Light Commercial Vehicles Market is expected to reach at a CAGR of 4.5% by 2025
Market Research Future has published a Research Report on Light Commercial Vehicles Market. This Report Covers the Top Countries and Regions of the World, Including Market Share, Size, Trends, Growth, Revenue and much more across the globe.
The global light commercial vehicles market is growing rapidly, mainly due to the stringent government norms related to emissions. Besides, the rise in the global oil prices and rising penetration of downsized engines in electric light commercial vehicles (LCVs) drive the growth of the market. The proliferation of electric automobiles/EVs creates investment opportunities for manufacturers. Moreover, the demand for LCVs escalates the growth of the market.
According to Market Research Future (MRFR), the global light commercial vehicles market is projected to grow at approximately 4.5% CAGR during the anticipated period (2019 – 2025). The LCV segment holds enormous potential for the recovery of the commercial vehicle industries. The LCV industry is to account for over 40% of sales volume in FY20, growing continually during the years to come. The market is to witness increasing product launches, which would expand the customer base looking for quality and profitability.
LCV manufacturers are developing robust product offering equipped with BS-VI engine, featuring customer-centric offerings on technology and driver comfort, while being contemporary and futuristic. Companies strive to expand their LCV offerings, a best-in-class payload capacity available through physical and digital platforms. While the medium and heavy commercial vehicle (MHCV) segment continued to remain under stress, the decline was narrowed by growth in LCV demand.
Global LCV Market – Competitive Analysis
Highly competitive, the light commercial vehicles market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players initiate strategic approaches such as mergers & acquisitions, innovation, brand reinforcement, and expansion. Industry players strive to offer an extended range of heavy-duty LCVs. Due to the expected innovations and improvements in product, service, and product innovations, the market is soon expected to witness an intensified competition.
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Players leading the global LCV market include Volvo Group (Sweden), Daimler AG (Germany), Dongfeng Motor Corporation (China), Tata Group (India), Volkswagen Group (Germany), Ford Motor Company (US), General Motors (US), Groupe PSA (France), Groupe Renault (France), and Hyundai Motor Company (South Korea), among others.
Global Light Commercial Vehicles Market – Segments
The report is segmented into three dynamics;
By Type : Trucks, Vans, Buses, Coaches, and others.
By Fuel Type: Diesel, Gasoline, and Electric.
By Region : North America, Europe, APAC, and the Rest-of-the-World.
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Global Light Commercial Vehicles Market – Regional Analysis
North America leads the global light commercial vehicles market. The largest market share attributes to the rapidly growing electric vehicle industry in the region. The spurring demand for lightweight energy-efficient automobiles in the region fuels the sales in the market. Besides, e-commerce in the region drives market growth, leading to the strong growth of the transportation industry. The North American LCV market is projected to retain its dominance throughout the estimated period.
The Asia Pacific region stands second in the global light commercial vehicle market. The market is especially driven by stringent government regulations for emissions from commercial vehicles. Additionally, rising demand for lightweight fuel-saving commercial vehicles accelerates the sales in the regional market. The rising automotive production in the already burgeoning automotive industry and the availability of innovative technologies foster the market growth in the region.
Europe also holds a substantial share in the global light commercial vehicles market. Factors such as the presence of the well established automotive industry in the region and innovation in electric vehicles act as key tailwinds for the market growth in this region. Substantial R & D investments by the existing major industry players required for product and technology developments fuel the sales in the light commercial vehicles market. The European LCV market is anticipated to grow at an impressive CAGR during the review period.
Major Highlights of TOC Covers:
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