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India Commercial Vehicle Market Size, Share, Analysis, Industry Growth and Forecast Report 2025-2033

10-06-2025 12:46 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: IMARC Group

India Commercial Vehicle Market Size, Share, Analysis,

As indicated in the latest market research report published by IMARC Group, titled "India Commercial Vehicle Market Report by Vehicle Body Type (Buses, Heavy-Duty Commercial Trucks, Light Commercial Pick-Up Trucks, Light Commercial Vans), Propulsion Type (Hybrid and Electric Vehicles [Fuel Category (BEV, FCEV, HEV, and PHEV)], ICE [Fuel Category (CNG, Diesel, Gasoline, and LPG)]), and Region 2025-2033," this report provides an in-depth analysis of the industry, featuring insights into the market. It encompasses competitor and regional analyses, as well as recent advancements in the market.

Market Size & Future Growth Potential:

The India commercial vehicle market size reached USD 50.58 Billion in 2024 and expects the market to reach USD 80.10 Billion by 2033, exhibiting a growth rate (CAGR) of 5.24% during 2025-2033.

Latest Market Trends:

India's commercial vehicle market is experiencing robust expansion driven by massive infrastructure development initiatives. In August 2024, the government approved 12 new industrial smart towns and infrastructure projects valued at INR 286.02 billion (US$3.41 billion) under the National Industrial Corridor Development Programme. These projects, alongside strategic initiatives like Bharatmala and Sagarmala, are significantly enhancing road connectivity and creating sustained demand for heavy-duty trucks and construction vehicles. The Pradhan Mantri Gram Sadak Yojana is further accelerating rural road development, boosting the need for small and medium commercial vehicles across India's hinterlands.

The e-commerce revolution is reshaping logistics requirements across the nation. Major players including Amazon, Flipkart, Delhivery, and Ecom Express are aggressively expanding their fleet capabilities to meet surging consumer expectations for faster deliveries. The government's National Logistics Policy is driving digital transformation across the sector, prompting fleet operators to modernize their vehicles for improved operational efficiency. Companies like Tata Motors, Ashok Leyland, and Eicher Motors, along with emerging players such as EKA Mobility and Omega Seiki Mobility, are introducing nearly ten new electric small commercial vehicles in the coming months to address growing logistics demands in e-commerce, cold chain transportation for produce and pharmaceuticals, and the FMCG sector.

Industrial and agricultural sectors are contributing substantially to market momentum. Agriculture sustains approximately 55% of India's population, with the sector projected to expand to USD 24 Billion by 2025 according to IBEF data. The Make in India initiative is amplifying manufacturing output, increasing requirements for heavy-duty trucks and transporters for raw materials and finished goods. Government subsidies and mechanization programs in agriculture are driving demand for commercial vehicles to transport produce, fertilizers, and equipment. The expanding cold-chain logistics infrastructure for perishable goods including dairy and seafood is creating additional demand for specialized refrigerated trucks.

Request Free Sample Report: https://www.imarcgroup.com/india-commercial-vehicle-market/requestsample

Market Scope and Growth Factors:

The commercial vehicle market in India is witnessing an unprecedented transformation through electrification and technological advancement. Over 3,600 electric buses were registered across India in 2024, with Tata Motors leading the electric bus segment. The government's Vehicle Scrappage Policy is accelerating fleet modernization by mandating fitness tests for commercial vehicles older than 15 years, creating replacement demand for newer, more efficient vehicles. This policy is pushing operators toward technologically advanced and fuel-efficient options that meet stringent emission norms.

Government incentives are playing a pivotal role in market expansion. The Production Linked Incentive (PLI) Scheme for Automobile & Auto Components, approved with a budgetary outlay of INR 25,938 crore, is focused on Zero Emission Vehicles including Battery Electric Vehicles and Hydrogen Fuel Cell Vehicles. Ashok Leyland is establishing a new electric vehicle manufacturing plant in Uttar Pradesh with an initial capacity of 2,500 electric buses annually, while OHM Global Mobility, an Ashok Leyland subsidiary, secured orders for 500 ultra-low floor electric buses from Chennai Metropolitan Transport Corporation.

Market accessibility is improving through enhanced financing options. Mahindra & Mahindra Financial Services reported assets under management of INR 1.15 trillion in Q3 FY 2025, showing 19% year-on-year growth with 95% collection efficiency. Shriram Finance crossed INR 2.5 trillion in assets under management, reflecting aggressive growth in used commercial vehicle financing. These financing solutions are making vehicle acquisition more accessible for small and medium fleet operators, further stimulating market growth. The increasing adoption of telematics, IoT integration, and Advanced Driver Assistance Systems (ADAS) is enhancing operational efficiency, safety standards, and fleet management capabilities across the industry.

