Global Light Commercial Vehicles Market is projected to witness ~4.5% CAGR by 2025. Light Commercial Vehicles Market Research Report by Type, Fuel Type and Region with Forecast till 2025
The light commercial vehicles are the vehicles manufactured for carrying goods of passengers. Moreover, they manufacture light commercial vehicles with features, such as fuel efficiency, intra-city operations, and compact size. The maximum mass limits for the light commercial vehicles mainly vary between 3.5tons to 7 tons, based on the local government regulations or standards. These vehicles include vans, goods carrying vans, utility vehicles, light trucks, and buses.
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Light commercial vehicles witness massive demand due to the growth of the transportation industry and a rise in the e-commerce business, across the globe, which is expected to drive the global light commercial vehicles. As per the International Post Corporation, the global e-commerce industry has rapid growth with a CAGR of ~15%. This will enable the transportation of goods to the end users. Hence, it is expected that the increase in the consumption of e-commerce goods, worldwide, will increase the light commercial vehicle fleets for the e-commerce companies, such as Amazon, eBay, and Alibaba. Moreover, the rise in demand for engine downsizing with the installation of automotive turbochargers for fuel-efficiency and improved vehicle performance, increasing sales of electric vehicles – hybrid and plug-in are the factors adding to for the growth of light commercial vehicles market. Additionally, the powertrain integration coupled with vehicle refinement to meet designing, inspection, and testing solutions are expected to support the global light commercial vehicles market growth.
The prominent players in the global light commercial vehicles market include Daimler AG (Germany), Volvo Group (Sweden), Dongfeng Motor Corporation (China), Volkswagen Group (Germany), Tata Group (India), Ford Motor Company (US), Groupe PSA (France), General Motors (US), Hyundai Motor Company (South Korea), and Groupe Renault (France).
Scope of the Report
This study provides an overview of the Global Light Commercial Vehicles Market, tracking four market segments across four geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global light commercial vehicles market by type, fuel type, and region.
Market Research Analysis
In terms of region, the global market for the light commercial vehicles is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America is expected to hold the largest market share during the forecast period owing to the highest production of light commercial vehicles. Moreover, the growth of the transportation industry in the US, owing to burgeoning consumption of e-commerce product, raised the demand for light commercial vehicles in 2018 and further expected to enhance the demand during the forecast period. However, the limited availability of drivers in the US and Canada will create an opportunities for manufacturers to start production of self-driving light commercial vehicles during the forecast period, which in-turn massively increases the market size of the light commercial vehicles in the region. Moreover, the rise in vehicle production of conventional light commercial vehicles in Asia-Pacific, primarily in China and India, is expected to increase the demand of light commercial vehicles market during the forecast period. Furthermore, the demand for improved efficiency and cost-effectiveness is expected to lead to the growth of the light commercial vehicles market.
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