India Commercial Vehicles Market Size
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Study Period | 2017 - 2030 |
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Market Size (2024) | USD 48.27 Billion |
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Market Size (2030) | USD 65.26 Billion |
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Largest Share by Vehicle Body Type | Heavy-duty Commercial Trucks |
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CAGR (2024 - 2030) | 5.15 % |
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Fastest Growing by Vehicle Body Type | Buses |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
India Commercial Vehicles Market Analysis
The India Commercial Vehicles Market size is estimated at 48.27 billion USD in 2024, and is expected to reach 65.26 billion USD by 2030, growing at a CAGR of 5.15% during the forecast period (2024-2030).
48.27 Billion
Market Size in 2024 (USD)
65.26 Billion
Market Size in 2030 (USD)
2.30 %
CAGR (2017-2023)
5.15 %
CAGR (2024-2030)
Largest Segment by Vehicle Body Type
45.01 %
value share, Heavy-duty Commercial Trucks, 2023
Light Commercial Pick-up Trucks dominate due to their versatility, high demand from small businesses, and suitability for a variety of commercial applications, making them essential in the market.
Fastest-growing Segment by Vehicle Body Type
8.15 %
Projected CAGR, Buses, 2024-2030
HDTs are growing rapidly due to increasing demand for efficient long-haul transportation, government incentives for electric vehicles, and advancements in commercial truck technology.
Largest Segment by Fuel Category
83.90 %
value share, Diesel, 2023
Diesel leads due to its efficiency for long-haul transportation, higher torque, and established infrastructure supporting diesel engines, making it a preferred choice for commercial operations.
Fastest-growing Segment by Fuel Category
65.18 %
Projected CAGR, FCEV, 2024-2030
FCEVs are the fastest-growing segment due to advancements in hydrogen fuel cell technology, increased investment in hydrogen infrastructure, and the government's push for zero-emission vehicles.
Leading Market Player
38.74 %
market share, Tata Motors Limited, 2023
Tata motors is the leading manufacturer of commercial vehicles in India. Most of the revenue generated is from India, owing to a greater number of EV sales when compared to other countries.
Indicates a versatile approach to meet the country's diverse commercial transport needs, emphasizing efficiency and adaptability in vehicle design
- The Indian commercial vehicles market encompasses various vehicle body types, including light commercial vehicles (LCVs), medium-duty trucks (MDTs), heavy-duty trucks (HDTs), and buses. This market plays a pivotal role in India's economic landscape, facilitating the movement of goods and passengers across the country's vast geography. The market trends in each vehicle segment mirror broader shifts in India's economy, infrastructure, and regulations, offering valuable insights into the transportation and logistics sectors.
- LCVs dominate the Indian commercial vehicles market thanks to their adaptability, cost-effectiveness, and ability to navigate the country's diverse and often challenging road conditions. These vehicles serve as the backbone of both urban and rural logistics, particularly in sectors like e-commerce, courier services, and FMCG distribution, where their accessibility to remote areas is paramount. The segment's growth is bolstered by favorable government policies, including reduced GST rates and initiatives supporting the MSME sector, which heavily relies on LCVs for transportation.
- MDTs and HDTs are vital for long-haul transportation, playing a key role in India's expanding infrastructure and industrial sectors. These vehicles find primary use in construction, mining, and heavy goods transportation, where their larger capacity and durability are essential. The demand for MDTs and HDTs closely aligns with economic growth, infrastructure projects, and industrial output. Recent regulatory changes, such as the adoption of BS-VI emission standards, have spurred technological advancements in this segment but have also led to increased vehicle costs, impacting demand dynamics.
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India Commercial Vehicles Market Trends
Government initiatives and stringent norms drive rapid growth in the electric vehicle market in India
- India's electric vehicle (EV) market is in a growth phase, with the government actively formulating strategies to combat pollution. The Fame India scheme, launched in 2015, has played a pivotal role in driving vehicle electrification. Building on its success, Fame Phase 2, active till April 2022, further bolstered EV sales, especially in 2021, with the government offering subsidies like INR 10,000 grants for electric cars with battery capacities up to 15 kWh.
