Market Forecast By Product (Light Commercial Vehicles (LCVs), Heavy Trucks, Buses & Coaches), By End-Users (Industrial, Mining & Construction, Logistics, Passenger Transportation, Others) And Competitive Landscape
Product Code: ETC028004 | Publication Date: Jun 2023 | Updated Date: Jan 2024 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 | |
Report Name | India Commercial vehicles Market |
Forecast period | 2024-2030 |
CAGR | 5.4% |
Growing Sector | Hotel and Restaurant Sector |
The India Commercial Vehicles Market Report thoroughly covers the market by product and end-users. The India Commercial Vehicles Market Outlook report provides an unbiased and detailed analysis of the ongoing India Commercial Vehicles Market trends, opportunities/high growth areas, and market drivers. This would help the stakeholders devise and align their market strategies according to the current and future market dynamics.
India commercial refrigeration equipment market is poised for growth due to increased demand from the hospitality, retail, and food processing industries. While the industry faces challenges such as fragmentation and regulatory hurdles, the Indian government's initiatives to promote the growth of food processing and agro-industries, as well as the ease of doing business reforms, are expected to provide a boost to the industry.
According to 6Wresearch, the India Commercial Vehicles Market size is estimated to expand at a CAGR of 5.4% during 2024-2030. The rising middle class and the increasing disposable incomes have led to a growth in the hospitality industry. As a result, the demand for commercial refrigeration equipment in hotels, restaurants, and cafes has significantly increased. In addition, the growth of the retail industry with the influx of multinational retailers into the Indian market has also contributed to the rise in demand for commercial refrigeration equipment. Another major driver has been the growth of the food processing industry in the country. The government's initiatives to promote food processing and agro-industries through FDI and other incentives have led to the increase of food processing units, which require large-scale refrigeration solutions. In addition, the rise in e-commerce and online grocery shopping has led to increased demand for refrigerated warehouses and transport solutions. These are some of the factors influencing the India Commercial Vehicles Market growth.
One of the main challenges in the industry is the highly fragmented nature of the market. The industry is dominated by small and medium-sized players, making it difficult for large players to enter and grow in the market. Another major challenge faced by players in the market is the lack of proper regulatory frameworks. The absence of a standard set of regulations and safety standards for commercial refrigeration equipment, coupled with the lack of trained technicians to maintain and repair the equipment, poses a significant challenge to the players in the industry.
Key players in the Indian commercial refrigeration equipment market include companies such as Voltas Limited, Blue Star Limited, Carrier Commercial Refrigeration India, and Godrej Appliances Limited. These players offer a range of products and services such as walk-in coolers and freezers, reach-in refrigerators and freezers, beverage dispensers, and commercial refrigeration parts and spares.
However, the Indian government has taken several initiatives to address these challenges and promote growth in the industry. The government's initiatives to promote food processing and agro-industries, as well as the ease of doing business reforms, have encouraged foreign players to enter the Indian market. In addition, the government has initiated programs to promote developmental programs in rural areas, which would lead to increased demand for refrigeration solutions.
India Commercial Refrigeration Equipment market is experiencing consistent growth, with modernization and increasing investment in the food and beverage industry, e-commerce, and construction industry. With the growing demand for cost-effective and eco-friendly refrigeration equipment, manufacturers are eagerly investing and innovating, bringing new and advanced products into the market. The next few years for the India Commercial Refrigeration Equipment Market looks bright, with a steady growth rate expected throughout the forecast period.
According to Prakhar, Senior Research Analyst, 6Wreserach, the LCVs segment is witnessing growth due to the rise of small businesses and the e-commerce industry, while the heavy trucks segment is growing due to the growth of the food processing and packaging industry.
The report provides a detailed analysis of the following market segments:
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 India Commercial vehicles Market Overview |
3.1 India Country Macro Economic Indicators |
3.2 India Commercial vehicles Market Revenues & Volume, 2020 & 2030F |
3.3 India Commercial vehicles Market - Industry Life Cycle |
3.4 India Commercial vehicles Market - Porter's Five Forces |
3.5 India Commercial vehicles Market Revenues & Volume Share, By Product, 2020 & 2030F |
3.6 India Commercial vehicles Market Revenues & Volume Share, By End-Users, 2020 & 2030F |
4 India Commercial vehicles Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 India Commercial vehicles Market Trends |
6 India Commercial vehicles Market, By Types |
6.1 India Commercial vehicles Market, By Product |
6.1.1 Overview and Analysis |
6.1.2 India Commercial vehicles Market Revenues & Volume, By Product, 2020 - 2030F |
6.1.3 India Commercial vehicles Market Revenues & Volume, By Light Commercial Vehicles (LCVs), 2020 - 2030F |
6.1.4 India Commercial vehicles Market Revenues & Volume, By Heavy Trucks, 2020 - 2030F |
6.1.5 India Commercial vehicles Market Revenues & Volume, By Buses & Coaches, 2020 - 2030F |
6.2 India Commercial vehicles Market, By End-Users |
6.2.1 Overview and Analysis |
6.2.2 India Commercial vehicles Market Revenues & Volume, By Industrial, 2020 - 2030F |
6.2.3 India Commercial vehicles Market Revenues & Volume, By Mining & Construction, 2020 - 2030F |
6.2.4 India Commercial vehicles Market Revenues & Volume, By Logistics, 2020 - 2030F |
6.2.5 India Commercial vehicles Market Revenues & Volume, By Passenger Transportation, 2020 - 2030F |
6.2.6 India Commercial vehicles Market Revenues & Volume, By Others, 2020 - 2030F |
7 India Commercial vehicles Market Import-Export Trade Statistics |
7.1 India Commercial vehicles Market Export to Major Countries |
7.2 India Commercial vehicles Market Imports from Major Countries |
8 India Commercial vehicles Market Key Performance Indicators |
9 India Commercial vehicles Market - Opportunity Assessment |
9.1 India Commercial vehicles Market Opportunity Assessment, By Product, 2020 & 2030F |
9.2 India Commercial vehicles Market Opportunity Assessment, By End-Users, 2020 & 2030F |
10 India Commercial vehicles Market - Competitive Landscape |
10.1 India Commercial vehicles Market Revenue Share, By Companies, 2023 |
10.2 India Commercial vehicles Market Competitive Benchmarking, By Operating and Technical Parameters |
11 Company Profiles |
12 Recommendations |
13 Disclaimer |