Recent News and Developments:

• August 2024: The Indian government approved 12 new industrial smart towns and infrastructure projects worth INR 286.02 billion (US$3.41 billion) under the National Industrial Corridor Development Programme to enhance the manufacturing ecosystem and logistics networks.

• February 2025: FlixBus, an international travel technology company, launched its first electric bus on the Hyderabad-Vijayawada route as part of a pilot project aiming to deploy four electric buses along that corridor.

• February 2025: Multiple manufacturers including Tata Motors, Ashok Leyland, and Eicher Motors announced plans to introduce approximately ten new electric small commercial vehicles to cater to e-commerce, cold chain, and FMCG logistics requirements.

• March 2025: Tata Commercial Vehicles maintained strong market leadership despite an 8.4% year-on-year decline to 30,474 units, while Mahindra & Mahindra recorded 10.79% growth reaching 24,170 units. Ashok Leyland posted 5.9% growth with 16,365 units sold.

• 2025: Ashok Leyland is establishing a new electric vehicle manufacturing facility in Lucknow, Uttar Pradesh, with an initial production capacity of 2,500 electric buses annually on a 28-hectare site.

• October 2024: OHM Global Mobility, an Ashok Leyland subsidiary, secured an order for 500 12-meter ultra-low floor electric buses from Chennai Metropolitan Transport Corporation.

• Q3 FY 2025: Mahindra & Mahindra Financial Services reported assets under management of INR 1.15 trillion with 19% year-on-year growth and maintained 95% collection efficiency, while Shriram Finance exceeded INR 2.5 trillion in assets under management.

Comprehensive Market Report Highlights & Segmentation Analysis:

The market report offers a comprehensive analysis of the segments, highlighting those with the largest India Commercial Vehicle Market Share. It includes forecasts for the period 2025-2033 and historical data from 2019-2024 for the following segments.

Segmentation by Vehicle Body Type:

• Buses
• Heavy-Duty Commercial Trucks
• Light Commercial Pick-Up Trucks
• Light Commercial Vans

Segmentation by Propulsion Type:

• Hybrid and Electric Vehicles [Fuel Category (BEV, FCEV, HEV, and PHEV)]
• ICE [Fuel Category (CNG, Diesel, Gasoline, and LPG)]

Regional Segmentation:

• North India
• South India
• East India
• West India

Competitor Landscape:

The report offers an in-depth examination of the competitive landscape. It includes:

• Thorough competitive analysis encompassing market structure
• Key player positioning
• Leading strategies for success
• Competitive dashboard
• Company evaluation quadrant

Discuss Your Needs with Our Analyst -- Inquire or Customize Now: https://www.imarcgroup.com/request?type=report&id=29619&flag=C

Key highlights of the Report:

• Historical Market Performance
• Future Market Projections
• Impact of COVID-19 on Market Dynamics
• Industry Competitive Analysis (Porter's Five Forces)
• Market Dynamics and Growth Drivers
• SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats)
• Market Ecosystem and Value Creation Framework
• Competitive Positioning and Benchmarking Strategies

Major Advantages of the Report:

• This report provides market leaders and new entrants with accurate revenue estimates for the overall market and its key subsegments.

• Stakeholders can leverage this report to gain a deeper understanding of the competitive landscape, enabling them to strategically position their businesses and develop effective go-to-market strategies.

• The report provides stakeholders with valuable insights into the market dynamics, offering a comprehensive analysis of key drivers, restraints, challenges, and opportunities.

Why Choose IMARC Group:

• Extensive Industry Expertise
• Robust Research Methodology
• Insightful Data-Driven Analysis
• Precise Forecasting Capabilities
• Established Track Record of Success
• Reach with an Extensive Network
• Tailored Solutions to Meet Client Needs
• Commitment to Strong Client Relationships and Focus
• Timely Project Delivery
• Cost-Effective Service Options

Note: Should you require specific information not included in the current report, we are pleased to offer customization options to meet your needs.

• India Online Car Buying Market: https://www.imarcgroup.com/india-online-car-buying-market/requestsample

• India Food Truck Services Market: https://www.imarcgroup.com/india-food-truck-services-market/requestsample

• India Automotive Components Market: https://www.imarcgroup.com/india-automotive-components-market/requestsample

IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas: +1-201971-6302 | Africa and Europe: +44-702-409-7331

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

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