India Commercial Vehicle Market Size Set to Expand at Significant CAGR of 3.88% During 2023–2029

Published | 07 July 2023

India commercial vehicle market is rapidly growing due to increasing infrastructure development, thriving e-commerce industry, government initiatives to boost manufacturing and transportation sectors, rising demand for logistics services, and the implementation of stricter emission norms encouraging fleet modernization.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India commercial vehicle market USD 37.29 Billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India commercial vehicle market size to grow at a significant CAGR of 3.88% and reaching upto USD 46.85 Billion by 2029. The increasing demand for electric and hybrid commercial vehicles is one of the major reasons driving the growth of the India commercial vehicle market. Also, there has been a greater emphasis on connectivity and digitization in the sector, with the incorporation of innovative technologies, such as telematics and fleet management systems. Due to the rapid growth of the e-commerce and logistics sectors, there is a growing demand for last-mile delivery trucks. A desire for greater payload capacity and fuel efficiency has resulted in the introduction of novel designs and lightweight materials in commercial vehicle construction.

India Commercial Vehicle Market – Overview

Modern economies rely heavily on commercial vehicles to meet varied industry needs and transit requirements. They include a variety of automobiles, generally made for commercial use, such as trucks, vans, buses, and taxis. These vehicles are used in supply chains, logistics, public transit, and delivery services and are used to convey goods, persons, or both. Commercial vehicles frequently include specialized characteristics for particular sectors and are engineered to resist big weights while being durable and dependable. Commercial vehicles are progressively adopting eco-friendly and electric-powered solutions thanks to technological improvements, which help the transportation sector be more sustainable and emit fewer pollutants.

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Impact of COVID-19 on India Commercial Vehicle Market

The COVID-19 pandemic significantly impacted 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. Thus, the market witnessed a sharp decline in sales and revenue, causing financial strain for manufacturers and dealers. Now, the recovery of the India commercial vehicle market is on track post the containment of the novel corona virus.

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. 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.

Competitive Landscape

India commercial vehicle market is fiercely competitive. Major companies in the 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. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product releases to further strengthen their position in India commercial vehicle market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India Commercial Vehicle Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Commercial Vehicle Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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