India Commercial Vehicles Market to Grow at CAGR 14% till 2021
Anticipated
growth in construction, manufacturing and logistics sectors, coupled with
increasing focus on tourism industry by central as well as various state governments
to propel India commercial vehicles market through 2021
According to TechSci Research report, “India
Commercial Vehicles Market By Vehicle Type, By
End Use Industry, Competition Forecast and Opportunities, 2021’’, the commercial
vehicles market of India is projected to grow at a CAGR of over 14%, in value terms,
over the course of next five years, on account of robust infrastructural
developments coupled with growing logistics requirement arising from
construction sector. On the basis of gross vehicle weight, the commercial
vehicles market is broadly segmented into light commercial vehicles (LCVs),
medium commercial vehicles (MCVs), and heavy commercial vehicles (HCVs). Light
commercial vehicles are widely used for last mile connectivity needs across the
country, due to easy manoeuvrability, better mileage, and lower operational
cost.
On the other hand, MCVs and HCVs market is expected to be driven
primarily by implementation of proposed infrastructure projects and revival of
construction and mining sectors. Apart from expected growth in mining and
construction sectors of India, rise in tourism industry and growing population
of India, is likely to push the demand for passenger transportation. In order
to cater this increasing demand, various State Road Transport Undertakings
(SRTUs) along with private players are focusing on enhancing their commercial
vehicles fleet size, thereby, fuelling the demand for commercial vehicles in
the country.
Browse 7
market data Tables and 15 Figures spread through 107 Pages and an in-depth TOC on "India Commercial Vehicles Market”
https://www.techsciresearch.com/report/india-commercial-vehicles-market-by-vehicle-type-light-medium-and-heavy-by-end-use-industry-passenger-transportation-logistics-mining-and-construction-competition-forecast-and-opportunities/836.html
Western region of India accounted for the
largest share in India commercial vehicles market, followed by Southern and
Northern regions. Major factors drivingthe demand for commercial vehicles in Western
region are infrastructure projects such as semi high speedtrains and bullet
trains, smart cities, dedicated freight corridors along with sea port
development and comparatively higher manufacturing activities by construction companies
in this region. Western and Southern regions of India garnered a cumulative market
share of over 60%, in the India commercial vehicles market in FY2016, in volume
terms.
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“The light commercial vehicles segment is forecast to demonstrate the
highest growth among all commercial vehicle segments over the next five years.
Important factors driving light commercial vehicle sales include rise in
passenger transportation on account of continuing growth in tourism and
hospitality sector. However, heavy commercial vehicles are expected to maintain
their dominance in the country’s commercial vehicles market through 2021.”,
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“India
Commercial Vehicles Market By Vehicle Type, By End Use Industry, Competition
Forecast and Opportunities, 2021” has analyzed the future growth potential of India commercial
vehicles market, and provides statistics and information on market sizes,
shares and trends. The report is intended to provide cutting edge market
intelligence and help decision makers to take sound investment evaluation.
Besides the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities available in commercial
vehicles market in India.
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