India Commercial Vehicles Market Forecast 2021 - brochure

M a r k e t I n t e l l i g e n c e . C o n s u l t i n g

India Commercial Vehicles Market By Vehi cle Type, By End Use I ndustr y,

Co mpeti t i o n Fo recast an d Oppo r tun i t i es , 2021

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T a b l e o f C o n t e n t s

S. No. Contents

1. Product Overview

2. Research Methodology

3. Analyst View

4. India Commercial Vehicles Market Outlook

4.1. Market Size & Forecast

4.1.1. By Value & Volume

4.2. Market Share & Forecast

4.2.1. By Vehicle Type (Light, Medium, and Heavy Commercial Vehicles)

4.2.2. By Company

4.2.3. By Region

5. India Heavy Commercial Vehicles (HCVs) Market Outlook




5.2.1. By Vehicle Type (Heavy Duty Truck and Heavy Duty Bus)

5.2.2. By End Use Industry

6. India Light Commercial Vehicles (LCVs) Market Outlook




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S. No. Contents

6.2.1.By Vehicle Type (LCV Passenger, LCV Goods <2T GVW, LCV Goods 2-3.5T GVW, and LCV Goods >3.5T GVW)


7. India Medium Commercial Vehicles (MCVs) Market Outlook




7.2.1. By Vehicle Type (Medium Duty Truck and Medium Duty Bus)


8. Import-Export Analysis

9. Supply Chain Analysis

10. Market Dynamics

10.1. Drivers

10.2. Challenges

11. Policy & Regulatory Landscape

12. Market Trends & Developments

12.1. Adoption of BS IV Standards

12.2. Increasing Geographical Diversification

12.3. Rising Replacement Led Demand

12.4. Rising Ancillarisation

12.5. Rising Demand for Electric and CNG Buses

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S. No. Contents

13. India Economic Profile

14. Competitive Landscape

14.1. Tata Motors Limited

14.2. Mahindra & Mahindra Limited

14.3. Ashok Leyland Limited

14.4. SML Isuzu Limited

14.5. Force Motors Limited

14.6. Hindustan Motors Limited

14.7. VE Commercial Vehicles Limited

14.8. Piaggio Vehicles Private Limited

14.9. Daimler India Commercial Vehicles Pvt. Ltd.

14.10. AMW Motors Ltd.

15. Strategic Recommendations

16. About Us & Disclaimer

P r o d u c t O v e r v i e w

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Commercial Vehicle Segment

Sub-Segment GVW Capacity (Tons)Key Customer

Segment

Light Commercial Vehicle (LCV)

Light Commercial Vehicle -Passenger

<7.5 tons

• Logistics• Construction• Passenger

transportationLight Commercial Vehicle -

Goods

Medium Commercial Vehicles(MCV)

Medium Commercial Vehicle -Truck

7.5 – 16.2 tons

• Construction• Logistics• School and college

transportation• Staff transportation

Medium Commercial Vehicle -Bus

Heavy Commercial Vehicle (HCV)

Heavy Commercial Vehicle -Truck

>16.2 tons

• Logistics• Construction • Mining• Passenger

transportation

Heavy Commercial Vehicle -Bus

Commercial vehicle is a type of motor vehicle used for transporting goods orpassengers. Department of Transportation, USA defines Commercial Vehicle as “Any self-propelled or towed vehicle used on public highways in interstate commerce to transportpassengers or property.”

Product Classification

Product Definition

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R e s e a r c h M e t h o d o l o g y

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A

C

B

Primary Research

Company Analysis

Desk Research

Identifying Key Opinion

Leaders

Questionnaire Design

In-depth Interviews

Market Participants

Key Strengths

Commercial Vehicle

Portfolio

Recent

Developments

Market

Changing

Aspects/Dynam

ics

Government

Policies

Final

Conclusion

LinkedIn TechSci Internal

database

Factiva Hoovers

Paid Sources

Company Website Company Annual

Reports White Paper Study Financial Reports Investor

Presentations Regulatory Body, Associations, etc.

Secondary Research

Primary Research

Data Collection

Data Filter& Analysis

Research &Intelligence

ActionableInsights

BusinessSolution

•In-depth secondary research was conducted todetermine top players in the India commercialvehicles market, overall market size andsegmental market sizes.

Market Profiling

•In order to conduct industry experts interviews,TechSci Research formulated a detailedquestionnaire.

Formulating Questionnaire

•List of industry players, distributors, andindustry specialists was developed.

