE, Electric), By Region, Competition Forecast & Opportunities, FY2028” report has been added to ResearchAndMarkets.com’s offering.
India commercial vehicle market is anticipated to grow with an estimated CAGR in the forecast years FY2024-FY2028, on the grounds of surging freight movements and growing production of commercial vehicles.
Higher demands from end use industries for transportation and higher prevalence of public transportation for transits are driving the growth of the India commercial vehicle market in the upcoming five years. Growing investments in the commercial automobile technological advancements also aid the market growth.
End Use Industry Demands Drive Market Growth
Various end use industries like food & beverage industry, construction industry, automotive industry, healthcare industry, have high usage of commercial vehicles like trucks for transportation of raw materials as well as for the distribution of final products from production units to sales channels, drive the growth of the India commercial vehicle market in the next five years. About 568.56 thousand units of commercial vehicles were sold in the country in fiscal year 2021.
Due to higher numbers of regular commutes of population from various regions to factories and production units for work further increases the demand of commercial vehicles like buses, vans, etc., thus facilitating the growth of the India commercial vehicles market in the future five years. Over 1.6 million registered buses are functional in India, and the public bus sector operates as 170,000 buses carrying roughly 70 million people per day.
Road Transport In Difficult Terrain Promises Growth
The Indian automotive industry is rapidly expanding on the backbone of increasing demands for commercial vehicles, growing production of transit and transportation vehicles, along with higher prevalence of by road freight movement to the difficult terrains of the country.
Increasing development of the desert lands, hilly regions, and other difficult terrains enhance the demand for commercial vehicles like low duty trucks, heavy duty trucks, buses etc. that drives the growth of the India commercial vehicle market in the future five years.
Market Segmentation
The India commercial vehicle market segmentation is based on vehicle type, propulsion, regional distribution, and competitional landscape. Based on propulsion, the market is differentiated between ICE and electric.
By vehicle type, the market is broadly distributed between bus and trucks. India truck market is further segmented by vehicle type, propulsion, class, and application. Vehicle type segment of truck market includes light duty truck, medium duty truck, and heavy duty truck. Propulsion based market differentiation is done between ICE and electric.
The truck market segment is also done by class, that is bifurcated into class 1, class 2, class 3, class 4, class 5, class 6, class 7, and class 8. Applications of truck in various industries like logistics, construction, mining, and others are considered for India truck market segmentation.
India commercial vehicle market is also discussed with India bus market segments. India bus market is segmented by vehicle type, propulsion, length type, seating capacity, and application. Van and bus vehicle type are considered for the market segmentation based on vehicle type of India bus market.
By propulsion, the market is divided between ICE and electric. Based on length type, the bus market is also bifurcated into less than 8M, between 8M-10M, between 10M-12M, and greater than 12M. On the basis of seating capacity of buses, the market is also fragmented into less than 30, between 30-40, and greater than 40.
The India bus market is also segmented by application, into public transit bus, school bus, tourist bus, and others. The India commercial vehicle market analysis also studies the regional segmentation divided among North India region, South India region, East India region, and West India region.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in India commercial vehicle market.
Tata Motors Limited
Mahindra & Mahindra Limited
Eicher Motors Limited
Volvo Group
Hinduja Group (Ashoke Leyland)
Ford Motor Company
Asia Motor Works Ltd
Mazda Motor Corporation
Scania AB
Daimler Truck AG
Report Scope:
India Commercial Vehicle Market, By Vehicle Type:
Truck
Vehicle Type
Light Duty Truck
Medium Duty Truck
Heavy Duty Truck
Propulsion
ICE
Electric
Class
Class 1
Class 2
Class 3
Class 4
Class 5
Class 6
Class 7
Class 8
Application
Logistics
Construction
Mining
Others
Bus
Vehicle Type
Propulsion
ICE
Electric
Length Type
Less than 8m
Between 8m-10m
Between 10m-12m
Greater than 12m
Seating Capacity
Less than 30
Between 30-40
Greater than 40
Application
Public Transit Bus
School Bus
Tourist Bus
Others
India Commercial Vehicle Market, By Propulsion:
ICE
Electric
India Commercial Vehicle Market, By Region:
South
West
North
East
For more information about this report visit https://www.researchandmarkets.com/r/71ucj9
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