Increasing vehicle production and booming e-commerce industry to drive the demand for India small commercial vehicle market for the forecast period.
According to TechSci Research report, “India Small Commercial Vehicle Market – By Region, By Company Forecast & Opportunities, 2027”, India small commercial vehicle market was valued at over USD1909 million in 2021 and is forecast to grow at a CAGR of 15.14% to reach USD4256.93 million by 2027. The E-commerce industry is witnessing colossal growth in the past few years, and the outbreak of COVID-19 has further contributed to the increased sales. Small commercial vehicles are employed for the on-demand delivery and the demand for small commercial vehicles is increasing rapidly to meet high demand from e-commerce businesses to deliver goods on time.
The demand for small commercial electric vehicles in India has witnessed significant growth owing to its affordable application in last-mile cargo and logistic needs. For small commercial vehicle operators, low total cost of ownership is considered one of the crucial factors for business growth. In 2021, prices of petrol and diesel in the country had been high, with states like Rajasthan, Tamil Nadu, Telangana, etc., already breaching the USD1.31 per liter mark. According to Mahindra Electric Mobility Limited, one of their small electric commercial vehicles in the cargo segment, Treo Zor, has a certified driving range of 118 km-125 km on a full charge. For the same distance traveled, the charging cost is comparatively cheaper than the fuel cost. As a result, the total cost of ownership of the small electric commercial vehicle decreases dramatically for a longer span of time than its counterpart.
Browse 22 market Figures and 1 table spread through 81 Pages and an in-depth TOC on “India Small Commercial Vehicle Market”.
India small commercial vehicle market is segmented into vehicle tonnage, industry, propulsion, region, and company. Based on vehicle tonnage, market can be divided into less Than 1 ton, 1 – 2 Ton, and 2 – 3 Ton. The India small commercial vehicle market is majorly propelled by the 2-3 ton segment, accounting for a market share of 47.16%, in volume terms, in FY2021. One of the main factors determining the growth of the segment is its ability to carry heavier loads for longer distances. Moreover, the country is an industrial and agricultural powerhouse, where it is very common for people to carry heavy goods. Small commercial vehicles lying in 2-3 tons such as Tata Intra V30, Tata Yodha 1200, Mahindra Supro Profit Truck Maxi LX, etc., come in handy for such applications.
Based on the region, West India holds the major share in the India small commercial vehicle market with a 36.22% market share in terms of volume in FY2021. The region also accounts for the largest small commercial vehicle fleet in the country. West India comprises the most happening and largest cities of India, such as Mumbai, Jaipur, Ahmedabad, Pune, etc. West India leads over the other regions in terms of road infrastructure, industries, ports, etc., and is home to major industrial sectors such as chemical, construction, consumer durables, pharma, etc.
Leading players operating in India small commercial vehicle market include:
- Lohia Auto Industries
- Tata Motors Limited
- Ashok Leyland Limited
- Atul Auto Limited
- Piaggio Vehicles Pvt. Ltd. (PVPL)
- Mahindra & Mahindra Ltd
- Bajaj Auto Ltd.
- TVS Motor Company
- Isuzu Motors India Private Limited
- Saera Electric Auto Pvt. Ltd
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“Based on industry, E-commerce accounted for 14.94% market share in terms of volume in FY2021 in India small commercial vehicle market. The e-commerce industry is booming in India owing to the growing internet penetration and large discount offers on online sales. According to World Bank open data, 41% of India’s population uses internet, compared to 20.81% in 2018. The enormous growth in internet penetration in India has transformed the way business is done in the country.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Small Commercial Vehicle By Vehicle Tonnage (Less Than 1 ton, 1 – 2 Ton, and 2 – 3 Ton), By Industry (E-commerce, FMCG, Pharma, Electronics, Construction, Agricultural, Hospitality, Forestry, Oil & Gas, and Others), By Propulsion (ICE and Electric), By Region, Competition, Forecast & Opportunities, 2027” has evaluated the future growth potential of India small commercial vehicle market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of India small commercial vehicle market.
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