The Haryana small
commercial vehicle market is expected to witness a growth of steady CAGR in the
forecast period, 2023-2027. Favorable government policies to support the growth
of small and medium enterprises and the need to optimize the operational costs
are driving the demand for small commercial vehicles. Also, the introduction of
advanced and better-performing small commercial vehicles into the market and
the development of the transportation and logistics industry are prominent
factors expected to accelerate the growth of the Haryana small commercial
vehicle market over the next five years.
Flourishing Automotive
Industry Drives the High Market Demand
Haryana is among the biggest
automobile manufacturing hubs in the country. In 2021, around 17.81 thousand units
of small
commercial vehicles
were sold in Haryana. It boasts of having five factories of countries leading
two-wheeler and passenger vehicle manufacturers, including Honda Motorcycles
and Scooter India Ltd., Hero MotoCorp Ltd, Maruti Suzuki India Ltd. The
automotive industries are one of the most significant sources of revenue
generation for the state. The government is supporting the growth of the automotive
industry in the form of policies and regulations. They have formulated the
Estate Management Policy 2020, in which the government has proposed incentives
and development of the automotive sector. It also supports expanding the
existing automobile manufacturing units, developing the supplier parks by
offering the lands at lower rates, and conducting trade shows for the exporters
to display their products. The rise in the efforts taken by the leading
authorities to attract automotive manufacturers in Haryana is acting as a
positive factor for the Haryana small commercial vehicle market for the next
five years.
Developing Manufacturing
Industry Boosts the Market Growth
Haryana has large available
land which can be used to set up manufacturing plants. Major international
companies have marked their presence in Haryana, such as OPPO Mobiles India
Private Limited, Nestle India Limited, Nokia Solutions, Networks India Private
Limited, JCB India Limited, Apollo Tyres Limited, and other companies working
on the manufacturing of their products. The manufactured products need to be
transported to retailers for further distribution. These companies use small
commercial vehicles to reach the other parts of cities as they are
fuel-efficient and have sufficient load-carrying capacity. Also, the growing
small and medium-sized enterprises have a high demand for small commercial
vehicles. Their output can be easily transported to the desired location using
small commercial vehicles. They are more cost-efficient than other commercial
vehicles. The high support from the government in the form of incentives and
financial support coupled with the increase in investments from the manufacturing
companies to develop an efficient supply chain is expected to accelerate the
Haryana small commercial vehicle market growth for the forecast period.
Growing Road Infrastructure
Supports the High Market Demand
The government is working on developing
road and highway infrastructure to support the transportation and logistics
industry. Rapid urbanization and the growing small and medium business are
bolstering the transportation of products between local and regional
destinations. The small commercial vehicle has advantages like driving smoothly
on narrow roads and uneven terrain required for last-mile connectivity.
Development of road infrastructure to support the commercial sector of the
state is expected to fuel the demand for the Haryana small commercial vehicle
market growth in the forecast period.
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Market Segmentation
The Haryana 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 Haryana into cities namely Faridabad,
Panipat, Sonipat, Karnal, Ambala and Sadar.
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 Haryana Private Limited,
Saera Electric Auto Pvt. Ltd are the major market players operating in the Haryana
small commercial vehicle market growth.
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Attribute
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Details
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Base Year
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2021
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Historic Data
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2017 – 2020
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Estimated Year
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2022
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Forecast Period
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2023 – 2027
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Quantitative Units
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Revenue in USD Million, Volume in Units, and CAGR for 2017-2021
and 2022-2027
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Report coverage
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Revenue forecast, volume forecast, company share, competitive
landscape, growth factors, and trends
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Segments covered
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·
Vehicle Tonnage
·
Industry
·
Propulsion
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Region scope
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Faridabad, Panipat, Sonipat, Karnal, Ambala Sadar
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Key companies profiled
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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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|
Customization scope
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10% free report customization with purchase. Addition or
alteration to city & segment scope.
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Pricing and purchase options
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Avail customized purchase options to meet your exact research
needs. Explore purchase options
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Delivery Format
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PDF and Excel through Email
(We can also provide the editable version of the report in PPT/Word format on
special request)
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Report Scope:
In this report, Haryana small
commercial vehicle market has been segmented into following categories, in
addition to the industry trends which have also been detailed below:
- Haryana Small Commercial Vehicle Market, By Vehicle Tonnage:
- Less Than 1 ton
- 1 - 2 Ton
- 2 - 3 Ton
- Haryana Small Commercial Vehicle Market, By Industry:
- E-commerce
- FMCG
- Pharma
- Electronics
- Construction
- Agricultural
- Hospitality
- Forestry
- Oil & Gas
- Others
- Haryana Small
Commercial Vehicle Market, By Propulsion:
- Haryana Small
Commercial Vehicle Market, By Region:
o Faridabad
o Panipat
o Sonipat
o Karnal
o Ambal
o Sadar
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in Haryana 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).
Haryana small commercial vehicle market
is an upcoming report to be released soon. If you wish an early delivery of
this report or want to confirm the date of release, please contact us at [email protected]