Global Light Commercial Vehicle Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
27 Aug, 2021
The light commercial vehicle market consists of sales of light commercial vehicles and related services by entities (organizations, sole traders and partnerships) that produce complete light trucks and utility vehicles such as light duty vans, pick-up trucks, minivans, and sport utility vehicles. Only goods and services traded between entities or sold to end consumers are included.
Global Light Commercial Vehicle Market Size And Drivers:
The global light commercial vehicle market is expected to grow from $440.87 billion in 2020 to $475.29 billion in 2021 at a compound annual growth rate (CAGR) of 7.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $652.34 billion in 2025 at a CAGR of 8.2%. The increase in online shopping is expected to drive the light commercial vehicles market.
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Trends In The Global Light Commercial Vehicle Market
Skateboard architecture is increasingly being preferred by manufacturers for high efficiency and productivity in the light commercial vehicles and turning to be a trend in the light commercial vehicles market. The skateboard architecture refers to an actual physical platform, which forms the floor of the vehicle, and incorporates the battery. For instance, in February 2020, Hyundai, partnered with Canoo, a Los Angeles-based company creating EVs, to jointly develop an electric vehicle (EV) platform. Canoo’s scalable skateboard architecture will provide a simplified and standardized development process for Hyundai and Kia electrified vehicles and this will help reduce costs.
Global Light Commercial Vehicle Market Segments:
The global light commercial vehicle market is further segmented based on vehicle type, fuel, tonnage capacity type and geography.
By Vehicle Type: Passenger Van, Cargo Van, Pickup Trucks, Light Trucks, Mini Buses, Others
By Fuel: Electric, Diesel, Gasoline
By Tonnage Capacity Type: Less Than 2.5 Tons, 2.5 To 3.5 Tons, More Than 3.5 Tons
By Geography: The global light commercial vehicle market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Read More On The Report For The Global Light Commercial Vehicle Market At:https://www.thebusinessresearchcompany.com/report/light-commercial-vehicle-global-market-report
Light Commercial Vehicle Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides light commercial vehicle market overviews, analyzes and forecasts market size and growth for the global light commercial vehicle market, light commercial vehicle market share, light commercial vehicle market players, light commercial vehicle market segments and geographies, light commercial vehicle market’s leading competitors’ revenues, profiles and market shares. The light commercial vehicle market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.