Commercial Vehicles

India

Highlights

In 2024, the projected unit sales in the Commercial Vehicles market in India are estimated to reach 1.22m vehicles.
This indicates the expected level of demand for Commercial Vehicles market in the country.
Furthermore, it is anticipated that there will be a compound annual rate (CAGR 2024-2030) of 3.56%, resulting in a projected market volume of 1.51m vehicles units by 2030.
This demonstrates the potential for continued growth in the Commercial Vehicles market in India.
Moreover, the production of Commercial Vehicles market in India is expected to reach 1.17m vehicles units by 2030.
This highlights the capacity for the market to expand further and meet the growing demand for Commercial Vehicles market.
In terms of international sales, it is noteworthy that the United States is projected to have the highest sales volume of Commercial Vehicles market in 2024, with approximately 13.75m vehicles units sold.
This indicates the significance of the US market in the global context.
India's Commercial Vehicles market is experiencing a shift towards electric vehicles, driven by government initiatives and increasing environmental consciousness.

Definition

A commercial vehicle is a motor vehicle that is used for business or commercial purposes rather than personal use. These vehicles are designed and used for transporting goods and passengers or providing services in exchange for compensation. The specific definition of a commercial vehicle can vary from one jurisdiction to another, and it may encompass a wide range of vehicles, depending on their size, purpose, and usage.

Structure

The Commercial Vehicles market is structured into three markets:

Light Commercial Vehicles (LCVs): This market focuses on vehicles designed for the transportation of goods or provision of services on a relatively small scale. LCVs typically include vans, mini trucks, and small cargo vehicles used by businesses and individuals for local deliveries, trade, and various commercial applications. Light commercial vehicles are defined as vehicles meant for carrying goods or passengers with a gross vehicle weight rating (GVWR) of up to 3.5 tons with some variation based on specific vehicle models, designs, and regional regulations.
Buses: Buses are motor vehicles designed for the transportation of passengers, varying in size and capacity and ranging from small minibuses to large coaches. This market considers medium and heavy buses and coaches (MHBCs). The gross vehicle weight rating (GVWR) of MHBCs typically exceeds 3.5 tons.
Trucks: The Trucks market is dedicated to heavy-duty vehicles used for the transportation of goods over long distances. Trucks are motor vehicles designed to transport cargo, ranging from small delivery trucks to heavy-duty freight carriers. Only heavy commercial vehicles (HCVs) are considered in this market. HCVs are typically defined as vehicles with a GVWR of 16 tons or more.

Additional Information

The market includes the production and sales of commercial vehicles within a specific region, regardless of the brand or model. Private vehicles, recreational vehicles, construction, and agricultural vehicles, as well as specialty vehicles such as ambulances and fire engines, are not included in the Commercial Vehicles market.

Notable key players in the Commercial Vehicles market include industry giants such as Daimler AG, Volvo Group, and PACCAR Inc., as well as various regional manufacturers and specialized vehicle manufacturers. These companies play a pivotal role in shaping the market landscape and driving innovation within the industry.

For further information on the displayed data, refer to the info button on the right-hand side of each box.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Commercial Vehicles market in India is experiencing significant growth and development.

Customer preferences: Customers in India are increasingly looking for commercial vehicles that are fuel-efficient, reliable, and cost-effective. They are also placing a greater emphasis on safety features and technological advancements. Additionally, there is a growing demand for vehicles that can navigate through narrow and congested urban areas, as well as those that can handle rough terrains in rural areas.

Trends in the market: One of the major trends in the Indian Commercial Vehicles market is the increasing adoption of electric and hybrid vehicles. With the government's push towards a cleaner and greener environment, there has been a surge in the demand for electric and hybrid vehicles in the country. This trend is expected to continue as the government provides incentives and subsidies for the purchase of such vehicles. Another trend in the market is the rise of e-commerce and last-mile delivery services. With the increasing popularity of online shopping, there is a growing need for commercial vehicles that can efficiently transport goods from warehouses to customers' doorsteps. This has led to a higher demand for light commercial vehicles and mini-trucks in India. Furthermore, there is a shift towards the use of connected technologies in commercial vehicles. Fleet management systems, telematics, and GPS tracking are becoming increasingly common in the Indian market. These technologies help improve operational efficiency, optimize routes, and enhance overall vehicle performance.

Local special circumstances: India is a country with diverse terrains and varying road conditions. This poses unique challenges for commercial vehicles. Manufacturers are developing vehicles that can withstand rough terrains, have high ground clearance, and are equipped with advanced suspension systems. Additionally, the Indian government has implemented stricter emission norms, which has led to the development of vehicles with improved engine technology and emission control systems.

Underlying macroeconomic factors: The Indian economy has been growing steadily, and this has had a positive impact on the Commercial Vehicles market. The construction, infrastructure, and logistics sectors are witnessing significant growth, leading to an increased demand for commercial vehicles. Additionally, the government's focus on improving road infrastructure and implementing various development projects has further boosted the market. In conclusion, the Commercial Vehicles market in India is experiencing growth and development due to customer preferences for fuel-efficient and technologically advanced vehicles. The trends in the market include the adoption of electric and hybrid vehicles, the rise of e-commerce and last-mile delivery services, and the use of connected technologies. The local special circumstances, such as diverse terrains and stricter emission norms, are driving the development of vehicles that can withstand these challenges. The underlying macroeconomic factors, including steady economic growth and government initiatives, are also contributing to the growth of the market.

Data coverage:

The data encompasses B2B enterprises. Figures are based on unit sales and production of commercial vehicles.

Modeling approach:

Market sizes are determined through a combined Top-Down and bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending per capita on transportation and consumer price index for purchase of vehicles. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, linear regression, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.