Developing List of Respondents

•TechSci Research conducted interviews withindustry experts, industry players, for datacollection and verification.

Data Collection

•Data obtained as a result of primary andsecondary research was validated throughrigorous triangulation.

Data Validation

•The data was scrutinized using MS-Excel andstatistical tools such as Time Series Analysis,average, etc. to obtain qualitative andquantitative insights about the India commercialvehicles market.

Data Analysis


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Baseline Methodology:

For the study, TechSci Research has gathered information through primary research surveys with leading

commercial vehicle companies operating in India. We have also put through an exhaustive search of credible paid

databases such as Business Week, Factiva, Hoovers, etc., including our internal database. Our team of analysts has

then prudently evaluated all the collected information and presented the same in chronological order to depict a

meaningful and clear picture of India commercial vehicles market. While compiling the data, we have also cross-

checked all the collected information from multiple sources and data warehouses, so as to present the most

accurate and precise information of the concerned industry.

Sampling Technique:

While conducting the study, TechSci Research followed the stratified random sampling technique to shortlist the

Key Opinion Leaders (KOLs) in various commercial vehicle companies/dealers & distributors operating in India.

KOLs based out of prominent commercial vehicle companies/dealers & distributors were interviewed to identify the

size of India commercial vehicles market.

Sample Size:

KOLs No. of Respondents

Mid to Senior Management, Sales Managers,etc., of Commercial Vehicle Companies/

Dealers & Distributors40

Industry Experts 10

Total 50


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Market Size Calculation Technique:

Primary Research

For the preparation of ‘India commercial vehicles market’ report, bottom-up model has been used, which has been

later cross validated by using top-down approach. TechSci Research interviewed Senior Managers and Regional

Sales Managers of the prominent commercial vehicle companies/dealers & distributors using Delphi technique for

calculating the size of India commercial vehicles market. Respondents were also asked about the current and

future growth rates, market share by commercial vehicle types, etc. All the information gathered was carefully

analyzed. Data points which exhibited high deviations from the majority estimates were eliminated as outliers and

the remaining refined data points were put together to arrive at the volume data.

Primary Research – Few of the Companies and/or their Dealers Interviewed

S. No. Names of Companies and/or their Dealers Interviewed

1. Tata Motors Limited

2. Mahindra & Mahindra Limited

3 Ashok Leyland Limited

4. VE Commercial Vehicles Limited

5. Force Motors Limited

6. MAN Truck & Bus


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Secondary Research:

We have also put through an exhaustive search of credible paid databases such as Factiva, Hoovers, etc., in

addition to our internal database. Further analyses of credible publications, white papers, company’s annual

reports, investor presentations, news articles, etc., were also analysed to cross validate the end findings derived

from primary research.

Forecasting Technique:

The team has developed forecast on the basis of econometric and judgemental analysis in addition to statistical

techniques such as averaging and geometric mean. During primary research interview, questions regarding

historical sales trend of commercial vehicles market were put forward. Respondents were asked about the current

and future growth rates, market share by commercial vehicles type in India. In order to forecast India commercial

vehicles market, following forecast techniques were used:

• Time Series Analysis• Econometric and Judgmental Analysis• Moving Average

S. No. Few of the Secondary Sources

1. Organisation Internationale des Constructeurs d’Automobiles (OICA)

2. Society of India Automobile Manufacturers

3 Ministry of Commerce

4. World Bank

5. International Monetary Fund (IMF)


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Note:

The report has been prepared in the Financial Year (FY) format, which indicates a 12 months period, starting from

1st April of a calendar year and ending on 31st March of the subsequent calendar year. For example, FY2016

indicates a 12 months period that starts from 1st April 2015 and ends on 31st March 2016.

The report includes actual market from FY2012 to FY2016, with estimated numbers for FY2017. Further, the report

provides forecast of market data from FY2018 to FY2022.

I n d u s t r y B r i e f

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India Commercial Vehicles Market to Grow at CAGR 14% till 2021

According to TechSci Research report, “India Commercial Vehicles Market By Vehicle Type, By End Use Industry,Competition Forecast and Opportunities, 2021’’, the commercial vehicles market of India is projected to grow at aCAGR of over 14%, in value terms, over the course of next five years, on account of robust infrastructural developmentscoupled with growing logistics requirement arising from construction sector. On the basis of gross vehicle weight, thecommercial vehicles market is broadly segmented into light commercial vehicles (LCVs), medium commercial vehicles(MCVs), and heavy commercial vehicles (HCVs). Light commercial vehicles are widely used for last mile connectivityneeds across the country, due to easy maneuverability, better mileage, and lower operational cost.

