India Light Commercial Vehicle Market Outlook (2022-2028)

Market Forecast By Application (Cargo, Passenger), By Vehicle Type (3-wheeler, 4-wheeler), By Fuel Type (Diesel, Petrol, Electric, Hybrid, CNG), By region (Tier1, Tier2, Tier3) and competitive landscape

Product Code: ETC215837 Publication Date: Jun 2022 Product Type: Report
Publisher: 6Wresearch No. of Pages: 96 No. of Figures: 73 No. of Tables: 8

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

India Light Commercial Vehicle Market Synopsis

India light commercial vehicle market witnessed market growth steadily in the period 2018-20 on account of rise in retail and warehousing industry driven by rising personal income coupled with 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 vehicle in the cargo segment increased during the period. During 2021, light commercial vehicle market experienced downfall specially in the passenger category owing to COVID-19 due to stringent lockdown which brought economic activities and travel to a standstill since, 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 vehicle across different domains.

India Light Commercial Vehicle Market

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 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.

India Light Commercial Vehicle Market

 

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 vehicle for transporting finishes 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.

India Light Commercial Vehicle Market

 

Market by Vehicle Type

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

Frequently Asked Questions About the Market Study:

  • Does the report consider COVID-19 impact?
    The report not only has considered COVID-19 impact but also current market dynamics, trends and KPIs into consideration.
  • How much growth is expected in the India Light Commercial Vehicle Market over the coming years?
    India Light Commercial Vehicle Market revenue is anticipated to record a CAGR of 11.5% during 2021-27.
  • Which segment has captured key share of the market?
    By vehicle type, highest share was acquired by the 3-wheelers due to its high demand from both the cargo and the passenger segment.
  • Which segment is exhibited to gain traction over the forecast period?
    By application majority market share was acquired by the cargo segment due to rise of retail and e-retail in India which drove its demand.
  • Who are key the key players of the market?
    The key players of the market include Bajaj, Tata Motors, Atul Auto, TVS Motors, among others.
  • Is customization available in the market study?
    Yes, we can do customization as per your requirements. Please feel free to write to us sales@6wresearch.com for any customized or any other requirements.
  • We also want to have market reports for other countries/regions.
    6Wresearch has the database of more than 60 countries globally, which can make us your first choice of all your research needs.

