India opened its doors to the automobile companies from all parts of the world to revolutionize the Indian transportation scenario. The de-licensing of the industry twenty years ago allowed many multinational automobile companies to penetrate the market, making it a highly competitive and beneficial market for the consumers. Over the years, several companies have established their production units in the country, offering a wide range of automobiles to the vast population. Further, the automobile industry has been receiving consistent support from factors, such as increasing earning power, surging capital expenditure on various industries, and strong technological capabilities.
According to our research "India Commercial Vehicle Market Analysis", the commercial vehicle segment of the Indian automobile industry has shown great recovery after fending off the effects of the global economic crisis. The impact on the industry was mostly due to the stunted infrastructural projects and the lack of development in other industries, which require commercial vehicles. However, once the market started booming, the segment made its way back into the high growth zone, which started during 2009-10. Growth continued in 2010-11 also, with the production and sales of the industry and individual companies reaching new heights. The most profitable and quickly growing segments have been goods and passenger carriers. This can be attributed to the rapid expansion of cities and suburban areas, which is expected to continue in future as well. Keeping this in mind, we have projected the sales of commercial passenger carriers to register around 14% CAGR during 2011-12 - 2014-15.
At the utility vehicle front, the country posted one of the fastest year-on-year production growths in 2009-10. Growth further stabilized during 2010-11 as the balance between demand and supply was attained after the sudden surge of demand during the post-recession scenario. With recovering vehicle demand from schools, corporate, and public sector organizations, the production grew strongly in 2010-11. We anticipate this trend to continue in coming years also, thus enabling the country to become a dominant utility vehicle player in the global arena. Many new product launches are also expected in the segment of LCV and MUV in the coming two financial years.
"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 detail data and statistics on the production, sales, and export trends for each of the abovementioned market segments. It studies all the past and present trends prevailing in the market to present a future market outlook.
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