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Haryana Small Commercial Vehicle Market to grow at a steady CAGR through 2027

Surge in demand for e-mobility solutions and rise in the number of market players are expected to drive the demand for Haryana small commercial vehicle market in the forecast period, 2023-2027.

According to TechSci Research report, Small Commercial Vehicle Market – Haryana Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, the Haryana small commercial vehicle market is expected to witness a growth of steady CAGR in the forecast period, 2023-2027. The rise in demand for logistics services from the local market and ongoing commercial activities in the state are driving the market demand. Also, the growing popularity of online channels is boosting the development of transportation and shipping networks. Consumers are spending more on quality lifestyles and are purchasing goods and products which can suit their current lifestyle. The high internet penetration and proliferation of smart devices make the youth population shift towards online sales platforms. The intense competition among the market players makes them adopt attractive marketing strategies and provide facilities to consumers like quick doorstep delivery and free exchange options to capture the largest market share. Generally, e-commerce channels use third-party services to manage the supply chain. These third-party companies utilize light commercial vehicles to transport goods from retailers to consumers. Small commercial vehicles are fuel-efficient compared to heavy commercial vehicles and bear low operational costs, making them preferred among third-party service providers. The several benefits offered by small commercial vehicles are expected to boost the adoption in the e-commerce industry at a significant rate over the next five years.

However, the availability of alternate options may restrain the Haryana small commercial vehicles market growth for the forecast period. 

Browse over XX market data Figures spread through 70 Pages and an in-depth TOC on "Haryana Small Commercial Vehicle Market"

The Haryana small commercial vehicle market is segmented into vehicle tonnage, industry, propulsion, competitive landscape, and regional distribution.

Based on industry, the market is divided into e-commerce, FMCG, pharma, electronics, construction, agricultural, hospitality, forestry, oil & gas, and others. The agriculture industry is expected to hold a significant market share in the forecast period. It is one of the most prominent industry verticals, and Haryana is among the better Indian states in agriculture performance. The major commodities produced from agricultural lands are oilseeds, sugarcane, wheat, rice, maize, cotton, etc. Farmers who have less land and have lower agricultural yields invest in the purchase of small commercial vehicles as they are affordable and highly fuel-efficient compared to heavy commercial vehicles. The high demand from the agriculture industry is expected to bolster the demand for the Haryana small commercial vehicle market for the next five years. 

Based on propulsion, the market is divided into ICE and electric. The ICE segment is expected to capture the highest market share in the forecast period. The majority of the existing small commercial vehicles use ICE engines for their propulsion. Market players are launching advanced versions of small commercial vehicles to attract customers to purchase small commercial vehicles of their particular brand. The ongoing advancements in technology and the underdeveloped electric vehicle charging infrastructure are expected to support the demand for ICE-based small commercial vehicles over the next five years.

Major market players operating in the Haryana 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 Haryana Private Limited          

·         Saera Electric Auto Pvt. Ltd

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“The rise in awareness about the environmental benefits of using electric vehicles and the fast depletion of fossil fuels supports the automotive industry's transformation from traditional-based fuels to eco-friendly fuels. The Haryana state government has formulated a draft that aims to promote the electric vehicle in the state and has proposed to phase out all fuel-based commercial fleets and logistics vehicles in Gurugram and Faridabad by 2024 and in all cities by 2030. The growing popularity of electric vehicles and favorable government policies are expected to accelerate the demand for small electric commercial vehicles. The rise in awareness about the benefits of using small commercial vehicles for transportation and logistics purposes among enterprises is expected to propel the Haryana small commercial vehicle market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

Haryana 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 Haryana 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 Haryana small commercial vehicle market.


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