DUBLIN, January 24, 2023 /PRNewswire/ — India’s “Commercial Vehicles Market, By Vehicle Type (Truck (Light Truck, Medium Truck, Heavy Truck), Bus (Van & Bus), By RWD (ICE, Electric), By Region, Competition”) Forecast & Opportunities report, FY2028″ has been added to from ResearchAndMarkets.com offer.
India commercial vehicle market is expected to grow with an estimate CAGR in the forecast years FY2024-FY2028, due to the increase in freight movements and the growing production of commercial vehicles.
Higher demands from end-use industries for transportation and higher prevalence of mass transit for public transportation are driving the growth of the India commercial vehicle market in the next five years. Growing investments in commercial automobile technological advancements are also contributing to the growth of the market.
End-use industry demands drive market growth
Various end-use industries like food and beverage industry, construction industry, automotive industry, healthcare industry, have high usage of utility vehicles like trucks for transportation of raw materials as well as for the distribution of finished products from production units to sales channels, drive the growth of India commercial vehicle market in the next five years. About 568,560 units of commercial vehicles were sold in the country in fiscal year 2021.
Due to the higher number of regular trips of people from various regions to factories and production units for work, the demand for commercial vehicles such as buses, vans, etc., thus facilitates the growth of the market. India commercial vehicle market in the next five years. More than 1.6 million registered buses are operational in Indiaand the public bus sector operates with 170,000 buses carrying around 70 million people daily.
Road transport in difficult terrain promises growth
India’s automotive industry is growing rapidly based on the growing demand for commercial vehicles, increasing production of mass transit and transportation vehicles, as well as the increased prevalence of road freight transport to the harsh terrains of the country. .
The increasing development of desert lands, hilly regions and other difficult terrains is increasing the demand for commercial vehicles such as light trucks, heavy trucks, buses, etc., which is driving the growth of the India commercial vehicle market in the next five years.
Market segmentation
The India The commercial vehicle market segmentation is based on vehicle type, propulsion, regional distribution and competitive landscape. Based on propulsion, the market differentiates between ICE and electric.
By vehicle type, the market is broadly split between buses and trucks. India The truck market is further segmented by vehicle type, propulsion, class, and application. The vehicle type segment of the truck market includes light trucks, medium trucks and heavy trucks. The market differentiation based on propulsion is between ICE and electric.
The truck market segment is also divided into class 1, class 2, class 3, class 4, class 5, class 6, class 7 and class 8. Applications of the truck in various industries such as logistics, construction, mining, and others are considered to India truck market segmentation.
India commercial vehicle market is also discussed with India segments of the bus market. India The bus market is segmented by vehicle type, propulsion, length type, seating capacity and application. Van and bus vehicle type is considered for 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 split into less than 8Mbetween 8M–10Mbetween 10M–12Mand greater than 12M. Based on bus seat capacity, the market is also fragmented into less than 30, between 30 and 40 and more than 40.
The India The bus market is also segmented by application, into transit bus, school bus, sightseeing bus and others. The India the commercial vehicle market analysis also studies the regional segmentation split into North India Region, South India Region, Eastern India region, and West India Region.
Competitive landscape
Company Profiles: Detailed analysis of the main 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 SA
Report Scope:
India commercial vehicle market, by vehicle type:
Truck
- Vehicle type
- light truck
- medium duty truck
- heavy truck
Propulsion
To classify
- 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
Type of length
- Less than 8m
- Included between 8m–10m
- Included between 10m–12m
- Bigger than 12m
Number of places
- Under 30
- Between 30-40
- Over 40
Application
- Transit buses
- School bus
- Tourist bus
- Others
Indian commercial vehicle market, by propulsion:
India Commercial Vehicles Market, By Region:
For more information about this report visit https://www.researchandmarkets.com/r/71ucj9
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