1. Introduction

1.1 Key Highlights of the Report

1.2 Report Description

1.3 Market Scope and Segmentation

1.4 Research Methodology

1.5 Assumptions

2. India Light Commercial Vehicle Market Overview

2.1 India Light Commercial Vehicle Market Revenues & Volume (2021-2028F)

2.2 India Light Commercial Vehicle Market Volume Share, By Application (2021 & 2028F)

2.3 India Light Commercial Vehicle Market Volume Share, By Product Type (2021 & 2028F)

2.4 India Light Commercial Vehicle Market Volume Share, By Fuel Type (2021 & 2028F)

2.5 India Light Commercial Vehicle Market Volume Share, By Region (2021 & 2028F)

3. India Light Commercial Vehicle Market Dynamics

4. India Light Commercial Vehicle Market Overview, By Application

4.1 India Light Commercial Vehicle Market Volume, By Cargo (2021-2028F)

4.2 India Light Commercial Vehicle Market    Volume, By Passenger (2021-2028F)

5. India Light Commercial Vehicle Market Overview, By Vehicle Type

5.1 India Light Commercial Vehicle Market Volume, By 3-wheeler (2021-2028F)

5.2 India Light Commercial Vehicle Market Volume, By 4-wheeler (2021-2028F)

6. India Light Commercial Vehicle Market Overview, By Fuel Type

6.1 India Light Commercial Vehicle Market Volume, By Diesel (2021-2028F)

6.2 India Light Commercial Vehicle Market Volume, By Petrol (2021-2028F)

6.3 India Light Commercial Vehicle Market Volume, By Hybrid  (2021-2028F)

6.4 India Light Commercial Vehicle Market Volume, By Electric (2021-2028F)

7. India Light Commercial Vehicle Market Overview, By Region

7.1 India Light Commercial Vehicle Market Volume, By North (2021-2028F)

7.2 India Light Commercial Vehicle Market Volume, By East (2021-2028F)

7.3 India Light Commercial Vehicle Market Volume, By West (2021-2028F)

7.4 India Light Commercial Vehicle Market Volume, By South (2021-2028F)

8. India Light Commercial Vehicle Market- Key Performance Indicators

9. India Light Commercial Vehicle Market- Opportunity Assessment

9.1 India Light Commercial Vehicle Market Opportunity Assessment, By Application (2021-2028F)

9.2 India Light Commercial Vehicle Market Opportunity Assessment, By Region (2021-2028F)

10. India Light Commercial Vehicle Market- Competitive Landscape

10.1 India Light Commercial Vehicle Market Volume Share, By Companies (2021)

10.2 India Light Commercial Vehicle Market Competitive Benchmarking, By Operating & Technical Parameters

11. Company Profiles

11.1 Tata Motors Ltd

11.2 Piaggio Vehicles Pvt Ltd

11.3 Atul Auto Ltd

11.4 Bajaj Auto Ltd

11.5 TVS Motor Ltd

11.6 Scooters India Limited

12. Key Strategic Recommendations

List of Figures

Figure 1: India Light Commercial Vehicles Revenues and Volume, 2018-2028F (INR Crores, Thousand Units)

Figure 2: India Light Commercial Vehicles Market Volume Share, By Application, 2021 & 2028F

Figure 3: India Light Commercial Vehicles Market Volume Share, By Vehicle Type, 2021 & 2028F

Figure 4: India Light Commercial Vehicles Market Volume Share, By Fuel Type, 2021 & 2028F

Figure 5: India Light Commercial Vehicles Market Volume Share, By Region, 2021 & 2028F

Figure 6: Projected Freight Activity, India, 2020-2025 (Trillion tonne-km)

Figure 7: Share of expenses in road logistics segment (%)

Figure 8: Comparison of total cost ownership of commercial vehicles per kilometre for average daily distance of 100km (INR)

Figure 9: India light duty vehicles, total cost of ownership comparison, 2019-2035 (INR/km)

Figure 10: Fare per km per seat in FY19 (INR)

Figure 11: India 2W ownership per 1,000 people

Figure 12: India 3W Market Sales Volume, 2013-2020 (Million Units)

Figure 13: India 3-wheeler Auto, Upfront Cost Comparison, 2022 (INR Thousand)

Figure 14: India 3-wheeler Auto, TCO Comparisons, 2022 (INR/km)

Figure 15: India road logistics market, INR trillion

Figure 16: India road logistics market breakup, by sectors, INR trillion, 2021

Figure 17: Intermediate and finished goods spendings breakup, by nature of goods, INR billion, 2021

Figure 18: Size of the Indian retail market, 2010-2030F (INR Trillion)

Figure 19: India packaged staples market consumption, 2019 & 2024F (INR Billion)

Figure 20: Total household consumption in India, 2010 to 2031-32F (INR Trillion)

Figure 21: Total warehouse transactions across 8 primary markets, 2017-2026F (in lakhs)

Figure 22: Comparison of warehousing stock, by countries, 2020 (million sq. m)

Figure 23: Sector-wise share of transactions, 2020

Figure 24: Highway Construction in India (Kilometers)

Figure 25: Investment outlay for roads under union budget ($ billion)

Figure 26: India Light Commercial Vehicles Market Opportunity Assessment, By Vehicle Type, 2028F

Figure 27: India Light Commercial Vehicles Market Opportunity Assessment, By Application, 2028F

Figure 28: India Light Commercial Vehicles Market Opportunity Assessment, By Fuel Type, 2028F

Figure 29: India Light Commercial Vehicles Market Opportunity Assessment, By Region, 2028F

