India Light Commercial Vehicle Market Overview
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.
According to 6Wresearch, Light Commercial Vehicle Market in India 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 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.
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 Highlights of the Report
- India Light Commercial Vehicle Market Overview
- India Light Commercial Vehicle Market Outlook
- India Light Commercial Vehicle Market Trends
- Market Drivers and Restraints
- Competitive Benchmarking
- Key Strategic Recommendations
- India Light Commercial Vehicle Market Forecast
- India Light Commercial Vehicle Market Share, By Market Players
- 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 Vehicle Type, for the Period 2021-2028F
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