Tamil Nadu Small Commercial Vehicle Market to Grow With Impressive CAGR until 2027
Tamil
Nadu Small Commercial Vehicle Market is anticipated to grow with increasing
sales, in the forecast period, 2023-2027F.
According to TechSci report on, “Tamil
Nadu Small
Commercial Vehicle Market - By
Top 5 Cities, Competition Forecast & Opportunities, 2027” Tamil
Nadu small commercial vehicle market might register an impressive CAGR during
the forecast period, 2023-2027, to establish growth due to factors like expanding
automotive industry in the state. The efforts of the state government toward
strengthening the automotive industry and consistent remodeling of the tax
incentives & favorable schemes are further driving the growth of the Tamil
Nadu small commercial vehicle market in the upcoming five years. Presence of
global giants in the state is also supporting the growth of the Tamil Nadu small
commercial vehicle market in the next five years. Growing sales of the small
commercial vehicle is highly dependent on the increased production, and thus
aiding the market growth. Increasing investment in the automotive industry and
financial supports from the global market players further ensures the growth of
the Tamil Nadu small commercial vehicles market in the future five years.
Moreover, the demands for the small commercial vehicle from other states, and
growing exports of the vehicles would also support the market growth. The
demand for small commercial vehicle is also rising from the end use industries.
Expanding e-commerce, FMCG, pharma industry, etc. is aiding the growth of the Tamil
Nadu small commercial vehicle market. The consumers are highly inclined toward
e-commerce sector. The trend of online shopping, home delivery of the products
is increasing. Thus, the online delivery services are further expanding and
demands for faster delivery, one-day delivery also substantiate the growth of
the Tamil Nadu small commercial vehicle market in the forecast years through
2027. Additionally, development of the automotive industry, increase in the
industrial activities and industrialization in the state are some of the major
factors responsible for the growth of the Tamil Nadu small commercial vehicle
market in the forecast years through 2027.
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Market"
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The
Tamil Nadu small commercial vehicle market is segmented by vehicle tonnage,
industry, propulsion, competitional landscape, and regional distribution. By
industry, the market is fragmented into e-commerce, FMCG, pharma, electronics,
construction, agricultural, hospitality, forestry, oil & gas, and others. Agricultural
segment of the market is anticipated to grow significantly owing to the factors
like surging demand for early deliveries of agricultural crops and agriculture
products like fertilizers, pesticides, equipment etc. to the farmers. Expanding
agriculture sector of the state is responsible for the growing demands of the
small commercial vehicle in the state. FMCG industry is anticipated to hold the
largest revenue shares of the market and dominate the market segment in the
upcoming five years on grounds of increasing demand for the transportation and
distribution of the FMCG products for shorter distances. E-commerce sector is
also expected to follow closely behind the FMCG industry as the demands for
online delivery and online shopping is rapidly increasing. Based on propulsion,
the market is differentiated between ICE and electric. ICE propulsion engines
are anticipated to hold the largest revenue shares of the market and dominate
the market segment in the upcoming five years on the grounds of traditional
usage of the ICE engines in the manufacturing of small commercial vehicle.
Electric propulsions are anticipated to register fastest growing CAGR due to
increasing inclination of consumers and government toward electric vehicles.
Rising awareness regarding degrading environmental conditions further aid the
growth of the segment and the growth of the Tamil Nadu small commercial vehicle
market in the forecast period.
A
partial list of major market players of the Tamil Nadu small commercial vehicle
market includes :
·
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 Tamil Nadu Private Limited
·
Saera Electric Auto Pvt. Ltd
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“The market analysis also studies the top 5 cities analysis, that are Chennai,
Coimbatore, Madurai, Tambaram, Tiruppur. Chennai is anticipated to lead the top
5 city analysis in the upcoming five years, due to the presence of highest
number of market players in the city. Moreover, the industrialization in the
city aids the expansion of automotive industry in the state. Increasing
production units, favorable tax incentives, and favorable schemes for the small
commercial vehicle manufacturer are further substantiating the growth of the
Tamil Nadu small commercial vehicle market in the future five years. New market
players may invest in the advancement of the product line and through latest
technologies and product development the new market player may establish their
own brand, although the market is highly competitive due to presence of the
global market players in the country,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Tamil
Nadu 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 Top 5 Cities, Competition Forecast &
Opportunities, 2027” has
evaluated the future growth potential of Tamil Nadu 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 Tamil Nadu small commercial vehicle market.
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