NEW YORK, November 15, 2016 /PRNewswire/ --
Anticipated growth in construction, manufacturing and logistics sectors, coupled with increasing focus on tourism industry by central as well as various state governments to propel India commercial vehicles market through 2021
According to TechSci Research report, "India Commercial Vehicles Market By Vehicle Type, By End Use Industry, Competition Forecast and Opportunities, 2021'’, the commercial vehicles market of India is projected to grow at a CAGR of over 14%, in value terms, over the course of next five years, on account of robust infrastructural developments coupled with growing logistics requirement arising from construction sector. On the basis of gross vehicle weight, the commercial vehicles market is broadly segmented into light commercial vehicles (LCVs), medium commercial vehicles (MCVs), and heavy commercial vehicles (HCVs). Light commercial vehicles are widely used for last mile connectivity needs across the country, due to easy manoeuvrability, better mileage, and lower operational cost.
On the other hand, MCVs and HCVs market is expected to be driven primarily by implementation of proposed infrastructure projects and revival of construction and mining sectors. Apart from expected growth in mining and construction sectors of India, rise in tourism industry and growing population of India, is likely to push the demand for passenger transportation. In order to cater this increasing demand, various State Road Transport Undertakings (SRTUs) along with private players are focusing on enhancing their commercial vehicles fleet size, thereby, fuelling the demand for commercial vehicles in the country.
Browse 7 market data Tables and 15 Figures spread through 107 Pages and an in-depth TOC on
"India Commercial Vehicles Market"
Western region of India accounted for the largest share in India commercial vehicles market, followed by Southern and Northern regions. Major factors drivingthe demand for commercial vehicles in Western region are infrastructure projects such as semi high speedtrains and bullet trains, smart cities, dedicated freight corridors along with sea port development and comparatively higher manufacturing activities by construction companies in this region. Western and Southern regions of India garnered a cumulative market share of over 60%, in the India commercial vehicles market in FY2016, in volume terms.
Download Sample Report
Customers can also request for 10% free customization on this report.
"The light commercial vehicles segment is forecast to demonstrate the highest growth among all commercial vehicle segments over the next five years. Important factors driving light commercial vehicle sales include rise in passenger transportation on account of continuing growth in tourism and hospitality sector. However, heavy commercial vehicles are expected to maintain their dominance in the country's commercial vehicles market through 2021.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"India Commercial Vehicles Market By Vehicle Type, By End Use Industry, Competition Forecast and Opportunities, 2021" has analyzed the future growth potential of India commercial vehicles market, and provides statistics and information on market sizes, shares and trends. The report is intended to provide cutting edge market intelligence and help decision makers to take sound investment evaluation. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in commercial vehicles market in India.
Browse Related Reports
Mexico Tire Market Forecast & Opportunities, 2021 http://www.techsciresearch.com/report/mexico-tire-market-forecast-opportunities-2021/660.html
Global Autonomous Car Technology Market Forecast and Opportunities, 2035 - ADAS, Semi-Autonomous, Fully-Autonomous
Global OTR Tire Market, By Vehicle Type (Mining, Construction and Industrial Equipment, Agriculture Vehicles, and Others), By Demand Category (OEM Vs. Replacement), By Region, Competition Forecast and Opportunities, 2011 - 2021
United States Radio Taxi Services Market Forecast and Opportunities, 2021
About TechSci Research
TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.
Mr. Ken Mathews
708 Third Avenue,
New York - 10017
Email: [email protected]
Connect with us on Twitter - https://twitter.com/TechSciResearch
Connect with us on LinkedIn - https://www.linkedin.com/company/techsci-research
SOURCE TechSci Research