- State governments across India are increasingly incorporating electric buses into their fleets, aiming to transition from internal combustion engine (ICE) buses. This move not only cuts operational costs but also curbs carbon emissions and improves air quality. In a notable move, the Delhi government greenlit the procurement of 300 new low-floor electric (AC) buses in March 2021, with 100 of them hitting the roads in January 2022. These initiatives contributed to a significant 62.58% surge in demand for electric commercial vehicles in India in 2022 over 2021.
- The demand for electric cars has surged in recent times, driven by the government's introduction of stringent norms. In August 2021, the Indian government unveiled the Vehicle Scrappage Policy, targeting the phasing out of polluting and unfit vehicles, irrespective of their age. This policy, set to be implemented by 2024, is steering consumers toward electric cars. Additionally, the government has set an ambitious target of having 30% of all cars in India electrified by 2030. These initiatives are poised to propel electric car sales during the 2024-2030 period in India.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- India's population, driven by factors like a young demographic and improved healthcare, is projected to reach 1,522.77 million by 2030, reflecting steady growth
- The consumer spending for vehicle purchases in Asia-Pacific, as exemplified by India, shows signs of cautious optimism during 2022-2023, following a period of volatility
- India's auto interest rates have shown a consistent downward trend, driven by RBI's measures and evolving lending practices
- Electric vehicle sales in India increased because of the falling battery prices and government incentives
- The Indian vehicle market shows resilience with a strong recovery in consumer spending and vehicle purchases
- From 2022 to 2023, Mahindra & Mahindra and Tata Motors led India's commercial vehicles sector, with Isuzu showing significant growth; Force Motors and Eicher Motors face challenges due to recent declines
- India's GDP per capita is expected to sustain growth, reaching USD 4,205.47 by 2030
- India's journey toward lower inflation sets the stage for economic resilience and investor confidence
- India's electric vehicle charging station market surges with 6,800 slow charging and 4,100 fast charging stations in 2022
- Various new entries and new product launches may accelerate the battery pack market in India
- The numerous tax hikes in the country were expected to increase fuel prices in 2023
India Commercial Vehicles Industry Overview
The India Commercial Vehicles Market is fairly consolidated, with the top five companies occupying 91.28%. The major players in this market are Ashok Leyland Limited, Mahindra & Mahindra Limited, SML Isuzu Limited, Tata Motors Limited and VE Commercial Vehicles Limited (sorted alphabetically).
India Commercial Vehicles Market Leaders
Ashok Leyland Limited
Mahindra & Mahindra Limited
SML Isuzu Limited
Tata Motors Limited
VE Commercial Vehicles Limited
Other important companies include Asia Motor Works Limited, Daimler India Commercial Vehicles Pvt. Ltd., Eicher Motors Ltd., Force Motors Ltd., Volvo Buses India Private Limited.
*Disclaimer: Major Players sorted in alphabetical order.
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India Commercial Vehicles Market News
- August 2023: Eicher Trucks and Buses, a division of VE Commercial Vehicles Ltd has announced a partnership with Amazon to electrify the middle-mile and last-mile delivery processes for the e-commerce giant in India.
- August 2023: Ve Commercial Vehicles Limited announced that it has received an order for 550 Intercity Buses from Vijayan Travels and VT, worth INR 5 billion. The order includes 500 Eicher Intercity 13.5m AC and non AC sleeper coaches and 50 Volvo 9600 luxury sleeper coaches.
- April 2023: Tata Elxsi signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology, Guwahati (IIT-G) to jointly work on developing and commercializing state-of-the-art solutions for the electric mobility market.
Free with this Report
For the Vehicle Hub report, we provide an extensive collection of over 150 free charts, delivering detailed insights on regional and country-level dynamics within the vehicle industry. This encompasses in-depth analyses of vehicle registrations, usage patterns in both consumer and business segments, and evaluations of various vehicle configurations and body types. The report delves into critical industrial trends such as shifts in vehicle production and distribution centers, changes in vehicle ownership costs, and advancements in automotive technologies. Further, our report offers comprehensive market segmentation by vehicle type, body type, propulsion, and fuel categories, providing a nuanced understanding of the market landscape. It also explores the adoption rate of new technologies, the impact of regulatory changes, and the influence of economic factors on the vehicle market. We include a thorough examination of key industry players, regulatory frameworks, and market size in terms of both revenue and unit sales, leading to strategic projections and forecasts that account for emerging trends and potential shifts in the industry.
