India Light Commercial Vehicle Market Outlook (2022-2028) | Size, Share, Trends, Analysis, Forecast, Growth, Revenue, Outlook & COVID-19 IMPACT

India Light Commercial Vehicle Market report comprehensively covers the market by application, vehicle type, fuel type and region. India Light Commercial Vehicle Market report provides an unbiased and detailed analysis of the ongoing trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Latest Development in The India Light Commercial Vehicle Market 2023

India Light Commercial Vehicles Market is growing over the years and there has been a growing trend towards electric light commercial vehicles in India, with several companies launching electric LCVs in the market. Additionally, the government has introduced several plans to support the India Light Commercial Vehicle Industry which further drives demand for light commercial vehicles in India. With growing e-commerce, the demand for last-mile delivery has increased. Companies such as Amazon and Flipkart have already started using LCVs for their delivery operations, which is expected to drive the growth of the LCV market in India.

One of the major developments in this industry includes the launch of new LCV models in India. These vehicles are expected to be equipped with advanced features such as improved cargo capacity, fuel efficiency, and enhanced safety features. Apart from this, the industry is planning to expand its presence in rural markets, where the demand for LCVs is high. This is expected to increase the India Light Commercial Vehicle market share. In addition, Companies are investing in developing smart LCVs with advanced features such as GPS tracking and route optimization which improve the efficiency of LCV operations and increase their demand in the market.

India Light Commercial Vehicle Market Synopsis

India light commercial vehicle market witnessed the market growing steadily in the period 2018-20 on account of a rise in the retail and warehousing industry driven by rising personal income coupled with a rising population which led to an increase in overall consumption. The advent of delivery startups strengthened the logistic service industry's ecosystem due to which the demand for light commercial vehicles in the cargo segment increased during the period. During 2021, the light commercial vehicle market experienced a downfall especially in the passenger category owing to COVID-19 due to the stringent lockdown which brought economic activities and travels to a standstill since the majority of the population remained indoors. Upon the upliftment of lockdown, risk of ctr However, in the coming years the market is expected to rise on account of economic development in the country which would drive the demand for light commercial vehicles across different domains.

According to 6Wresearch, India Light Commercial Vehicle Market size is projected to grow at a CAGR of 11.5% during 2022E-2028F. The light commercial vehicle segment registered healthy growth during recent years, barring 2022, on account of a rise in last-mile connectivity and delivery service, to serve the growing e-commerce industry and fast-growing logistical needs of the country. Further, the expansion of urban spheres and increased demand for goods and services in rural economies are expected to continue driving the demand for light commercial vehicles.

Market by Application

Among the Application, cargo vehicles witnessed significant market growth driven by the economic development in the country driven by rising e-commerce, FMCG and construction which rely on light commercial vehicles for transporting finished goods as well as raw materials. On the other hand, the passenger segment underwent a drastic downfall being affected by covid-19 and startups like Rapido, Jugnoo, Ola and Uber that have altered industry dynamics.

Market By Vehicle Type

The 3-wheeler segment acquired the highest volume share in the light commercial vehicle market owing to high application in cargo as well as passenger categories. The segment is further expected to retain its dominance during the forecast period on account of the high adoption of electric 3-wheelers in last-mile delivery operations.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 8 Years Market Numbers.
• Base Year: 2021
• Forecast Data until 2028.
• Key Performance Indicators Impacting the Market.

Key Highlights of the Report

• India Light Commercial Vehicle Market Overview
• India Light Commercial Vehicle Market Outlook
• India Light Commercial Vehicle Market Forecast
• Forecast of India Light Commercial Vehicle Market Revenues and Volume, for the Period 2021-2028F
• Forecast of India Light Commercial Vehicle Market Revenues and Volume, By Application, for the Period 2021-2028F
• Forecast of India Light Commercial Vehicle Market Revenues and Volume, By Vehicle Type, for the Period 2021-2028F
• Forecast of India Light Commercial Vehicle Market Revenues and Volume, By Fuel Type, for the Period 2021-2028F
• Forecast of India Light Commercial Vehicle Market Revenues and Volume, By Region, for the Period 2021-2028F
• India Light Commercial Vehicle Market Share, By Market Players
• Market Drivers and Restraints
• India Light Commercial Vehicle Market Trends
• Competitive Benchmarking
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Application

• Cargo
• Passenger

By Vehicle Type

• 3-wheeler
• 4-wheeler

By Fuel Type

• Diesel
• Petrol
• Electric
• Hybrid
• CNG

By region

• Tier1
• Tier2
• Tier3