Dublin, Oct. 17, 2023 (GLOBE NEWSWIRE) -- The "India Light Commercial Vehicle Market Competition Forecast and Opportunities, 2028" report has been added to ResearchAndMarkets.com's offering.
India Light Commercial Vehicle Market is anticipated to grow in the upcoming years due to increasing E-commerce industry and transition towards zero emission vehicles.
One of the key forces behind economic growth is regarded to be the automotive sector. A commercial transport vehicle with a gross vehicle weight of up to 7.5 metric tonnes is referred to as a "light commercial vehicle" (LCV). Pickup trucks and vans are examples of light commercial vehicles.
India has one of the greatest car industries in the world, with domestic sales of 3.79 million units (excluding two and three wheelers) in 2022. However, because of the COVID pandemic and the nationwide lockdown in India, there has been a constant fall in sales over the previous two years.
Additionally, with the newest BS6 engine models and electric vehicles, the automotive sector is gradually accelerating its pace towards development in sales. The India light commercial vehicle market is growing because of increasing investments in technology developments in commercial vehicles.
Growing Infrastructure Development and Logistic Industry
In India, the growth of the light commercial vehicle market has been aided by the expansion of the e-commerce sector.
Additionally, several end-use industries, including the food and beverage, construction, automotive, and healthcare sectors, heavily rely on commercial trucks for both the distribution of finished goods from manufacturing facilities to retail outlets which raises the demand for commercial vehicles.
Also, the transportation of raw materials from multiple locations across India increases the demand for light commercial vehicles in the market. Furthermore, the government's increased investment in infrastructure projects also assists India's light commercial vehicle sales. Also, due to their small size and fuel efficiency, light commercial vehicles are the preferred choice for intracity transit.
Rising Operational Cost
The overall cost factor for transport vehicles, powered by gasoline, accounts for 50 to 60 percent of the freight rate. Furthermore, Geopolitical limitations and pandemics also had an impact on crude oil prices.
Escalating energy prices tend to influence the purchasing power of both large fleet owners of light commercial vehicles and individual consumers. The delivery of light commercial cars to fleet owners is also delayed because of the above factor.
Additionally, restrictive emissions and safety restrictions increased the manufacturing price of a typical vehicle. Therefore, the aforementioned factors collectively lead to a slower growth rate of light commercial vehicle sales in India.
Dealers and Distribution Network
The commercial vehicle quality and availability of the product at the point of purchase have a significant impact on sales volume.
Therefore, leading corporations are introducing a wide selection of products to keep the light commercial vehicle industry in India competitive. As a result, businesses are investing in a broad distribution network to provide manufacturers with a strong presence throughout a wide range of locations.
Moreover, this results in rising sales of light commercial vehicles in the country. Furthermore, many businesses construct a number of service facilities in the city to sustain brand acquisitions. Likewise, it is expected that the India light commercial vehicle market will expand at a significant growth rate in the next years, due to expanding networks across all tier 1, tier 2, and tier 3 cities.
Market Opportunities
The market for light commercial vehicles in India has substantial potential for expansion. The demand for light commercial vehicles has increased throughout the nation due to expanding developments in all industries.
Additionally, industrialization is accelerating rapidly in several states. Significant opportunities are, therefore, anticipated to develop in the area, which will increase the sales of light commercial vehicles. Moreover, the revival of industrial, building, and infrastructural operations in India will assist the commercial vehicle market to grow in forecast years.
Recent Development
- Maruti Suzuki India Ltd collaborated with the Indian Institute of Management Bangalore's (IIMB) startup hub, the Nadathur S. Raghavan Centre for Entrepreneurial Learning (NSRCEL), to provide 9-month intensive incubation program for 26 vehicle mobility firms that had been selected from their consideration.
- Tata Motors signed an agreement with Uber, one of the leading ridesharing apps, in 2023 to put 25,000 XPRES-T EVs into their premium category service.
- In February 2023, Eicher Trucks & Buses, a business subsidiary of VE Commercial Vehicles, opened a new commercial vehicle dealership, PSN Automotive Marketing Pvt Ltd., in Kalady, Kerala.
- In August 2022, one of the biggest producers of commercial vehicles in the nation, Ashok Leyland, introduced the BADA DOST i1 and i2. These vehicles have central locking, keyless entry, and anti-theft technology.
- In 2022, In an effort to further diversify its product line, Mahindra & Mahindra has introduced 14 Mahindra LCVs, six of which are new electrified versions.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in India Light Commercial Vehicle Market.
- 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
Report Scope:
Voice of Customer Analysis
- Factors Influencing Purchase Decision
- Brand Awareness
- Brand Satisfaction Level
India Light Commercial Vehicle Market, By Vehicle Type:
- Pickup Trucks
- Vans
India Light Commercial Vehicle Market, Propulsion Type:
- ICE Vehicles
- Electric Vehicles
India Light Commercial Vehicle Market, End User:
- Individual
- Fleet Owner
India Light Commercial Vehicle Market, By Region:
- North
- South
- West
- East
For more information about this report visit https://www.researchandmarkets.com/r/u9cta4
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