Figure 30: Expected Electricity production(TWh), 2030

Figure 31: Expected Electricity consumption by EVs(TWh), 2030

Figure 32: Fleet and sole operator percentage share distribution, tier 1

Figure 33: Percentage share distribution by nature of service, tier 1

Figure 34: Percentage share distribution by vehicle type, tier 1

Figure 35: Percentage share distribution by fuel type, tier 1

Figure 36: Percentage share distribution by vehicle age, years, tier 1

Figure 37: Percentage share distribution by load capacity, tons, tier 1

Figure 38: Percentage share distribution by daily commute(Km), tier 1

Figure 39: Percentage share distribution by operating hours, tier 1

Figure 40: Respondent willingness to purchase electric vehicle, tier 1

Figure 41: Average rating of key parameters while making last purchase of any commercial vehicle, tier 1

Figure 42: Average rating of non-conventional fuel type vehicle, tier 1

Figure 43: Average rating of parameters positively influencing commercial EV purchase, tier 1

Figure 44: Average rating of parameters negatively influencing commercial EV purchase, tier 1

Figure 45: Fleet and Sole operator percentage share distribution, tier 2

Figure 46: Percentage share distribution by nature of service, tier 2

Figure 47: Percentage share distribution by vehicle type, tier 2

Figure 48: Percentage share distribution by fuel type, tier 2

Figure 49: Percentage share distribution by vehicle age, years, tier 2

Figure 50: Percentage share distribution by load capacity, tons, tier 2

Figure 51: Percentage share distribution by daily commute(Km), tier 2

Figure 52: Percentage share distribution by operating hours, hours, tier 2

Figure 53: Respondent willingness to purchase electric vehicle, tier 2

Figure 54: Average rating of key parameters while making last purchase of any commercial vehicle, tier 2

Figure 55: Average rating of non-conventional fuel type vehicle, tier 2

Figure 56: Average rating of parameters positively influencing commercial EV purchase, tier 2

Figure 57: Average rating of parameters negatively influencing commercial EV purchase, tier 2

Figure 58: Fleet and Sole operator percentage share distribution, tier 3

Figure 59: Percentage share distribution by nature of service, tier 3

Figure 60: Percentage share distribution by vehicle type, tier 3

Figure 61: Percentage share distribution by fuel type, tier 3

Figure 62: Fleet and Sole operator Percentage share distribution, tier 3

Figure 63: Percentage share distribution by nature of service, tier 3

Figure 64: Percentage share distribution by vehicle type, tier 3

Figure 65: Percentage share distribution by fuel type, tier 3

Figure 66: Respondent willingness to purchase electric vehicle, tier 3

Figure 67: Average rating of key parameters while making last purchase of any commercial vehicle, tier 3

Figure 68: Average rating of non-conventional fuel type vehicle, tier 3

Figure 69: Average rating of parameters positively influencing commercial EV purchase, tier 3

Figure 70: Average rating of parameters negatively influencing commercial EV purchase, tier 3

Figure 71: Volume share of passenger 3-wheelers, by companies, 2021

Figure 72: Volume share of Cargo 3-wheelers, by companies, 2021

Figure 73: Volume share of 4-wheelers, by companies, 2021

Figure 74: Number of electric 3-wheeler in India (units), 2019-2025

Figure 75: Competitive gap in the logistics industry, USD billion

List of Tables

Table 1: Share of natural gas in the overall energy mix, 2021-2030F

Table 2: Number of CNG stations in India, 2020-2024F

Table 3: India E-rickshaw and autorickshaw cost and operational comparisons

Table 4: India Light Commercial Vehicles Market Volume, By Application, 2018-2028F (Units)

Table 5: India Light Commercial Vehicles Market Volume, By Vehicle Type, 2018-2028F (Units)

Table 6: India Light Commercial Vehicles Market Volume, By Fuel Type, 2018-2028F (Units)

Table 7: India Light Commercial Vehicles Market Volume, By Region, 2018-2028F (Units)

Table 8: India metro projects

Table 9: Government Infrastructure projects in India

Table 10: Country-wise vehicle fleet electrification by national governments

 
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