India Commercial Vehicle Market
India Commercial Vehicle Market - By Vehicle Type (Light Commercial Vehicles (LCVs), Heavy Trucks, Buses & Coaches); By Fuel Type (Internal Combustion Engine (ICE), Electric); By End Use (Industrial, Mining & Construction, Logistics, Passenger Transportation); By Region (North India, South India, East India, West India), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
- Published Date: July 2023
- Report ID: BWC23548
- Available Format: PDF
- Page: 260
Report Overview
Increasing demand for logistics and transportation services due to expanding industries and e-commerce, government’s supportive initiatives, infrastructure development, rising disposable income, and the need for efficient goods movement are propelling the growth of India Commercial Vehicle Market during the forecast period between 2023 and 2029.
India Commercial Vehicle Market – Industry Trends & Forecast Report, 2029
India Commercial Vehicle Market size was estimated at USD 37.29 Billion in 2022. During the forecast period between 2023 and 2029 the size of India Commercial Vehicle Market to grow at a CAGR of 3.88% reaching a value of reaching upto USD 46.85 Billion by 2029. Major factors driving the growth of India commercial vehicle market due to growing demand for electric and hybrid commercial vehicles. Also, the market has witnessed an increased focus on connectivity and digitization, with the integration of advanced technologies such as telematics and fleet management systems. Further, there is a rising demand for last-mile delivery vehicles due to the rapid growth of the e-commerce and logistics sectors. There has been a push towards higher payload capacity and fuel efficiency, leading to the introduction of innovative designs and lightweight materials in commercial vehicle manufacturing.
India Commercial Vehicle Market - Overview
Commercial vehicles are a vital part of modern economies, serving various industries and transportation needs. They encompass a wide range of vehicles, including trucks, vans, buses, and taxis, primarily designed for commercial purposes. These vehicles are utilized for transporting goods, passengers, or both, and play a crucial role in supply chains, logistics, public transportation, and delivery services. Commercial vehicles are built to withstand heavy loads, offer durability and reliability, and often incorporate specialized features for specific industries. With advancements in technology, commercial vehicles are increasingly adopting eco-friendly and electric-powered options, contributing to sustainability and reduced emissions in the transportation sector.
Growth Drivers
Significant Growth in Indian Economy
In recent years, the India commercial vehicle market has experienced a remarkable surge, primarily driven by the country's rapid economic growth. India's expanding economy has created a burgeoning demand for efficient and reliable transportation solutions, propelling the CV market forward. The growth in industries such as e-commerce, logistics, and infrastructure development has further boosted the need for commercial vehicles to facilitate the movement of goods and services across the nation. Also, government initiatives like 'Make in India' and the implementation of the Goods and Services Tax (GST) have created a favorable business environment, are attracting investments and stimulating the growth of the commercial vehicle sector. With these growth drivers in place, the India CV market is poised for continued expansion in the coming years.
Restraints
Chip Shortage and Fluctuating Raw Material Prices
Indian commercial vehicle market faces several restraints that hinder its growth potential. The ongoing global semiconductor shortage has resulted in a scarcity of electronic components, impacting the production of commercial vehicles and causing supply chain disruptions. Also, the excessive cost of raw materials, such as steel and aluminum, has escalated manufacturing expenses, affecting the affordability of commercial vehicles for buyers. Stringent emission norms and evolving regulations pose further challenges, requiring manufacturers to invest in costly technology upgrades and comply with changing standards. The inadequate infrastructure, including road conditions and logistics facilities, restricts the seamless movement of goods, affecting the overall efficiency and profitability of the commercial vehicle sector in India.
Impact of COVID-19 on India Commercial Vehicle Market
The COVID-19 pandemic adversely affected the India commercial vehicle market, causing disruptions and challenges across the industry. With the imposition of nationwide lockdowns and travel restrictions, demand for commercial vehicles plummeted as economic activities came to a halt. The closure of manufacturing units and supply chain disruptions further hampered the production and delivery of commercial vehicles. Also, reduced business activities and financial uncertainties led to a decline in fleet expansions and replacements. As a result, the market witnessed a sharp decline in sales and revenue, causing financial strain for manufacturers and dealers. The recovery of the India commercial vehicle market heavily relies on the containment of the virus, economic revival, and restoration of customer confidence.
India Commercial Vehicle Market
Segmental Coverage
India Commercial Vehicle Market – By Vehicle Type
On the basis of vehicle type, India commercial vehicle market is divided into Light Commercial Vehicles (LCVs), Heavy Trucks, and Buses & Coaches segments. The heavy trucks segment holds the largest market share. Heavy trucks play a crucial role in transporting goods over long distances and are commonly used in industries such as logistics, construction, and mining. With India's growing economy and expanding infrastructure projects, the demand for heavy trucks has witnessed significant growth. These vehicles can carry substantial loads and are designed to withstand rugged terrains. The heavy trucks segment is a vital component of the Indian commercial vehicle market, driving economic activities and contributing to the country's overall development.