On the other hand, MCVs and HCVs market is expected to be driven primarily by implementation of proposedinfrastructure projects and revival of construction and mining sectors. Apart from expected growth in mining andconstruction sectors of India, rise in tourism industry and growing population of India, is likely to push the demand forpassenger transportation. In order to cater this increasing demand, various State Road Transport Undertakings (SRTUs)along with private players are focusing on enhancing their commercial vehicles fleet size, thereby, fuelling the demandfor commercial vehicles in the country.

Western region of India accounted for the largest share in India commercial vehicles market, followed by Southern andNorthern regions. Major factors driving the demand for commercial vehicles in Western region are infrastructureprojects such as semi high speed trains and bullet trains, smart cities, dedicated freight corridors along with sea portdevelopment and comparatively higher manufacturing activities by construction companies in this region. Western andSouthern regions of India garnered a cumulative market share of over 60%, in the India commercial vehicles market inFY2016, in volume terms.

The light commercial vehicles segment is forecast to demonstrate the highest growth among all commercial vehiclesegments over the next five years. Important factors driving light commercial vehicle sales include rise in passengertransportation on account of continuing growth in tourism and hospitality sector. However, heavy commercial vehiclesare expected to maintain their dominance in the country’s commercial vehicles market through 2021.”, said Mr. KaranChechi, Research Director with TechSci Research, a research based global management consulting firm.

https://www.techsciresearch.com/report/india-commercial-vehicles-market-by-vehicle-type-light-medium-and-heavy-by-end-use-industry-passenger-transportation-logistics-mining-and-construction-competition-forecast-and-opportunities/836.html

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S a m p l e D a t a - S n a p s h o t

India Commercial Vehicles Market Size, By Value (USD

Billion), By Volume (Thousand Units), FY2012-FY2022F

1 2 3 4 5 7 8 9 10 11 12

3 5 7 9 1115 17 19 21 23 25

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Value (USD Billion) Volume (Million Units)Source:XXXXX

Note: These are dummy figures; please purchase our report for actual data

India Commercial Vehicles Market Share, By

Company, By Volume, FY2016-FY2022F

10% 10% 10% 10% 10% 10% 10%

20% 20% 20% 20% 20% 20% 20%

30% 30% 30% 30% 30% 30% 30%

40% 40% 40% 40% 40% 40% 40%

FY2016 FY2017E FY2018F FY2019F FY2020F FY2021F FY2022F

Tata Motors Mahindra & Mahindra Ashok Leyland Others*


Vehicle Type, By Volume, FY2016-FY2022F

10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10%

20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20%

70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70%

LCV HCV MCV


Region, By Volume, FY2016-FY2022F

10% 10% 10% 10% 10% 10% 10%

20% 20% 20% 20% 20% 20% 20%

30% 30% 30% 30% 30% 30% 30%

40% 40% 40% 40% 40% 40% 40%


Western Region Southern Region Northern Region Eastern Region

India Medium Commercial Vehicles (Bus) Market Share, By

End Use Industry, By Volume, FY2016-FY2022F

10% 10% 10% 10% 10% 10% 10%

20% 20% 20% 20% 20% 20% 20%

30% 30% 30% 30% 30% 30% 30%

40% 40% 40% 40% 40% 40% 40%


Public Transport School & College Transportation

Staff Transportation Tourism

India Medium Commercial Vehicles Market Size, By Value (USD

Billion), By Volume (Thousand Units), FY2012-FY2022F

1 2 3 4 5 7 8 9 10 11 12

3 5 7 9 1115 17 19 21 23 25

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Value (USD Billion) Volume (Million Units)

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Industry, Competition Forecast and Opportunities, 2021

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The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made thatit is timely, accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sourcesincluding which it considers reliable and first hand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of anyinformation and it is not responsible for any errors or omissions or for the results obtained from the use of such information and especially states that ithas no financial liability whatsoever to the subscribers / users of this report. The information herein, together with all estimates and forecasts, can changewithout notice. All the figures provided in this document are indicative of relative market size and are strictly for client’s internal consumption. Usage ofthe same for purpose other than internal will require prior approval of TechSci Research.

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India Commercial Vehicles Market Forecast 2021 - brochure