With the improving purchasing power and economic recovery, the Indian automobile industry has been showing an upward trend for the last few years. Following the end of the global recession, the commercial vehicles industry in the country has been receiving a significant boost from rising infrastructure development projects and growth in allied industries. On the basis of segmental analysis, a latest research report by RNCOS found that overall commercial vehicle market in India is dominated by Light & Medium Vehicle (LMV) segment. According to “India Commercial Vehicle Market Analysis”, LMV passenger and goods carriers are growing at an identical rate.
The demand for such vehicles has been increasing in India due to rapidly developing urban areas and growing infrastructure sector. Further, it was found that at the regional front, South India leads the LMV registrations, followed by West India. While Andhra Pradesh is the leading state having maximum number of LMV registrations, Delhi has shown a strong growth in the past few years. Himachal Pradesh has also shown stupendous year-on-year growth in LMV registrations. With each passing year, a number of rural areas and tier-III cities are progressing to a higher status, providing immense opportunities for the growth of Indian automobile industry. In terms of automobile production, India ranked seventh in the world in 2010 against its 15th position in 2000.
The research, which aims at evaluating the commercial vehicle industry’s future potentials in India, provides information and statistics on LMV passenger and goods carriers, and state-wise registrations of vehicles, including bus, taxi, trucks and Lorries, multi-axle and articulated vehicles. It thoroughly examines the emerging trends and drivers fueling growth in the industry. The report includes current and forecast data relating to production, sales and exports for segments like utility and multipurpose vehicles, among others. The studies of regulatory environment and major competitors have been provided to present clear understanding of the industry to clients.
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