Commercial Vehicle Market in India Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The report covers Commercial Vehicle Market Share in India and it is segmented by Sub Body Type () and by Engine Type (Hybrid And Electric Vehicles, ICE)

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India Commercial Vehicle (CV) Market Size

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India Commercial Vehicles Market Summary
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https://s3.mordorintelligence.com/study%20period/1629296433432_test~study_period_study_period.svg Study Period 2016 - 2029
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2024) USD 48.27 Billion
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2029) USD 62.95 Billion
https://s3.mordorintelligence.com/hydraulic_fluids/1629285650767_test~hydraulic_fluids_hydraulic_fluids.svg Largest Share by Body Type Trucks
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg CAGR (2024 - 2029) 5.45 %
https://s3.mordorlabs.com/hydraulic_fluids/1629285650767_test~hydraulic_fluids_hydraulic_fluids.svg Fastest Growing by Body Type Light Commercial Vehicles

Major Players
major-player-company-image major-player-company-image major-player-company-image major-player-company-image

*Disclaimer: Major Players sorted in no particular order

Key Players

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India Commercial Vehicle (CV) Market Analysis

The India Commercial Vehicles Market size is estimated at USD 48.27 billion in 2024, and is expected to reach USD 62.95 billion by 2029, growing at a CAGR of 5.45% during the forecast period (2024-2029).

  • Largest Segment by Vehicle Type - Trucks : Rising demand for pickup trucks, owing to the growing e-commerce and logistics sector is responsible for making light commercial vehicles the largest segment in commercial vehicle sales in India.
  • Fastest-growing Segment by Vehicle Type - Light Commercial Vans : The growth in various industries such as e-commerce, construction, and logistics along with looking for fuel-efficient vehicle is driving the growth of light commercial vehicle across the India
  • Largest Segment by Fuel Type - Diesel : The majority of sales in the commercial vehicle were diesel-fueled CV in India, as diesel is the traditional fuel engine, generates more power, and is easy availability is a must in commercial usage.
  • Fastest-growing Segment by Fuel Type - HEV : Norms by the government, awareness of e-mobility, development in charging infrastructure and incentives is making BEV the fastest growing fuel type in the India commercial vehicle market.

India Commercial Vehicle (CV) Market Trends

This section covers the major market trends shaping the India Commercial Vehicles Market according to our research experts:

Trucks is the largest segment by Body Type.

India Commercial Vehicles Market: India Commercial Vehicles Market, CAGR, %, By Body Type, 2022 - 2028

India Commercial Vehicle (CV) Industry Overview

The India Commercial Vehicles Market is fairly consolidated, with the top five companies occupying 132.45%. The major players in this market are Eicher Motors Limited, Ford Motor Company, Mahindra & Mahindra Limited, Tata Motors Limited and Volvo Group (sorted alphabetically).

India Commercial Vehicle (CV) Market Leaders

  1. Eicher Motors Limited

  2. Ford Motor Company

  3. Mahindra & Mahindra Limited

  4. Tata Motors Limited

  5. Volvo Group

*Disclaimer: Major Players sorted in no particular order

India Commercial Vehicles Market Concentration
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India Commercial Vehicle (CV) Market News

  • August 2022: Mahindra & Mahindra Ltd. (M&M) and the Volkswagen Group announced to expand their cooperation. Both companies signed a term sheet on the supply of MEB electric components for Mahindra's new, purpose-built electric platform INGLO, deepening the partnering agreement from earlier this year.
  • August 2022: Mahindra & Mahindra Ltd. announced the launch of the Bolero MaXX Pik-Up, a new brand of futuristic pickups, catering to the transport and logistics needs of modern India.
  • August 2022: Tata Motors Ltd, and Ford India Private Limited (FIPL), have signed a Unit Transfer Agreement (UTA) for the acquisition of FIPL's manufacturing plant situated at Sanand, Gujarat.