India Commercial Vehicles Market Report - Table of Contents
1. EXECUTIVE SUMMARY & KEY FINDINGS
2. REPORT OFFERS
3. INTRODUCTION
- 3.1 Study Assumptions & Market Definition
- 3.2 Scope of the Study
- 3.3 Research Methodology
4. KEY INDUSTRY TRENDS
- 4.1 Population
- 4.2 GDP Per Capita
- 4.3 Consumer Spending For Vehicle Purchase (cvp)
- 4.4 Inflation
- 4.5 Interest Rate For Auto Loans
- 4.6 Impact Of Electrification
- 4.7 EV Charging Station
- 4.8 Battery Pack Price
- 4.9 New Xev Models Announced
- 4.10 Logistics Performance Index
- 4.11 Fuel Price
- 4.12 Oem-wise Production Statistics
- 4.13 Regulatory Framework
- 4.14 Value Chain & Distribution Channel Analysis
5. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
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5.1 Vehicle Body Type
- 5.1.1 Buses
- 5.1.2 Heavy-duty Commercial Trucks
- 5.1.3 Light Commercial Pick-up Trucks
- 5.1.4 Light Commercial Vans
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5.2 Propulsion Type
- 5.2.1 Hybrid and Electric Vehicles
- 5.2.1.1 By Fuel Category
- 5.2.1.1.1 BEV
- 5.2.1.1.2 FCEV
- 5.2.1.1.3 HEV
- 5.2.1.1.4 PHEV
- 5.2.2 ICE
- 5.2.2.1 By Fuel Category
- 5.2.2.1.1 CNG
- 5.2.2.1.2 Diesel
- 5.2.2.1.3 Gasoline
- 5.2.2.1.4 LPG
6. COMPETITIVE LANDSCAPE
- 6.1 Key Strategic Moves
- 6.2 Market Share Analysis
- 6.3 Company Landscape
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6.4 Company Profiles
- 6.4.1 Ashok Leyland Limited
- 6.4.2 Asia Motor Works Limited
- 6.4.3 Daimler India Commercial Vehicles Pvt. Ltd.
- 6.4.4 Eicher Motors Ltd.
- 6.4.5 Force Motors Ltd.
- 6.4.6 Mahindra & Mahindra Limited
- 6.4.7 SML Isuzu Limited
- 6.4.8 Tata Motors Limited
- 6.4.9 VE Commercial Vehicles Limited
- 6.4.10 Volvo Buses India Private Limited
- *List Not Exhaustive
7. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS
8. APPENDIX
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8.1 Global Overview
- 8.1.1 Overview
- 8.1.2 Porter’s Five Forces Framework
- 8.1.3 Global Value Chain Analysis
- 8.1.4 Market Dynamics (DROs)
- 8.2 Sources & References
- 8.3 List of Tables & Figures
- 8.4 Primary Insights
- 8.5 Data Pack
- 8.6 Glossary of Terms
List of Tables & Figures
- Figure 1:
- INDIA COMMERCIAL VEHICLES MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
- Figure 2:
- INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 3:
- INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 4:
- INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 5:
- INDIA COMMERCIAL VEHICLES MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENTAGE, 2017 - 2022
- Figure 6:
- INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 7:
- INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 8:
- INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 9:
- INDIA COMMERCIAL VEHICLES MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2023 - 2027
- Figure 10:
- INDIA COMMERCIAL VEHICLES MARKET, LPI YOY GROWTH RATE, 2017 - 2030
- Figure 11:
- INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 12:
- INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 13:
- INDIA COMMERCIAL VEHICLES MARKET, VOLUME IN UNITS, 2017 - 2030
- Figure 14:
- INDIA COMMERCIAL VEHICLES MARKET, VALUE IN USD, 2017 - 2030
- Figure 15:
- INDIA COMMERCIAL VEHICLES MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 16:
- INDIA COMMERCIAL VEHICLES MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 17:
- INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 18:
- INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 19:
- INDIA COMMERCIAL VEHICLES MARKET, BY BUSES, BY VOLUME IN UNITS, 2017 - 2030
- Figure 20:
- INDIA COMMERCIAL VEHICLES MARKET, BY BUSES, BY VALUE IN USD, 2017 - 2030
- Figure 21:
- INDIA COMMERCIAL VEHICLES MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 22:
- INDIA COMMERCIAL VEHICLES MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 23:
- INDIA COMMERCIAL VEHICLES MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 24:
- INDIA COMMERCIAL VEHICLES MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 25:
- INDIA COMMERCIAL VEHICLES MARKET, BY LIGHT COMMERCIAL VANS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 26:
- INDIA COMMERCIAL VEHICLES MARKET, BY LIGHT COMMERCIAL VANS, BY VALUE IN USD, 2017 - 2030
- Figure 27:
- INDIA COMMERCIAL VEHICLES MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 28:
- INDIA COMMERCIAL VEHICLES MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 29:
- INDIA COMMERCIAL VEHICLES MARKET, BY PROPULSION TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 30:
- INDIA COMMERCIAL VEHICLES MARKET, BY PROPULSION TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 31:
- INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
- Figure 32:
- INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
- Figure 33:
- INDIA COMMERCIAL VEHICLES MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 34:
- INDIA COMMERCIAL VEHICLES MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
- Figure 35:
- INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 36:
- INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 37:
- INDIA COMMERCIAL VEHICLES MARKET, BY BEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 38:
- INDIA COMMERCIAL VEHICLES MARKET, BY BEV, BY VALUE IN USD, 2017 - 2030
- Figure 39:
- INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 40:
- INDIA COMMERCIAL VEHICLES MARKET, BY FCEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 41:
- INDIA COMMERCIAL VEHICLES MARKET, BY FCEV, BY VALUE IN USD, 2017 - 2030
- Figure 42:
- INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 43:
- INDIA COMMERCIAL VEHICLES MARKET, BY HEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 44:
- INDIA COMMERCIAL VEHICLES MARKET, BY HEV, BY VALUE IN USD, 2017 - 2030
- Figure 45:
- INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 46:
- INDIA COMMERCIAL VEHICLES MARKET, BY PHEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 47:
- INDIA COMMERCIAL VEHICLES MARKET, BY PHEV, BY VALUE IN USD, 2017 - 2030
- Figure 48:
- INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 49:
- INDIA COMMERCIAL VEHICLES MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 50:
- INDIA COMMERCIAL VEHICLES MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
- Figure 51:
- INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 52:
- INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 53:
- INDIA COMMERCIAL VEHICLES MARKET, BY CNG, BY VOLUME IN UNITS, 2017 - 2030
- Figure 54:
- INDIA COMMERCIAL VEHICLES MARKET, BY CNG, BY VALUE IN USD, 2017 - 2030
- Figure 55:
- INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 56:
- INDIA COMMERCIAL VEHICLES MARKET, BY DIESEL, BY VOLUME IN UNITS, 2017 - 2030
- Figure 57:
- INDIA COMMERCIAL VEHICLES MARKET, BY DIESEL, BY VALUE IN USD, 2017 - 2030
- Figure 58:
- INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 59:
- INDIA COMMERCIAL VEHICLES MARKET, BY GASOLINE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 60:
- INDIA COMMERCIAL VEHICLES MARKET, BY GASOLINE, BY VALUE IN USD, 2017 - 2030
- Figure 61:
- INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 62:
- INDIA COMMERCIAL VEHICLES MARKET, BY LPG, BY VOLUME IN UNITS, 2017 - 2030
- Figure 63:
- INDIA COMMERCIAL VEHICLES MARKET, BY LPG, BY VALUE IN USD, 2017 - 2030
- Figure 64:
- INDIA COMMERCIAL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 65:
- INDIA COMMERCIAL VEHICLES MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
- Figure 66:
- INDIA COMMERCIAL VEHICLES MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
- Figure 67:
- INDIA COMMERCIAL VEHICLES MARKET SHARE(%), BY MAJOR PLAYERS, 2021
India Commercial Vehicles Industry Segmentation
Buses, Heavy-duty Commercial Trucks, Light Commercial Pick-up Trucks, Light Commercial Vans are covered as segments by Vehicle Body Type. Hybrid and Electric Vehicles, ICE are covered as segments by Propulsion Type.
