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.
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.
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.
- 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
Key Topics Covered:
1. Executive summary
2. Socio-economic indicators
3.1. Market definition and structure
3.2. Major global players using AI-based manufacturing process
4. India artificial intelligence market overview
4.1. India artificial intelligence market overview
4.1.1. India artificial intelligence market size and growth forecast
4.1.2. Funding in the Indian AI start-ups
5. India manufacturing industry overview
5.1. India manufacturing industry overview
5.1.1. India - gross value added (GVA) of manufacturing
6. Artificial intelligence in the Indian manufacturing industry
6.1. Impact of artificial intelligence in the Indian manufacturing industry
7. Use cases of AI in the manufacturing industry
8. Case studies
8.1. Case study - Blue Star Ltd.
8.2. Case study - TVS Motor Company Ltd.
8.3. Case study - JK Tyre & Industries Ltd.
8.4. Case study - Bajaj Auto Ltd.
8.5. Case study - Asian Paints Ltd.
9. Market influencers
9.1. Market drivers
9.2. Market challenges
10. Competitive landscape
10.1. Abee Research Labs Pvt. Ltd.
10.1.1. Company information
10.1.2. Business description
10.1.4. Key people
10.2. EroNkan Technologies Pvt. Ltd.
10.3. Flutura Business Solutions Pvt. Ltd.
10.4. LivNSense Technologies Pvt. Ltd.
10.5. Universal Robots (India) Pvt. Ltd.
10.6. Altizon Systems Pvt. Ltd.
10.7. IBM India Pvt. Ltd.
11.1. Research methodology
11.2. About the Publisher
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