According to our research, “India Commercial Vehicle Market Analysis”, the commercial vehicle segment of the Indian automobile industry has shown great recovery after fending off the effects of the global economic crisis. The impact on the industry was mostly due to the underdeveloped infrastructural projects and the lack of development in other industries, which require commercial vehicles. However, once the market started to boom, the segment made a rapid recovery during 2009-10. This recovery can be attributed to the rapid expansion of cities and suburban areas, which is expected to continue in future as well. Keeping this in mind, we have projected the sales of commercial passenger carriers, which is all set to register around 14% CAGR during 2011-12 to 2014-15.
Our research identified that, sales of commercial vehicles, especially light commercial goods carriers, are reaching great heights, in both domestic and export markets. This stupendous growth can be attributed to the growing infrastructure in the country, coupled with the rising demands of other industries. Passenger carriers and multi-purpose vehicles are gaining prominence due to the rising needs of transportation. Commercial passenger vehicles will also hit the peak due to increasing urbanization and growing need to commute from rural and sub-urban areas to industrial areas for work. All these positive growth are creating suitable conditions for India to emerge as an automobile production hub in near future.
Additionally, the Indian automobile industry is facilitated with excessive support from the government in terms of excise duty concessions and tax rebates. Many of these concessions are directed towards encouraging the development and commercialization of electric/hybrid vehicles in the country to cope with the rising environmental issues. The Indian automobile industry, especially the commercial vehicles segment, is anticipated to gain a lot of revenue from the green revolution.
The report, “India Commercial Vehicle Market Analysis”, is an outcome of extensive research and objective analysis conducted by our industry experts on the Utility Vehicle, Multipurpose Vehicle, and Commercial Vehicle markets in India. It entails detailed data and statistics on the production, sales, and export trends for each of the abovementioned market segments. All the past and present trends prevailing in the market are studied deeply to present a future market outlook. Overall, the report is a comprehensive analysis of all the necessary factors required by intending clients prior to making any investment decision.
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