Passenger segment acquired the largest market revenue share in the India Light Commercial Vehicle Market – 6Wresearch.
India Light Commercial Vehicle Market experienced exponential growth during 2021 on account of the back of rise in retail and warehousing industry driven by rising disposable income coupled with rising population which led to an increase in overall consumption expenditure. 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.
Owing to the outbreak of covid-19 in India in 2020 and its subsequent lockdowns, the demand for LCV from fleet operators and sole vehicle operators suffered a setback arising from disruption of the regular course of trade, retail and logistics. Moreover, closure of working spaces and work from home culture induced by the pandemic lead to a deep downfall of the passenger segment. However, on account of rise of e-commerce in 2020 and 2021, cargo segment grew rapidly. However, as the value chain gaps in the market begin to subside, passenger segment is expected to witness decent growth over the coming years.
According to 6Wresearch, India Light Commercial Vehicle Market size is projected to grow at a CAGR of 11.5% during 2022-28. 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 country. Further, expansion of urban spheres and increased demand for goods and services in rural economy are expected to continue driving the demand for light commercial vehicles.
According to Arjun Khurana, Research Associate, 6Wresearch, “By fuel type, diesel light commercial vehicle accounted for the highest share in the Indian market owing to high customer preference among the fleet operators and drivers due to cost efficiency and power output of the fuel type which makes them highly favorable for carrying heavy loads over long distances. While, the share of non-conventional fuel type vehicles, electric and hybrid, is expected to rise remarkably during the forecast period as logistic startups switch to environmentally friendly and cost-effective options amid rising petroleum prices.”
Some of the major companies in India Light Commercial Vehicle Market include Tata Motors, Maruti Suzuki, Atul Auto, Bajaj Auto, among others.
“India Light Commercial Vehicle Market (2021-2028)” report provides an in-depth analysis with 73 figures and 08 tables, covered in 96 pages. India light commercial vehicle market report comprehensively covers the market by product type, application, fuel type and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/ high growth areas, market drivers, which would help stakeholders to device and align their market strategies according to the current and future market dynamics.
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