- The Indian commercial vehicles market encompasses various vehicle body types, including light commercial vehicles (LCVs), medium-duty trucks (MDTs), heavy-duty trucks (HDTs), and buses. This market plays a pivotal role in India's economic landscape, facilitating the movement of goods and passengers across the country's vast geography. The market trends in each vehicle segment mirror broader shifts in India's economy, infrastructure, and regulations, offering valuable insights into the transportation and logistics sectors.
- LCVs dominate the Indian commercial vehicles market thanks to their adaptability, cost-effectiveness, and ability to navigate the country's diverse and often challenging road conditions. These vehicles serve as the backbone of both urban and rural logistics, particularly in sectors like e-commerce, courier services, and FMCG distribution, where their accessibility to remote areas is paramount. The segment's growth is bolstered by favorable government policies, including reduced GST rates and initiatives supporting the MSME sector, which heavily relies on LCVs for transportation.
- MDTs and HDTs are vital for long-haul transportation, playing a key role in India's expanding infrastructure and industrial sectors. These vehicles find primary use in construction, mining, and heavy goods transportation, where their larger capacity and durability are essential. The demand for MDTs and HDTs closely aligns with economic growth, infrastructure projects, and industrial output. Recent regulatory changes, such as the adoption of BS-VI emission standards, have spurred technological advancements in this segment but have also led to increased vehicle costs, impacting demand dynamics.
| Vehicle Body Type | Buses | ||
| Heavy-duty Commercial Trucks | |||
| Light Commercial Pick-up Trucks | |||
| Light Commercial Vans | |||
| Propulsion Type | Hybrid and Electric Vehicles | By Fuel Category | BEV |
| FCEV | |||
| HEV | |||
| PHEV | |||
| Propulsion Type | ICE | By Fuel Category | CNG |
| Diesel | |||
| Gasoline | |||
| LPG |
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Market Definition
- Vehicle Type - The category covers light, medium, and heavy duty commercial vehicle.
- Vehicle Body Type - This includes Light Commercial Pick-up Trucks, Light Commercial Vans, Medium-duty Commercial Trucks, Heavy-duty Commercial Trucks, and Medium and Heavy Duty Buses.
- Fuel Category - The category includes various fuel types such as Gasoline, Diesel, LPG (Liquefied Petroleum Gas), CNG (Compressed Natural Gas), HEV (Hybrid Electric Vehicles), PHEV (Plug-in Hybrid Electric Vehicles), BEV (Battery Electric Vehicles), and FCEV (Fuel Cell Electric Vehicles)
| Keyword | Definition |
|---|---|
| Electric Vehicle (EV) | A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles. |
| BEV | A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models. |
| PEV | A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids. |
| Plug-in Hybrid EV | A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally. |
| Internal combustion engine | An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel. |
| Hybrid EV | A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking. |
| Commercial Vehicles | 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). |
| Passenger Vehicles | Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat. |
| Light Commercial Vehicles | Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category. |
| M&HDT | Commercial vehicles that weigh in the range of 10,001–14,000 lb (Class 3), 14,001–16,000 lb (Class 4), 16,001–19,500 lb (Class 5), 19,501–26,000 lb (Class 6), 26,001–33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category. |
| Bus | A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses. |
| Diesel | It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed. |
| Gasoline | It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug. |
| LPG | It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study. |
| CNG | It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines. |
| HEV | All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices. |
| PHEV | PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly. |
| Hatchback | These are compact-sized cars with a hatch-type door provided at the rear end. |
| Sedan | These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage. |
| SUV | Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles. |
| MPV | These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all its reports.
- Step-1: Identify Key Variables: 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 based on 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. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
- 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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