India Commercial Vehicle Market Analysis by Marketsmonitor.com |
According to our research India Commercial Vehicle Market Analysis, the economic crisis has had moderate negative effects on the commercial vehicle market. |
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Market Press Release – June 15, 2010 6:27 am – India being the second most populated and seventh largest nation in the world provides a vast and untapped market for global automobile giants. The de-licensing in 1991 provided the well-deserved growth essentials, which attracted international automobile majors to set up their production facilities in the country to take advantage of various benefits available. Increasing earning power, surging capital expenditure on various industries and strong technological capabilities have been boosting the automobile demand in the country for past few years.
According to our research “India Commercial Vehicle Market Analysis”, the economic crisis has had moderate negative effects on the commercial vehicle market. The slowdown of commercial activities in infrastructure, construction, manufacturing and other sectors resulted in sluggish demand for commercial vehicles. However, in 2009-10, the commercial vehicle segment regained its growth momentum, both in terms of production and sales, on the strong fundamentals of recuperating demand from almost all prominent sectors. Especially, passenger carriers registered notable sales momentum and boosted the overall commercial vehicle development outlook. In coming years, rapid expansion of cities to suburban areas will also create more demand for mass transportation vehicles in the country. It is expected that a major part of India will be well-connected by the end of 2013-14, which will fuel the demand for commercial passenger carriers in the country. Keeping this in mind, we have projected the sales of commercial passenger carriers to register nearly 13% CAGR between 2010-11 and 2013-14.
On utility vehicle front, the country posted one of the fastest year-on-year production growths in 2009-10. In 2008-09, manufacturers were forced to halt their production capacity amid falling domestic and export demand for utility vehicles. Consequently, the production saw a massive 11% drop in the same year. With recovering vehicle demand from schools, corporate and public sector organizations, the production grew strongly at the rate of around 24.4% in 2009-10. We anticipate this trend to continue in coming years also, thus enabling the country to become a dominant utility vehicle player in global arena.
“India Commercial Vehicle Market Analysis” is an outcome of the extensive research and objective analysis done by our industry experts on the Utility Vehicle, Multipurpose Vehicle and Commercial Vehicle markets in India. The report provides detailed data and statistics on production, sales and export trends for each of the abovementioned market segment. It studies all the past and present trends prevailing in the market to give the future market outlook.
For more information, visit: http://www.marketsmonitor.com/India-Commercial-Vehicle-Market-Analysis-Report/IM259.htm
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| Related Tags: Commercial Vehicle Market, Automotive |
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