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DUBLIN–(BUSINESS WIRE)–The “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 And Competitive Landscape” report has been added to ResearchAndMarkets.com’s offering.
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 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.
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.
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
Key Attractiveness of the Report
Market Scope and Segmentation
The report provides a detailed analysis of the following market segments:
By Vehicle Type
By Fuel Type
For more information about this report visit https://www.researchandmarkets.com/r/ftexs4
Laura Wood, Senior Press Manager
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