India Commercial Vehicle (CV) Market Report - Table of Contents

  1. EXECUTIVE SUMMARY & KEY FINDINGS

  2. REPORT OFFERS

  3. 1. INTRODUCTION

    1. 1.1. Study Assumptions & Market Definition

    2. 1.2. Scope of the Study

    3. 1.3. Research Methodology

  4. 2. KEY INDUSTRY TRENDS

    1. 2.1. Population

    2. 2.2. GDP

    3. 2.3. CVP

    4. 2.4. Inflation Rate

    5. 2.5. Interest Rate For Auto Loans

    6. 2.6. Battery Price (per Kwh)

    7. 2.7. Electrification Impact

    8. 2.8. New XEV Models Announced

    9. 2.9. Charging Stations Deployment

    10. 2.10. Regulatory Framework

    11. 2.11. Value Chain & Distribution Channel Analysis

  5. 3. MARKET SEGMENTATION

    1. 3.1. Sub Body Type

    2. 3.2. Engine Type

      1. 3.2.1. Hybrid And Electric Vehicles

        1. 3.2.1.1. By Fuel Type

          1. 3.2.1.1.1. BEV

          2. 3.2.1.1.2. FCEV

          3. 3.2.1.1.3. HEV

          4. 3.2.1.1.4. PHEV

      2. 3.2.2. ICE

        1. 3.2.2.1. By Fuel Type

          1. 3.2.2.1.1. CNG

          2. 3.2.2.1.2. Diesel

          3. 3.2.2.1.3. Gasoline

          4. 3.2.2.1.4. LPG

  6. 4. COMPETITIVE LANDSCAPE

    1. 4.1. Key Strategic Moves

    2. 4.2. Market Share Analysis

    3. 4.3. Company Landscape

    4. 4.4. Company Profiles

      1. 4.4.1. Ashok Leyland

      2. 4.4.2. Asia Motor Works Ltd

      3. 4.4.3. Daimler Truck AG

      4. 4.4.4. Eicher Motors Limited

      5. 4.4.5. Ford Motor Company

      6. 4.4.6. Mahindra & Mahindra Limited

      7. 4.4.7. Scania AB

      8. 4.4.8. Tata Motors Limited

      9. 4.4.9. Volvo Group

      10. 4.4.10. Volvo Group

  7. 5. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS

  8. 6. APPENDIX

    1. 6.1. Global Overview

      1. 6.1.1. Overview

      2. 6.1.2. Porter's Five Forces Framework

      3. 6.1.3. Global Value Chain Analysis

      4. 6.1.4. Market Dynamics (DROs)

