LONDON, Nov. 22, 2016 /PRNewswire/ -- Indian has emerged as one of the largest markets for commercial vehicles globally. Growth of India commercial vehicles market is underpinned by various macro and micro economic factors, which impact the allied industries responsible for generating commercial vehicles demand in the country. Construction, logistics, mining, and passenger transportation are few of the major allied industries that require commercial vehicles. Most of the industry players in India commercial vehicles market have their production facility in the country to cater to domestic demands along with exports to various countries, as the exports volume of commercial vehicles across the segments outperformed the imports volume in FY2016.
According to TechSci Research report, "India Commercial Vehicles Market By Vehicle Type, By End Use Industry, Competition Forecast and Opportunities, 2021'', the market of commercial vehicles in India is projected to grow at a CAGR of over 14%, in value terms, during FY2017–FY2022. Rising infrastructure development projects across the country, tentative replacement of old commercial vehicles fleet on account of implementation of stringent emission norms, growing manufacturing and logistics sectors, and increasing focus on tourism and hospitality sector by central and various state governments are few of the major factors projected to propel India commercial vehicles market over the course of next five years.
The commercial vehicles market of India is segmented into three broad categories on the basis of gross vehicle weight (GVW). Commercial vehicles with GVW less than 7.5 tons are considered as light commercial vehicles (LCVs). On the other hand, commercial vehicles with GVW between 7.5 tons and 16.2 tons are categorized as medium commercial vehicles (MCVs). Lastly, the commercial vehicles with GVW greater than 16.2 tons are considered as heavy commercial vehicles (HCVs) in the country.
Some of the major companies operating in commercial vehicles market are Tata Motors, Ashok Leyland, and Mahindra & Mahindra cumulatively accounted for a lion's share in FY2016. "India Commercial Vehicles Market By Vehicle Type, By End Use Industry, Competition Forecast and Opportunities, 2021", report elaborates following aspects of commercial vehicles market in India:
- India Commercial Vehicles Market Size, Share & Forecast
- Segmental Analysis – By Vehicle Type (Light, Medium and Heavy) and By End Use Industry (Passenger Transportation, Logistics, Mining, and Construction)
- Policy & Regulatory Landscape
- Changing Market Trends & Emerging Opportunities
- Competitive Landscape and Strategic Recommendations
Why You Should Buy This Report?
- To gain an in-depth understanding of India commercial vehicles market
- To identify the on-going trends and segment wise anticipated growth in the coming years
- To help industry consultants, commercial vehicle companies and other stakeholders to align their market-centric strategies
- To obtain research based business decisions and adds weight to presentations and marketing materials.
- To gain competitive knowledge of leading market players
- To avail 10% customization in the report without any extra charges and get the research data or trends added in the report as per the buyer's specific needs
The information contained in this report is based on both primary and secondary research. Primary research includes interviews with commercial vehicle manufacturers, dealers & distributors, and industry experts. Secondary research includes an exhaustive search of relevant publications such as company annual reports, financial reports and proprietary databases.
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