India Commercial Vehicle Market – By Fuel Type
Based on fuel type, India commercial vehicle market is divided into IC Engine and Electric segments. The IC Engine segment refers to vehicles powered by internal combustion engines, such as diesel or petrol. These vehicles have been dominant in the Indian market for a long time, catering to various commercial transportation needs. However, with the growing focus on sustainability and environmental concerns, the electric vehicle segment has gained significant traction. Electric commercial vehicles offer lower emissions, reduced operating costs, and government incentives. While the IC engine segment currently holds a larger market share, the electric segment is steadily growing and poised for further expansion in the Indian commercial vehicle market.
India Commercial Vehicle Market – By End Use
On the basis of end use, India commercial vehicle market is divided into Industrial, Mining & Construction, Logistics, and Passenger Transportation segments. Logistics is the largest segment in the India commercial vehicle market. The logistics sector plays a crucial role in facilitating the movement of goods across the country, catering to the demands of various industries. With India's growing economy and increasing trade activities, the demand for efficient transportation and logistics services has witnessed substantial growth. This has led to a significant expansion in the logistics segment of the commercial vehicle market. The logistics segment encompasses a wide range of vehicles, including trucks, trailers, and other transport solutions, serving the needs of e-commerce, retail, manufacturing, and other sectors involved in the supply chain.
India Commercial Vehicle Market – By Region
Geographically, India commercial vehicle market is divided into North India, South India, East India, West India. Among these segments, the largest in terms of market size is difficult to determine without specific data or statistics. However, each region has its unique characteristics and contributes significantly to the overall commercial vehicle market in India. North India is known for its industrial hubs and urban centers, while South India is recognized for its automotive manufacturing clusters. East India is experiencing rapid industrial growth, and West India houses major ports and transportation hubs. Together, these segments form a diverse and dynamic commercial vehicle market in India.
Competitive Landscape
Major players in the India commercial vehicle market include Ashok Leyland, Bosch Rexroth AG, Daimler, Volkswagen AG, Toyota Motor Corporation, Mahindra and Mahindra, TATA Motors, AB Volvo, Golden Dragon, and General Motors. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.
Recent Developments
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In August 2022 - Mahindra & Mahindra Ltd. (M&M) and the Volkswagen Group expanded their cooperation. The companies signed a term sheet on the supply of MEB electric components for Mahindra’s new, purpose-built electric platform INGLO, deepening the partnering agreement from earlier this year.
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In August 2022 - Tata Motors Ltd and Ford India Private Limited (FIPL), signed a Unit Transfer Agreement (UTA) for the acquisition of FIPL’s manufacturing plant situated at Sanand, Gujarat.
Scope of the Report
Attributes |
Details |
Years Considered |
Historical Data – 2019–2022 |
Base Year – 2022 |
|
Estimated Year – 2023 |
|
Forecast Period – 2023–2029 |
|
Facts Covered |
Revenue in USD Million |
Market Coverage |
India |
Product/ Service Segmentation |
Vehicle Type, Fuel Type, End Use, Region |
Key Players |
Ashok Leyland, Bosch Rexroth AG, Daimler, Volkswagen AG, Toyota Motor Corporation, Mahindra and Mahindra, TATA Motors, AB Volvo, Golden Dragon, General Motors |
By Vehicle Type
-
Light Commercial Vehicles (LCVs)
-
Heavy Trucks
-
Buses & Coaches
By Fuel Type
-
IC Engine
-
Electric
By End Use
-
Industrial
-
Mining & Construction
-
Logistics
-
Passenger Transportation
By Region
-
-
North India
-
South India
-
East India
-
West India
-
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- India Commercial Vehicle Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Increasing infrastructure development
- Rising E-commerce sector
- Restraints
- Fluctuation in fuel prices
- Opportunities
- Advancements in technology
- Challenges
- Environmental concerns
- Growth Drivers
- Technology Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- India Commercial Vehicle Market Overview
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Vehicle Type
- Light Commercial Vehicles (LCVs)
- Heavy Trucks
- Buses & Coaches
- By Fuel Type
- IC Engine
- Electric
- By End Use
- Industrial
- Mining & Construction
- Logistics
- Passenger Transportation
- Others
- By Region
- North India
- South India
- East India
- West India
- By Vehicle Type
- Market Size & Forecast, 2019–2029
- North India Commercial Vehicle Market
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Vehicle Type
- By Fuel Type
- By End Use
- Market Size & Forecast, 2019–2029
- South India Commercial Vehicle Market
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Vehicle Type
- By Fuel Type
- By End Use
- Market Size & Forecast, 2019–2029
- East India Commercial Vehicle Market
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Vehicle Type
- By Fuel Type
- By End Use
- Market Size & Forecast, 2019–2029
- West India Commercial Vehicle Market
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Vehicle Type
- By Fuel Type
- By End Use
- Market Size & Forecast, 2019–2029
- Competitive Landscape
- List of Key Players and Their Offerings
- India Commercial Vehicle Company Market Share Analysis, 2022
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- Impact of Covid-19 on India Commercial Vehicle Market
- Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- Ashok Leyland
- Bosch Rexroth AG
- Daimler
- Volkswagen AG
- Toyota Motor Corporation
- Mahindra and Mahindra
- TATA Motors
- AB Volvo
- Golden Dragon
- General Motors
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Region
- Assumptions & Limitations
- Qualitative Research
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.