    2. 6.2. Sources & References

    3. 6.3. List of Tables & Figures

    4. 6.4. Primary Insights

    5. 6.5. Data Pack

    6. 6.6. Glossary of Terms

List of Tables & Figures

  1. Figure 1:  
  2. INDIA COMMERCIAL VEHICLES MARKET, POPULATION YOY GROWTH RATE, MILLION UNITS, 2016 – 2026
  1. Figure 2:  
  2. INDIA COMMERCIAL VEHICLES MARKET, GDP YOY GROWTH RATE, USD MILLION, 2016 – 2026
  1. Figure 3:  
  2. INDIA COMMERCIAL VEHICLES MARKET, CVP YOY GROWTH RATE, 2016 – 2027
  1. Figure 4:  
  2. INDIA COMMERCIAL VEHICLES MARKET, INFLATION RATE YOY GROWTH RATE, PERCENT, 2016 – 2026
  1. Figure 5:  
  2. INDIA COMMERCIAL VEHICLES MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENT, 2016 – 2026
  1. Figure 6:  
  2. INDIA COMMERCIAL VEHICLES MARKET, BATTERY PRICES YOY GROWTH RATE, 2016 – 2026
  1. Figure 7:  
  2. INDIA COMMERCIAL VEHICLES MARKET, ELECTRIFICATION IMPACT, VOLUME, YOY GROWTH RATE, PERCENT, 2016 – 2026
  1. Figure 8:  
  2. INDIA COMMERCIAL VEHICLES MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2016 – 2026
  1. Figure 9:  
  2. INDIA COMMERCIAL VEHICLES MARKET, CHARGING STATIONS DEPLOYMENT, VOLUME, YOY GROWTH RATE, UNITS, 2016 – 2026
  1. Figure 10:  
  2. INDIA COMMERCIAL VEHICLES MARKET, VOLUME IN UNITS, 2016 – 2026
  1. Figure 11:  
  2. INDIA COMMERCIAL VEHICLES MARKET, VALUE IN USD, 2016 – 2026
  1. Figure 12:  
  2. INDIA COMMERCIAL VEHICLES MARKET, BY SUB BODY TYPE, BY VOLUME IN UNITS, 2016-2028
  1. Figure 13:  
  2. INDIA COMMERCIAL VEHICLES MARKET, BY SUB BODY TYPE, BY VALUE IN USD, 2016-2028
  1. Figure 14:  
  2. INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2016 - 2028
  1. Figure 15:  
  2. INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2016 - 2028
  1. Figure 16:  
  2. INDIA COMMERCIAL VEHICLES MARKET, BY ENGINE TYPE, BY VOLUME IN UNITS, 2016-2028
  1. Figure 17:  
  2. INDIA COMMERCIAL VEHICLES MARKET, BY ENGINE TYPE, BY VALUE IN USD, 2016-2028
  1. Figure 18:  
  2. INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY ENGINE TYPE, 2016 - 2028
  1. Figure 19:  
  2. INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY ENGINE TYPE, 2016 - 2028
  1. Figure 20:  
  2. INDIA COMMERCIAL VEHICLES MARKET, BY FUEL TYPE, BY VOLUME IN UNITS, 2016-2028
  1. Figure 21:  
  2. INDIA COMMERCIAL VEHICLES MARKET, BY FUEL TYPE, BY VALUE IN USD, 2016-2028
  1. Figure 22:  
  2. INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
  1. Figure 23:  
  2. INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
  1. Figure 24:  
  2. INDIA COMMERCIAL VEHICLES MARKET, BY BEV, BY VOLUME IN UNITS, 2016-2028
  1. Figure 25:  
  2. INDIA COMMERCIAL VEHICLES MARKET, BY BEV, BY VALUE IN USD, 2016-2028
  1. Figure 26:  
  2. INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
  1. Figure 27:  
  2. INDIA COMMERCIAL VEHICLES MARKET, BY FCEV, BY VOLUME IN UNITS, 2016-2028
  1. Figure 28:  
  2. INDIA COMMERCIAL VEHICLES MARKET, BY FCEV, BY VALUE IN USD, 2016-2028
  1. Figure 29:  
  2. INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
  1. Figure 30:  
  2. INDIA COMMERCIAL VEHICLES MARKET, BY HEV, BY VOLUME IN UNITS, 2016-2028
  1. Figure 31:  
  2. INDIA COMMERCIAL VEHICLES MARKET, BY HEV, BY VALUE IN USD, 2016-2028
  1. Figure 32:  
  2. INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
  1. Figure 33:  
  2. INDIA COMMERCIAL VEHICLES MARKET, BY PHEV, BY VOLUME IN UNITS, 2016-2028
  1. Figure 34:  
  2. INDIA COMMERCIAL VEHICLES MARKET, BY PHEV, BY VALUE IN USD, 2016-2028
  1. Figure 35:  
  2. INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
  1. Figure 36:  
  2. INDIA COMMERCIAL VEHICLES MARKET, BY FUEL TYPE, BY VOLUME IN UNITS, 2016-2028
  1. Figure 37:  
  2. INDIA COMMERCIAL VEHICLES MARKET, BY FUEL TYPE, BY VALUE IN USD, 2016-2028
  1. Figure 38:  
  2. INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
  1. Figure 39:  
  2. INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
  1. Figure 40:  
  2. INDIA COMMERCIAL VEHICLES MARKET, BY CNG, BY VOLUME IN UNITS, 2016-2028
  1. Figure 41:  
  2. INDIA COMMERCIAL VEHICLES MARKET, BY CNG, BY VALUE IN USD, 2016-2028
  1. Figure 42:  
  2. INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
  1. Figure 43:  
  2. INDIA COMMERCIAL VEHICLES MARKET, BY DIESEL, BY VOLUME IN UNITS, 2016-2028
  1. Figure 44:  
  2. INDIA COMMERCIAL VEHICLES MARKET, BY DIESEL, BY VALUE IN USD, 2016-2028
  1. Figure 45:  
  2. INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
  1. Figure 46:  
  2. INDIA COMMERCIAL VEHICLES MARKET, BY GASOLINE, BY VOLUME IN UNITS, 2016-2028
  1. Figure 47:  
  2. INDIA COMMERCIAL VEHICLES MARKET, BY GASOLINE, BY VALUE IN USD, 2016-2028
  1. Figure 48:  
  2. INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
  1. Figure 49:  
  2. INDIA COMMERCIAL VEHICLES MARKET, BY LPG, BY VOLUME IN UNITS, 2016-2028
  1. Figure 50:  
  2. INDIA COMMERCIAL VEHICLES MARKET, BY LPG, BY VALUE IN USD, 2016-2028
  1. Figure 51:  
  2. INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY BODY TYPE, 2021 - 2028
  1. Figure 52:  
  2. INDIA COMMERCIAL VEHICLES MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2018 - 2021
  1. Figure 53:  
  2. INDIA COMMERCIAL VEHICLES MARKET, MOST ADOPTED STRATEGIES, 2018 - 2021
  1. Figure 54:  
  2. INDIA COMMERCIAL VEHICLES MARKET SHARE(%), BY MAJOR PLAYERS, 2021

