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Commercial Vehicles Market in India 2020

  • ID: 5017302
  • Report
  • February 2020
  • Region: India
  • 71 pages
  • Netscribes (India) Pvt Ltd
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FEATURED COMPANIES

  • Ashok Leyland Limited
  • Force Motors Limited
  • SML Isuzu Limited
  • Tata Motors Limited
  • MORE
India is one of the leading manufacturers and exporters of commercial vehicles. Karnataka, Madhya Pradesh, Tamil Nadu, Maharashtra and Himachal Pradesh are the major commercial vehicles manufacturing states in India, with Tamil Nadu manufacturing the highest number of commercial vehicles.

Market insights:

Commercial vehicles account for ~4% of India's total domestic automotive production volume (as of FY 2019). Favorable government policies like the Make in India campaign, the Automotive Mission Plan (AMP) and National Electric Mobility Mission Plan (NEMMP) have enabled the country to develop into one of the most important commercial vehicles manufacturing hubs in the world. In FY 2019, India accounted for the production of 1,112.18 thousand units of commercial vehicles. In the same year, the sales volume of commercial vehicles in India stood at 1,007.32 thousand units. Furthermore, the sale of commercial vehicles in the country is expected to reach a volume of 2,059.95 thousand units by FY 2024, expanding at a compound annual growth rate (CAGR) of ~15.23% during the FY 2020 - FY 2024 period.

Exponential growth in online retailing and logistics services, along with the implementation of Bharat Stage-VI (BS-VI) norms has bolstered the growth in the commercial vehicles market in India. Moreover, the implementation of the revised corporate tax rate (reduced from 35% to 25.17%) has attracted huge FDI from global investors for both manufacturing purposes and research and development (R&D) in the commercial vehicles segment, leading to further expansion of the market. However, surge in the operating costs of running these vehicles, rising customs duty, and lack of demand in the market due to the existing liquidity crisis in the economy are some of the factors impeding the growth of the market.

Market segmentation analysis:

Based on product type, the commercial vehicles market in India can be segmented into light commercial vehicles (LCV), and medium and heavy commercial vehicles (M&HCV). In FY 2019, the light commercial vehicles segment accounted for ~55.65% of the total sales volume of commercial vehicles. Further, during the FY 2020-FY 2024 period, sales volume of LCVs is expected to expand rapidly at a CAGR of ~16.34% compared to that of M&HCVs. On the other hand, by FY 2024, the M&HCVs segment is expected to account for ~41.30% of the total sales volume of commercial vehicles in India. Also, with the implementation of the vehicles electrification policy, the operating cost for running LCVs is expected to decline, leading to a rise in the sale of LCVs. This development can be attributed to the requirement for logistics services growing in tandem with the operations of the e-commerce sector. LCVs like commercial vans and three-wheeler cargo vans are mostly used for logistics services.

Competition analysis:

Tata Motors Limited, Mahindra & Mahindra Limited, Ashok Leyland Limited, Force Motors Limited, and VE Commercial Vehicles Limited are some of the prominent players in the commercial vehicles market in India. In FY 2019, Tata Motors merged as the leading market player with a market share of 45.13% in terms of sales volume. Other market participants like Piaggio Vehicles Private Limited and Scania Commercial Vehicles India Private Limited occupy negligible shares in the India commercial vehicles market.

Companies covered:
  • Ashok Leyland Limited
  • Force Motors Limited
  • Mahindra & Mahindra Limited
  • SML Isuzu Limited
  • Tata Motors Limited
  • VE Commercial Vehicles Limited
  • Daimler India Commercial Vehicles Private Limited
  • Piaggio Vehicles Private Limited
  • Scania Commercial Vehicles India Private Limited
Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Ashok Leyland Limited
  • Force Motors Limited
  • SML Isuzu Limited
  • Tata Motors Limited
  • MORE
Chapter 1: Executive summary

Chapter 2: Socio-economic indicators

Chapter 3: Introduction
3.1. Market definition and structure

Chapter 4: Market overview
4.1. Share of commercial vehicles production in India
4.1.1. Automotive production volume in India (%) (FY 2019)
4.1.2. Commercial vehicles manufacturing clusters in India
4.2. India commercial vehicles market – overview
4.2.1. Historical market size – based on sales volume (FY 2016-FY 2019)
4.2.2. Forecasted market size – based on sales volume (FY 2020-FY 2024)
4.2.3. Historical market size – based on production volume (FY 2016-FY 2019)
4.2.4. Forecasted market size – based on production volume (FY 2020-FY 2024)
4.3. India commercial vehicles export
4.3.1. Export trends of commercial vehicles in India – export volume (FY 2014-FY 2019)
4.3.2. Share of top exporting companies of commercial vehicles in India (FY 2019)

Chapter 5: Market segmentation
5.1. India commercial vehicles market segmentation
5.1.1. India commercial vehicles market segmentation based on type – sales volume (%) (FY 2019-FY 2024)
5.1.1.1. Light commercial vehicles market (LCV) in India – sales volume (FY 2017-FY 2024)
5.1.1.2. Medium & heavy commercial vehicles market (M&HCV) in India – sales volume (FY 2017-FY 2024)
5.1.2. India commercial vehicles market segmentation based on market players – sales volume (%) (FY 2018-FY 2019)

Chapter 6: Market influencers
6.1. Market drivers
6.2. Market challenges

Chapter 7: Government regulations
7.1. Government regulations (2015-2020)

Chapter 8: Market trends
8.1. Market trends- innovation and technology

Chapter 9: Competitive landscape
9.1. Ashok Leyland Limited
  • Company information
  • Business description
  • Products/services
  • Key people
  • Financial snapshot
  • Key ratios
  • Key financial performance indicators
  • Key business segments
  • Key geographical segments
Note: Similar information covered for all other public companies. Private companies' data given on best effort basis.
9.2. Force Motors Limited
9.3. Mahindra & Mahindra Limited
9.4. SML Isuzu Limited
9.5. Tata Motors Limited
9.6. VE Commercial Vehicles Limited
9.7. Daimler India Commercial Vehicles Private Limited
9.8. Piaggio Vehicles Private Limited
9.9. Scania Commercial Vehicles India Private Limited

Chapter 10: Recent developments

Chapter 11: Appendix
11.1. Research methodology
11.2. About the Publisher
11.3. Disclaimer
Note: Product cover images may vary from those shown
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  • Ashok Leyland Limited
  • Force Motors Limited
  • Mahindra & Mahindra Limited
  • SML Isuzu Limited
  • Tata Motors Limited
  • VE Commercial Vehicles Limited
  • Daimler India Commercial Vehicles Private Limited
  • Piaggio Vehicles Private Limited
  • Scania Commercial Vehicles India Private Limited
Note: Product cover images may vary from those shown
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