What Has Been the Progress and Growth of the Light Commercial Vehicle Market in Recent Years?
The light commercial vehicle market has seen considerable growth due to a variety of factors.
• The size of the light commercial vehicle market has seen an exponential increase in the last few years. The projection shows that the market will rise from a worth of $695.49 billion in 2024 to an astonishing $770.8 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 10.8%.
The notable growth during the historical period is marked by industrial and economic expansion, urban and infrastructural development, the rise of small businesses, entrepreneurship, and changing consumer tastes.
How Does the Forecast Look for the Light Commercial Vehicle Market?
The light commercial vehicle market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the market size of light commercial vehicles is predicted to experience substantial growth. The value is expected to reach $1114.33 billion in 2029 with a compound annual growth rate (CAGR) of 9.7%.
Factors contributing to this growth during the forecast period include the expansion of e-commerce, environmental regulations, adoption of electric and alternate fuel vehicles, autonomous delivery vehicles, and urban mobility solutions. The major trends for this period include electrified light commercial vehicles, enhanced connectivity and fleet management, the use of lightweight materials, customisation and modular design, and the integration of advanced safety features.
What Are The Leading Drivers Of Growth In The Light Commercial Vehicle Market?
The rise in e-commerce is anticipated to boost the light commercial vehicle sector. Urban growth has given rise to new retail and e-commerce outlets, necessitating effective logistics possible through light commercial vehicles (LCV). The current health pandemic has additionally escalated online purchases. For example, data from the United States Census Bureau, a government institution, in August 2023 reveals that compared to the second quarter of 2022, online shopping estimates in the second quarter of 2023 jumped by 7.5% (or 1.4%), whilst overall retail sales amplified only by 0.6% (or 0.4%). Consequently, a surge in demand for goods via e-commerce is stimulating the utilization of LCVs in logistics and fueling the expansion of the light commercial vehicle market.
How Are The Segments Defined Within The Global Light Commercial Vehicle Market?
The light commercial vehicle market covered in this report is segmented –
1) By Vehicle Type: Passenger Van, Cargo Van, Pickup Trucks, Light Trucks, Mini Buses, Other Vehicle Types
2) By Fuel: Electric, Diesel, Gasoline
3) By Tonnage Capacity Type: Less Than 2.5 Tons, 2.5 To 3.5 Tons, More Than 3.5 Tons
Subsegments:
1) By Passenger Van: Minivan, Microvan, Compact Van, Full-size Van
2) By Cargo Van: Panel Van, Window Van, High Roof Van
3) By Pickup Trucks: Compact Pickup Trucks, Mid-size Pickup Trucks, Full-size Pickup Trucks
4) By Light Trucks: Light Duty Trucks, Medium Duty Trucks
5) By Mini Buses: Small Mini Buses, Standard Mini Buses, Luxury Mini Buses
6) By Other Vehicle Types: Electric Light Commercial Vehicles, Hybrid Light Commercial Vehicles, Refrigerated Trucks, Flatbed Trucks, Box Trucks
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What Trends Are Shaping The Light Commercial Vehicle Market?
Major corporations involved in the light commercial vehicle sector are turning their attention towards advanced products like super carry LCV in order to increase their market income. The Super carry LCV is a special type of light commercial vehicle specifically engineered for either passenger or cargo transportation. For instance, Maruti Suzuki India Limited, a carmaker based in India, brought out the super carry LCV in April 2023. The 4-cylinder engine housed in Maruti Suzuki's Super Carry mini-truck has been improved to offer an increased performance, delivering a maximum output of 59.4 kW (80.7 PS) at 6000 rpm and a peak torque of 104.4 Nm at 2900 rpm, specifically for petrol variants. The upgraded engine is connected to a more efficient five-speed manual gearbox, providing superior gradeability, thus enabling users to comfortably drive up steeper inclines than previous versions.
Who Are the Key Players In The Light Commercial Vehicle Market?
Major companies operating in the light commercial vehicle market include:
• Daimler AG
• Ford Motor Company
• Renault Group
• Volkswagen AG
• Ashok Leyland Limited
• Tata Motors Limited
• SML Isuzu Limited
• Toyota Motor Corporation
• Groupe PSA
• Nissan Motor Co. Ltd.
• Volvo Group
• Anhui Jianghuai Automobile Co. Ltd.
• Mahindra & Mahindra Limited
• VE Commercial Vehicles Limited
• AvtoVAZ
• General Motors Company
• Honda Motor Co. Ltd.
• GAZ Group
• Hyundai Motor Company
• Mitsubishi Motors Corporation
• United Parcel Service Inc.
• Workhorse Group Inc.
• Dongfeng Motor Corporation
• GM Holden Ltd.
• Mazda Motor Corporation
• Force Motors Limited
• Piaggio Vehicles Private Limited
• Scania Commercial Vehicles India Private Limited
What Is The Most Dominant Region In The Light Commercial Vehicle Market?
North America was the largest region in the light commercial vehicles market in 2023. Asia-Pacific was the second-largest region in the light commercial vehicle market. The regions covered in the light commercial vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
