Press Release

India Light Commercial Vehicles Market to Cross $ 6.8 Billion by 2023

Growing number of small and medium enterprises, increasing per capita income, and expanding logistics and e-commerce sector to fuel India light commercial vehicles market through 2024

According to TechSci Research report, India Light Commercial Vehicles Market By Carrier Type, By Tonnage Type, By Vehicle Type, By Fuel Type, By Number of Gears, By Fuel Injection Type, By Application, Competition Forecast & Opportunities, 2013 – 2023, light commercial vehicles market in India is projected to reach $ 6.88 billion by 2023. Growing construction, e-commerce, FMCG and logistics sectors, in addition to increasing demand for CNG and electric vehicles and government initiatives such as ‘Make in India’ are boosting demand for light commercial vehicles in the country. Earlier, the commercial vehicles market was dominated by few players such as Tata, Mahindra & Mahindra and Eicher, however, owing to increasing demand, several international players have entered the market over the last few years. For instance, in 2016, Maruti Suzuki launched Super Carry, the company’s first light commercial vehicle in the Indian market.  

Browse 22 market data Tables and 64 Figures spread through 107 Pages and an in-depth TOC on  "India Light Commercial Vehicles Market"

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In India light commercial vehicles market, 2-3.5 Ton segment accounted for more than half of the market share in 2017, backed by the availability of a wide range of products in this segment and their huge application in sectors such as logistics, goods distribution, e-commerce, etc. Moreover, these vehicles are easier to maintain and are economically priced, thus the segment is anticipated to maintain its market dominance during the forecast period as well. Western and southern regions are the largest demand generating regions for light commercial vehicles in India. An increasing number of huge construction projects are either being undertaken or planned in the regions. Moreover, several smart cities are being constructed in the two regions, thereby driving huge demand for light commercial vehicles.  

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“Availability of easy financing options, growing per capita income, wide range of product offerings and growing number of international brands entering the market are among the key factors boosting sales of light commercial vehicles in India. Moreover, growing competition due to the competitive pricing strategies of leading manufacturers is anticipated to have a positive impact on India light commercial vehicles market over the course of next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.   

“India Light Commercial Vehicles Market By Carrier Type, By Tonnage Type, By Vehicle Type, By Fuel Type, By Number of Gears, By Fuel Injection Type, By Application, Competition Forecast & Opportunities, 2013 – 2023” has evaluated the future growth potential of light commercial vehicles market in India, and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.

About TechSci Research

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.

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Growing number of small and medium enterprises, increasing per capita income, and expanding logistics and e-commerce sector to fuel India light commercial vehicles market through 2023

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