Future Trends of Indian Commercial Vehicle Market (Updated version is available)

The future trend of the Indian Commercial Vehicle market is the most detailed report. The current Indian Commercial Vehicle market size is over 1 million units and in terms of value, it is USD 14 billion in FY 2019. Tata and Ashok Leyland are the current market leaders in the commercial vehicle segment.

The commercial vehicle segment has registered an 8 percent CAGR between the years of 2012 and the year 2015. The commercial vehicle segment was able to register a growth rate of 8 to 12 per cent between the years 2012 to 2015.

Between the years 2013 to 2015, the CAGR for the SCV segment was -8 per cent. In the following years, the CAGR jumped to 18 per cent between the years 2015 to 2019. In the HCV segment, the CAGR came down to 7 per cent from 30 per cent between the years 2015 to 2019.

In the SCV segment, Ashok Leyland and Maruti Suzuki gained a better market share. The major players like Tata Motors, Mahindra, Force, and Piaggio lost their market share for the year 2019 when compared to the year 2015.

In the LCV segment, Ashok Leyland, Mahindra, and Eicher gained a better market share. In the MCV segment, Ashok Leyland is the only OEM that gained 7 per cent market share due to its product portfolio and service options. In the HCV segment, Ashok Leyland and Mahindra increased their market share by 5 and 2 per cent respectively in the year 2019.

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