The Gujarat small
commercial vehicle market is expected to witness a growth of steady CAGR in the
forecast period, 2023-2027. The surge in retail sales in major cities like
Vadodara, Rajkot, and Ahmedabad and the high demand from the manufacturing
units present in the state are the driving factors for the Gujarat small
commercial vehicle market. Also, the adoption of attractive marketing
strategies by the market players for better brand imaging and to reach a wider
audience and the launch of better-performing advanced versions of the existing
car models are expected to create lucrative growth opportunities for the
Gujarat small commercial vehicle market over the next five years.
Growing Retail Industry
Drives the Market Demand
Rapid urbanization improved
living standards, and high per capita income are boosting the purchasing
capacity of consumers. Consumers are investing in purchasing products that can
add to the convenience and the comfort of their existing lifestyle. There is a
high demand for electronic products, furniture, fashion and merchandise, and
food items. Shopkeepers are stocking up their shops with products to attract
customers and boost sales. Small commercial vehicles are used to transport
materials and goods from the manufacturing industry to warehouses and storage
spaces that are transported to retailers.
Also, online sales platforms
are gaining popularity among consumers due to high internet penetration and the
proliferation of connected devices. The outbreak of COVID-19 bolstered the
demand for the e-commerce industry as consumers can easily obtain things for
daily needs by ordering through online channels. Market players are making
efforts to maintain an efficient supply chain to bridge the gap between demand
and supply. Small commercial vehicles use less fuel and have less load-carrying
capacity than heavy commercial vehicles. In 2021, around 29.52 thousand units
of small commercial vehicles were sold in Gujarat. Small and medium enterprises
and start-ups actively use small commercial vehicles. The growing retail
industry and online platforms are expected to contribute significantly to the
growth of the Gujarat small commercial vehicle market over the next five years.
Booming Manufacturing Sector
Supports the Market Growth
The government is working to
strengthen its economic position and is launching initiatives and policies to
boost the industrial and manufacturing sector. The state government of Gujarat
2020 announced the New Gujarat Industrial Policy to push the 'up and coming
sectors' sectors of India dynamic business system and boost Gujarat's
ecosystem. It also aims to support micro, small, and medium-sized enterprises,
adopt advanced technology and equipment in the manufacturing sector, and the
balanced development of infrastructure and industry. The policy also provides
relocation incentives to companies willing to shift their manufacturing base
from China. Previously, Gujarat was also ranked first among the 'number of
Industrial Entrepreneurs Memorandum' (Intent to Invest) due to the presence of
favorable policies and government support. The strong infrastructure and
supportive government rules and regulations are expected to attract a large
number of investors to Gujarat and boost the growth of the existing manufacturing
sector. The developing and advancing manufacturing industry uses small
commercial vehicles for daily transportation activities. The manufacturing
sector is making efforts to advance its transportation and logistics sector,
which is expected to fuel the sales of small commercial vehicles for the next
five years.
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Market Segmentation
The Gujarat 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. Based on industry,
the market is divided into e-commerce, FMCG, pharma, electronics, construction,
agricultural, hospitality, forestry, oil & gas, and others. Based on propulsion,
the market is divided into ICE and electric. The
market is also studied by dividing Gujarat into cities namely Ahmedabad, Surat,
Vadodara (Baroda), Rajkot, Kachh.
Market Players
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 Gujarat Private Limited, Saera Electric Auto
Pvt. Ltd are the major market players leading the Gujarat small commercial
vehicle market growth.
Attribute | Details |
Base Year | 2021 |
Historic Data | 2017 – 2020 |
Estimated Year | 2022 |
Forecast Period | 2023 – 2027 |
Quantitative Units | Revenue in USD Million, Volume in Units, and CAGR for 2017-2021
and 2022-2027 |
Report coverage | Revenue forecast, volume forecast, company share, competitive
landscape, growth factors, and trends |
Segments covered | ·
Vehicle Tonnage ·
Industry ·
Propulsion |
Region scope | Ahmedabad, Surat, Vadodara (Baroda), Rajkot, Kachh |
Key companies profiled | 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 Gujarat Private Limited, Saera Electric
Auto Pvt. Ltd |
Customization scope | 10% free report customization with purchase. Addition or
alteration to segment scope. |
Pricing and purchase options | Avail customized purchase options to meet your exact research
needs. Explore purchase options |
Delivery Format | PDF and Excel through Email
(We can also provide the editable version of the report in PPT/Word format on
special request) |
Report Scope:
In this report, Gujarat small
commercial vehicle market has been segmented into following categories, in
addition to the industry trends which have also been detailed below:
- Gujarat Small Commercial Vehicle Market, By Vehicle Tonnage:
- Less Than 1 ton
- 1 - 2 Ton
- 2 - 3 Ton
- Gujarat Small Commercial Vehicle Market, By Industry:
- E-commerce
- FMCG
- Pharma
- Electronics
- Construction
- Agricultural
- Hospitality
- Forestry
- Oil & Gas
- Others
- Gujarat Small
Commercial Vehicle Market, By Propulsion:
- Gujarat Small
Commercial Vehicle Market, By City:
o Ahmedabad
o Surat
o Vadodara (Baroda)
o Rajkot
o Kachh
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in Gujarat small commercial vehicle
market.
Available Customizations:
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to
five).
Gujarat small commercial vehicle market
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