India Commercial Vehicle (CV) Industry Segmentation

are covered as segments by Sub Body Type. Hybrid And Electric Vehicles, ICE are covered as segments by Engine Type.
Engine Type
Hybrid And Electric Vehicles
By Fuel Type
BEV
FCEV
HEV
PHEV
ICE
By Fuel Type
CNG
Diesel
Gasoline
LPG
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Market Definition

  • Body Type - It includes buses, light commercial vehicles, medium& heavy-duty vehicles, medium and heavy-duty buses, trucks, M&HDT.
  • Engine Type - This includes Hybrid and electric vehicles and Internal combustion engines (ICE).
  • Fuel Type - Hybrid and electric vehicles include HEV, PHEV, BEV, and FCEV while ICE includes Gasoline, Diesel, CNG, LPG.
  • Sub Body Type - Under this category, buses, heavy-duty commercial trucks, light commercial pickup trucks, light commercial vans, and medium-duty commercial trucks have been included.
  • Vehicle Type - Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes light commercial vehicles (LCVs) and medium and heavy-duty vehicles (M&HCV).
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Research Methodology

Mordor Intelligence follows a four-step methodology in all our reports.

  • Step-1: Identify Key Variables: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
  • Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. For sales conversion to volume, the average selling price (ASP) is kept constant throughout the forecast period for each country, and inflation is not a part of the pricing.
  • Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
  • Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms
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India Commercial Vehicle (CV) Market Research FAQs

The India Commercial Vehicles Market size is expected to reach USD 48.27 billion in 2024 and grow at a CAGR of 5.45% to reach USD 62.95 billion by 2029.

In 2024, the India Commercial Vehicles Market size is expected to reach USD 48.27 billion.

Eicher Motors Limited, Ford Motor Company, Mahindra & Mahindra Limited, Tata Motors Limited and Volvo Group are the major companies operating in the India Commercial Vehicles Market.

In the India Commercial Vehicles Market, the Trucks segment accounts for the largest share by body type.

In 2024, the Light Commercial Vehicles segment accounts for the fastest growing by body type in the India Commercial Vehicles Market.

In 2023, the India Commercial Vehicles Market size was estimated at USD 45.53 billion. The report covers the India Commercial Vehicles Market historical market size for years: 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Commercial Vehicles Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Commercial Vehicle in India Industry Report

Statistics for the 2024 Commercial Vehicle in India market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Commercial Vehicle in India analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

Commercial Vehicle Market in India Report Snapshots

Commercial Vehicle Market in India Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)