India Commercial Vehicle Market 2030

# India Commercial Vehicle Market 2031 Growth & Forecast ![Leonardo_Lightning_XL_India_Commercial_Vehicle_Market_2 (4)](https://hackmd.io/_uploads/SJHUKjQIle.jpg) Market Overview According to the TechSci Research report titled “<a href="https://www.techsciresearch.com/report/india-commercial-vehicle-market/8306.html">India Commercial Vehicle Market</a> – Industry Size, Share, Trends, Opportunity, and Forecast, 2021–2031F”, the India Commercial Vehicle Market stood at USD 53.89 billion in 2025 and is projected to reach USD 72.67 billion by 2031, growing at a CAGR of 5.11% during the forecast period. India’s commercial vehicle segment is undergoing a significant transformation, driven by evolving infrastructure, government initiatives, policy reforms, and rising demand from organized logistics. Key Market Drivers <ol> <li> Infrastructure Expansion and Government Initiatives</li> </ol> The commercial vehicle industry in India is being propelled by the country’s large-scale public infrastructure investments. Flagship programs such as PM Gati Shakti, Bharatmala Pariyojana, and various industrial corridor developments have significantly boosted the demand for heavy-duty trucks and construction-focused commercial vehicles. These infrastructure projects require reliable long-haul freight solutions, increasing the uptake of multi-axle and high-capacity vehicles. <ol start="2"> <li> Formalization of Logistics and Fleet Modernization</li> </ol> India’s logistics sector is witnessing a gradual shift toward formalization, resulting in a rise in fleet upgrades and investments in modern vehicles. Logistics players are increasingly prioritizing technologically advanced and fuel-efficient commercial vehicles that offer greater durability, better compliance with safety norms, and enhanced telematics and fleet management capabilities. Request For Sample Report: <a href="https://www.techsciresearch.com/sample-report.aspx?cid=8306">https://www.techsciresearch.com/sample-report.aspx?cid=8306</a> <ol start="3"> <li> Regulatory Push for Cleaner and Safer Vehicles</li> </ol> The implementation of BS-VI emission norms and enhanced safety mandates is encouraging OEMs to introduce compliant, next-generation vehicles. These developments are fostering an ecosystem focused on lower emissions, improved fuel economy, and advanced safety features, reshaping the country’s commercial vehicle landscape. <ol start="4"> <li> Rising Electrification of Commercial Fleets</li> </ol> Electrification is rapidly emerging as a key trend, especially in the light and medium commercial vehicle categories. Fleet operators are increasingly transitioning toward electric commercial vehicles (ECVs) due to operational cost savings, government incentives, and environmental mandates. With enhanced range capabilities, higher payload capacity, and increasing access to leasing and financing options, ECVs are reshaping intra-city and last-mile logistics across urban centers. <ol start="5"> <li> Cost Efficiency and Total Cost of Ownership (TCO)</li> </ol> Given volatile fuel prices and rising operational costs, fleet owners are focusing on total cost of ownership (TCO) as a crucial parameter in procurement decisions. Electric vehicles and advanced internal combustion engine (ICE) models with better mileage and lower maintenance requirements are gaining favor among logistics operators striving for profitability and operational efficiency. Market Segments Covered Into Report: India Commercial Vehicle Market, By Vehicle Type: <ul> <li>Heavy Commercial Vehicles (HCVs)</li> <li>Light Commercial Vehicles (LCVs)</li> <li>Medium Commercial Vehicles (MCVs)</li> </ul> India Commercial Vehicle Market, By Propulsion Type: <ul> <li>ICE Vehicles</li> <li>Electric Vehicles</li> </ul> India Commercial Vehicle Market, By End User: <ul> <li>Individual</li> <li>Fleet Owner</li> </ul> India Commercial Vehicle Market, By Region: <ul> <li>Central</li> <li>East</li> <li>North</li> <li>South</li> </ul> Major Market Players Operating in Africa Bus Market Are: <ul> <li>Ashok Leyland Limited</li> <li>Eicher Motors</li> <li>Force Motors Limited</li> <li>Mahindra & Mahindra Ltd.</li> <li>Maruti Suzuki India Limited</li> <li>Piaggio Vehicles Private Limited</li> <li>SML Isuzu Limited</li> <li>Tata Motors Limited</li> <li>Toyota Motor Corporation</li> <li>VE Commercial Vehicles Limited</li> </ul> Download Sample Report - <a href="https://www.techsciresearch.com/sample-report.aspx?cid=8306">https://www.techsciresearch.com/sample-report.aspx?cid=8306</a> About Us: TechSci Research is a research based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. 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