The global light commercial vehicle market size is expected to grow from $491.08 billion in 2021 to $562.73 billion in 2022 at a compound annual growth rate (CAGR) of 14.6%. The global light commercial vehicle market is then expected to grow to $911.50 billion in 2026 at a CAGR of 12.8%.
What is the Global Light Commercial Vehicle Market?
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.
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What drives the Global Light Commercial Vehicle Market?
The increase in online shopping is expected to drive the light commercial vehicles market. As urbanization has increased, it has created new retail and e-commerce platforms that require efficient logistics, which could be fulfilled by light commercial vehicles (LCV). Moreover, the current pandemic situation has spiked online shopping owing to health concerns. According to Adobe Analytics, consumers in the USA spent $2.2 billion on November 2nd, 2020, a 31% increase in year-over-year growth, and another $2.0 billion on November 3rd, 2020, which was a 27% year-over-year increase. Thus, increased demand for goods through e-commerce is pushing the use of LCV in logistics paving way for the growth of the light commercial vehicles market.
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Global Light Commercial Vehicle Market Segments
The global light commercial vehicle market is segmented:
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 regions covered in the light commercial vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global light commercial vehicle market.
Light Commercial Vehicle Global Market Report 2022provides market size and growth forecasts for the global light commercial vehicle market, global light commercial vehicle market share, light commercial vehicle market segments and geographies, light commercial vehicle market competitive landscape including 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.
Global Light Commercial Vehicle Industry Playersinclude Daimler, Ford, Renault, Volkswagen, Ashok Leyland, Tata Motors, SML Isuzu Limited, Toyota Motor, Groupe PSA, and Nissan. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
