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 the 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 the 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.
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The India Light Commercial Vehicle Market can be segmented by vehicle type, propulsion type, 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 users, the market is divided into individual and fleet owners. 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 the logistics industry is expected to boost the light commercial vehicle market in India. Additionally, increasing E e-commerce activities and light commercial vehicles 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 make 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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Table of Content-India Light Commercial Vehicle Market
- Introduction
1.1. Product Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
- Impact of COVID-19 on India Light Commercial Vehicle Market
4.1. Impact Assessment Model
4.1.1. Key Segments Impacted
4.1.2. Key Regions Impacted
- Voice of Customer Analysis
5.1. Factors Influencing Purchase Decision
5.2. Brand Awareness
5.3. Brand Satisfaction Level
- India Light Commercial Vehicle Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.1.2. By Volume
6.2. Market Share & Forecast
6.2.1. By Vehicle Type Market Share Analysis (Pickup Trucks, Vans)
6.2.2. By Propulsion Type Market Share Analysis (ICE Vehicles, Electric Vehicles)
6.2.3. By End User Market Share Analysis (Individual, Fleet Owner)
6.2.4. By Regional Market Share Analysis
6.2.4.1. North Market Share Analysis
6.2.4.2. West Market Share Analysis
6.2.4.3. South Market Share Analysis
6.2.4.4. East Market Share Analysis
6.2.5. By Company Market Share Analysis (By Value, 2023)
6.3. India Light Commercial Vehicle Market Mapping & Opportunity
6.3.1. By Vehicle Type Market Mapping & Opportunity Assessment
6.3.2. By Propulsion Type Mapping & Opportunity Assessment
6.3.3. By End User Mapping & Opportunity Assessment
6.3.4. By Regional Market Mapping & Opportunity Assessment