the cv market which accounts for about 4 of indias total domestic automotive production volumes is expected to grow at a cagr of about 8 by 2028new delhi the commercial vehicle cv industry often referred to as the backbone of the national economy is going through a big transformation driven by the technology mega trends this transition as part of the global automotive industry changes is happening in areas of alternative fuels electrification connected and autonomous technologies and industry modernisationthe cv market which accounts for about 4 of indias total domestic automotive production volumes is expected to grow at a cagr of about 8 by 2028 karnataka madhya pradesh tamil nadu tn maharashtra and uttarakhand are the major cv manufacturing states in india with tn accounting for the highest volumes advt exponential growth in online retailing new product introductions logistics services and expanded network of improved highways along with implementation of bsvi norms have bolstered growth in the commercial vehicle market in india according to industry experts at the recent indian commercial vehicle conclave organised by the confederation of indian industries ciigirish wagh executive director tata motors said the cv industry is going to be an important partner and will drive the growth of india to one of the major global economies vinod aggarwal ceo vecv and president siam said that as our economy is currently at usd 35 trillion it is expected to go up to usd 57 trillion in the next 57 years if the economy moves ahead at this rate the future of the cv industry is bright it will not be a linear growth there will be ups and downs but in the next five to seven years this industry is poised to double its size he saidglobally the cv industry is cyclical in nature and india is no exception the domestic cv industry crossed the 1 million volume mark in fy19 while it is yet to clock the precovid volumes the industry is showing promising signs of growthalternative fuels and electrification experts suggest that alternative fuels and electrification will drive the way towards decarbonisation in the cv industry during last year cng accounted for about 3540 of light and medium duty trucks sales even though the prices may fluctuate impacting sales in the longer run the potential of the cng fuel is extremely high for long haulage trucks lng is going to be very important various pilot projects have shown that the fuel efficiency offered by the lng trucks is better than the diesel trucks a lot of work is going on for lng distribution we need fuel stations for lng and it needs special storage aggarwal said advt he said that there is a lot of potential for electric buses as well however their sales to stus are currently a challenge owing to the payment security mechanism business modeldeepak jain chairman cii northern region and chairman managing director lumax industries said that with electrification we need localization of sensors and electronic components as