List of Figures
Figure 1 India Commercial Vehicle Segmentation
Figure 2 India Commercial Vehicle Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2022
Figure 4 India Commercial Vehicle Market Size, By Value (USD Million), 2019–2029
Figure 5 India Commercial Vehicle Market Share, By Vehicle Type, By Value, 2019–2029
Figure 6 India Commercial Vehicle Market Share, By Fuel Type, By Value, 2019–2029
Figure 7 India Commercial Vehicle Market Share, By End Use, By Value, 2019–2029
Figure 8 North India Commercial Vehicle Market Size, By Value (USD Million), 2019–2029
Figure 9 North India Commercial Vehicle Market Share, By Vehicle Type, By Value, 2019–2029
Figure 10 North India Commercial Vehicle Market Share, By Fuel Type, By Value, 2019–2029
Figure 11 North India Commercial Vehicle Market Share, By End Use, By Value, 2019–2029
Figure 12 South India Commercial Vehicle Market Size, By Value (USD Million), 2019–2029
Figure 13 South India Commercial Vehicle Market Share, By Vehicle Type, By Value, 2019–2029
Figure 14 South India Commercial Vehicle Market Share, By Fuel Type, By Value, 2019–2029
Figure 15 South India Commercial Vehicle Market Share, By End Use, By Value, 2019–2029
Figure 16 East India Commercial Vehicle Market Size, By Value (USD Million), 2019–2029
Figure 17 East India Commercial Vehicle Market Share, By Vehicle Type, By Value, 2019–2029
Figure 18 East India Commercial Vehicle Market Share, By Fuel Type, By Value, 2019–2029
Figure 19 East India Commercial Vehicle Market Share, By End Use, By Value, 2019–2029
Figure 20 West India Commercial Vehicle Market Size, By Value (USD Million), 2019–2029
Figure 21 West India Commercial Vehicle Market Share, By Vehicle Type, By Value, 2019–2029
Figure 22 West India Commercial Vehicle Market Share, By Fuel Type, By Value, 2019–2029
Figure 23 West India Commercial Vehicle Market Share, By End Use, By Value, 2019–2029
List of Tables
Table 1 India Commercial Vehicle Market Size, By Value (USD Million), 2019–2029
Table 2 India Commercial Vehicle Market Size, By Vehicle Type, By Value, 2019–2029
Table 3 India Commercial Vehicle Market Size, By Fuel Type, By Value, 2019–2029
Table 4 India Commercial Vehicle Market Size, By End Use, By Value, 2019–2029
Table 5 North India Commercial Vehicle Market Size, By Value (USD Million), 2019–2029
Table 6 North India Commercial Vehicle Market Size, By Vehicle Type, By Value, 2019–2029
Table 7 North India Commercial Vehicle Market Size, By Fuel Type, By Value, 2019–2029
Table 8 North India Commercial Vehicle Market Size, By End Use, By Value, 2019–2029
Table 9 South India Commercial Vehicle Market Size, By Value (USD Million), 2019–2029
Table 10 South India Commercial Vehicle Market Size, By Vehicle Type, By Value, 2019–2029
Table 11 South India Commercial Vehicle Market Size, By Fuel Type, By Value, 2019–2029
Table 12 South India Commercial Vehicle Market Size, By End Use, By Value, 2019–2029
Table 13 East India Commercial Vehicle Market Size, By Value (USD Million), 2019–2029
Table 14 East India Commercial Vehicle Market Size, By Vehicle Type, By Value, 2019–2029
Table 15 East India Commercial Vehicle Market Size, By Fuel Type, By Value, 2019–2029
Table 16 East India Commercial Vehicle Market Size, By End Use, By Value, 2019–2029
Table 17 West India Commercial Vehicle Market Size, By Value (USD Million), 2019–2029
Table 18 West India Commercial Vehicle Market Size, By Vehicle Type, By Value, 2019–2029
Table 19 West India Commercial Vehicle Market Size, By Fuel Type, By Value, 2019–2029
Table 20 West India Commercial Vehicle Market Size, By End Use, By Value, 2019–2029
Table 21 Ashok Leyland Company Overview
Table 22 Ashok Leyland Financial Overview
Table 23 Bosch Rexroth AG Company Overview
Table 24 Bosch Rexroth AG Financial Overview
Table 25 Daimler Company Overview
Table 26 Daimler Financial Overview
Table 27 Volkswagen AG Company Overview
Table 28 Volkswagen AG Financial Overview
Table 29 Toyota Motor Corporation Company Overview
Table 30 Toyota Motor Corporation Financial Overview
Table 31 Mahindra and Mahindra Company Overview
Table 32 Mahindra and Mahindra Financial Overview
Table 33 TATA Motors Company Overview
Table 34 TATA Motors Financial Overview
Table 35 AB Volvo Company Overview
Table 36 AB Volvo Financial Overview
Table 37 Golden Dragon Company Overview
Table 38 Golden Dragon Financial Overview
Table 39 General Motors Company Overview
Table 40 General Motors Financial Overview
Market Segmentation
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