Dublin, Dec. 11, 2024 (GLOBE NEWSWIRE) -- The "India Commercial Vehicle Market, By Region, Competition, Forecast and Opportunities, 2020-2030F" report has been added to ResearchAndMarkets.com's offering.
The Indian Commercial Vehicle Market was valued at USD 51.27 Billion in 2024, and is expected to reach USD 69.06 Billion by 2030, rising at a CAGR of 5.14%.
India's commercial vehicle market is driven by a diverse range of segments, including light, medium, and heavy commercial vehicles. Light commercial vehicles are primarily used for short-distance cargo transportation, while medium and heavy commercial vehicles are utilized for long-distance freight, construction, and public transportation.
Key applications include freight carriers, passenger transport, construction, and agriculture. The market is also experiencing a shift towards electric and hybrid vehicles due to increasing environmental concerns and government incentives.
Diesel-powered vehicles remain dominant due to their fuel efficiency, but electric vehicles are gaining traction, especially for urban last-mile deliveries and public transport. The market continues to grow, driven by infrastructure development, e-commerce, and urbanization. For instance, In October 2024, Nidec partnered with Ashok Leyland to boost commercial vehicle electrification in India.
The agreement focuses on developing an electric motor-controller system (E-Drive) for vehicles. Nidec, a subsidiary of Nidec Corporation, will supply the E-Drive as part of the growing demand for electric vehicles. This collaboration highlights the shift towards sustainable mobility in India's commercial vehicle sector.
Key Market Trends
Adoption of Electric and Hybrid Vehicles
The adoption of electric and hybrid commercial vehicles is one of the most significant trends in the India commercial vehicle market. The increasing focus on sustainability, coupled with government incentives and emission regulations, is driving the transition to cleaner energy sources. Electric buses, e-rickshaws, and electric goods carriers are gaining popularity, particularly in urban areas.
Major cities are adopting electric buses to reduce air pollution and promote sustainable public transport, while electric vehicles are being increasingly used for last-mile delivery. Although the market for electric commercial vehicles is still in its early stages, the potential for growth is immense, supported by the government's push for electric mobility. Manufacturers are also innovating to address the range and charging infrastructure challenges, offering more practical solutions for fleet owners.
Telematics and IoT Integration
The integration of telematics and Internet of Things (IoT) technologies into commercial vehicles is transforming fleet management in India. Fleet operators are increasingly adopting telematics solutions to monitor vehicle performance, fuel consumption, driver behavior, and maintenance schedules in real time. This data helps reduce operating costs, improve efficiency, and enhance safety. IoT-based systems enable predictive maintenance, minimizing downtime and extending the lifespan of vehicles. The growth of e-commerce and the demand for quick deliveries further fuels the adoption of these technologies, as fleet managers require more control and visibility over their vehicles. This trend is likely to continue as digitalization and automation become key elements in optimizing logistics operations.
Focus on Safety and Advanced Driver Assistance Systems (ADAS)
The safety of commercial vehicles is a growing concern, especially with the rising number of road accidents in India. As a result, there is a strong trend toward the adoption of Advanced Driver Assistance Systems (ADAS) in commercial vehicles. These technologies, including lane departure warnings, collision avoidance systems, automatic braking, and blind-spot monitoring, are becoming increasingly standard in new vehicle models. ADAS technologies help improve safety, reduce accidents, and protect both the driver and the cargo. The focus on safety is further emphasized by the government's introduction of stricter safety regulations and the need for fleet owners to comply with these standards. The adoption of ADAS is expected to continue as the market moves toward more advanced, safer vehicles.
Regional Insights
North India dominated the commercial vehicle market in India due to several strategic and economic factors. The region boasts a strong industrial base, including key manufacturing hubs, logistics centers, and major transportation corridors. States like Uttar Pradesh, Haryana, Punjab, and Delhi are home to a significant number of industries, including manufacturing, agriculture, and retail, all of which rely heavily on commercial vehicles for supply chain operations.
The robust transportation network in North India also supports the dominance of commercial vehicles. The region is well-connected by national highways, with critical corridors like the Golden Quadrilateral passing through states like Haryana and Uttar Pradesh, facilitating smooth movement of goods across the country. This connectivity enhances the demand for commercial vehicles, particularly trucks and trailers, for freight and logistics purposes.
North India's strategic location as a transit hub for both domestic and international trade further contributes to its dominance. Proximity to the national capital, Delhi, and major ports like those in Gujarat drives a high volume of goods transportation, increasing demand for commercial vehicles.
The region has witnessed considerable investments in infrastructure, including the development of expressways, logistics parks, and industrial corridors, all of which support the growth of the commercial vehicle market. North India's strong economic activity, extensive connectivity, and infrastructure improvements make it the leading region in the India commercial vehicle market.
Key Market Players
- Tata Motors
- Ashok Leyland
- Mahindra & Mahindra
- VE Commercial Vehicles
- Daimler Truck
- Scania CV
- Force Motors
- MAN Truck & Bus India
- SML Isuzu
- Piaggio Vehicles
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 85 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $51.27 Billion |
| Forecasted Market Value (USD) by 2030 | $69.06 Billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | India |
Report Scope:
In this report, the India Commercial Vehicle Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
India Commercial Vehicle Market, By Vehicle Type:
- Light
- Medium
- Heavy
India Commercial Vehicle Market, By Propulsion Type:
- ICE
- Electric
- Others
India Commercial Vehicle Market, By Application:
- Logistics
- Mining
- Construction
- Others
India Commercial Vehicle Market, By Region:
- North
- West
- South
- East
For more information about this report visit https://www.researchandmarkets.com/r/f1lk1y
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