Forecast: Commercial Vehicles in Use in India

The commercial vehicles market in India experienced consistent growth from 2013, peaking in 2023 with a volume of 7.98 million units. The year-on-year increase has varied, with a notable peak in 2021 at 17.49%, driven perhaps by a post-pandemic economic recovery. The market saw a significant dip in 2020 with a 14.7% decline, likely due to the COVID-19 pandemic's impact. From 2018 onwards, the market has generally witnessed a steady growth rate, though the CAGR over the last five years (up to 2023) stood at 2.66%. Projections indicate a modest CAGR of 1.85%, with a forecasted volume reaching 8.94 million units in 2028, showing an overall growth rate of 9.57% from 2023.

Future trends to watch for:

• Potential advancements in automotive technology and the transition to electric commercial vehicles.
• Economic shifts and infrastructure developments that could influence market demand.
• Impact of government policies promoting eco-friendly transportation solutions.