Andhra Pradesh Small Commercial Vehicle Market to grow at a steady CAGR through 2027
Constantly developing logistics industry and improving road
infrastructure are driving the demand of Andhra Pradesh small commercial
vehicle market in the forecast period, 2023-2027.
According
to TechSci Research report, “Small Commercial Vehicle Market – Andhra Pradesh
Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”,
the Andhra Pradesh small commercial vehicle market is expected to grow at a steady
rate in the forecast period, 2023-2027. Small commercial vehicles are used for
intra-city and inter-city delivery of goods. They are in high demand among the
small and medium businesses to transport heavy loads and bulky cargos to
develop an efficient supply chain in the state. Financial support from the
government and supportive government policies to promote the development of
manufacturing, logistics, and transportation industries are boosting the demand
for small commercial vehicles. The leading authorities are promoting the
adoption of the electric vehicle infrastructure to reduce the burden of
traditional energy fuels. The target set by the government in the form of the
electric vehicle policy 2018 aims to phase out all the commercial fleets and
logistic vehicles in the top 4 cities by 2024, and all cities by 2030 are
expected to support the growing demand for small electric commercial vehicles.
Government authorities are also working on installing 1,00,000 slow and fast
charging stations by 2024 and manufacturing 10,000 electric vehicles for all
segments by 2024.
However,
the availability of alternate vehicles may restrain the Andhra Pradesh small
commercial vehicles market growth for the forecast period.
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The Andhra Pradesh small commercial
vehicle market is segmented into vehicle tonnage, industry, propulsion,
competitive landscape, and regional distribution.
Based on vehicle tonnage, the market is
divided into less than 1 ton, 1 - 2 ton, and 2 - 3 ton. The 2-3 ton segment is
projected to capture the highest market share over the forecast period as it
has a high load-carrying capability.
Based on industry, the market is divided
into e-commerce, FMCG, pharma, electronics, construction, agricultural,
hospitality, forestry, oil & gas, and others. The e-commerce industry is
expected to account for a significant market share in the forecast period. The
growing youth population in the region and the high-speed internet connection
are shifting the consumers to buy through the online sales platform. Also, the
improvement in the economic conditions in the country is boosting the
expenditure capacity of consumers to shop through online sales platforms.
Market players offer lucrative services such as quick doorstep delivery,
exchange options, and payment flexibility options to their customers to stay
ahead in the market. The companies indulging in online commerce platforms
require efficient transportation networks and, therefore, boost the demand for
small commercial vehicles.
Based on propulsion, the market is
divided into ICE and electric. The ICE segment dominated the market and is
expected to maintain its dominance through the forecast period. The majority of
the on-road small commercial vehicles use ICE as a power source. Market players
are launching small commercial vehicles varying in fuel efficiency and storage
capacity to lure customers. The ongoing advancements in the small commercial
vehicle manufacturing process and integration of novel technologies are
expected to bolster the growth of Andhra Pradesh small commercial vehicle
market in the forecast period.
Major market players operating in the Andhra
Pradesh small commercial vehicle market are:
·
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 Andhra Pradesh Private Limited
·
Saera
Electric Auto Pvt. Ltd
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“The presence of commercial vehicle
manufacturing plants in Andhra Pradesh, including Ashok Leyland Limited and
Isuzu Motors India, is a positive factor for the small commercial vehicle
market. The government is encouraging the market players to come and set up
small commercial vehicle manufacturing plants in Andhra Pradesh To suit the
domestic demand and support the ongoing commercial activities. The development
of an efficient supply chain and the need to support the transportation and
logistics industry are expected to propel the demand for Andhra Pradesh small
commercial vehicle market till 2027” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“Andhra Pradesh Small
Commercial Vehicle Market 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 Andhra Pradesh small commercial vehicle market and provides
statistics & information on market size, 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 Andhra Pradesh small commercial vehicle market.
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