Light Commercial Vehicle Market Projected to Reach USD 794.39 billion by 2030, at a 5.67% CAGR – Report by Market Research Future (MRFR)
Light Commercial Vehicle Market Growth Boost by Rising adoption of electric LCV and Rising e-commerce and logistics industry
New York, US, June 09, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Light Commercial Vehicle Market Information by Type, Fuel Type, and Region – Forecast till 2030″, Over the projection period (2022 – 2030), the market for light commercial vehicles can expect to rise from USD 539.97 billion in 2022 to USD 794.39 billion by 2030 at a rate of 5.67%.
Light Commercial Vehicle Market Overview
The main purpose of light commercial vehicles is to transport cargo, and they are distinguished from large commercial vehicles by their mass, which is measured in tonnes. Light commercial vehicles are classified as special vehicles by the International Organisation of Motor Vehicle Manufacturers (OICA) based on their gross vehicle weight (GVW). The maximum mass of these vehicles is between 3.5 and 7 tonnes. People, products, and services are all transported using light commercial vehicles. The primary region in charge of producing light commercial vehicles is North America. The interior and exterior systems, steering systems, chassis systems, and many more tiny systems make up a light commercial vehicle.
Light Commercial Vehicle Market Competitive Landscape:
The renowned companies in the market for light commercial vehicles 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)
- Groupe Renault (France)
- Among others.
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Light Commercial Vehicle Market COVID 19 Analysis
Flight cancellations, travel restrictions, and quarantines brought on by the COVID-19 epidemic have interrupted the supply chain and stopped logistics operations all across the world. The automotive industry had a negative growth of between 5% and 10% in the first half of 2020, according to industry analysts working in the global light commercial vehicle industry. This decline was caused by a number of factors, including transit limitations and supply chain disruption. The COVID-19 pandemic has had a significant global impact due to the disruption in the supply chain.
Market USP Covered:
Light Commercial Vehicle Market Restraints:
The price of LCVs can rise as a result of the need for smaller engines, which is anticipated to impede the expansion of the world market for light commercial vehicles.
|Market Size 2030||2030: USD 794.39 billion|
|CAGR during 2022-2030||5.67% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Fuel Type, and Region|
|Key Market Opportunities||Rising penetration of downsized engines in light commercial vehicle|
|Key Market Dynamics||Rising adoption of electric light commercial vehicle Rising e-commerce and logistics industry|
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Light Commercial Vehicle Market Drivers:
In light of technological improvements and the widespread availability of vehicles with fuel-efficient technology, the automobile sector has seen substantial growth in recent years. Many businesses, such as Ashok Leyland and Tata Motors, have been creating and introducing their cutting-edge commercial vehicles to various regions throughout the world, which has aided in the expansion of the global market. On top of this, major companies have been updating their current line-up of light commercial vehicles, which is anticipated to open up profitable chances for the industry.
E-commerce is the term used to describe the purchasing and selling of goods over the Internet. Therefore, goods are shipped from retailers to consumers by goods carriers. The e-commerce sector additionally makes use of third-party logistics services to manage and watch over the supply chains of e-commerce businesses, allowing these businesses to concentrate on marketing and other company activities. Several light commercial vehicles are used by these third-party logistic suppliers, including FedEx, XPO Logistics, and DHL, to transport the cargo to the closest product delivery point. Due to the fact that smaller LCVs are more fuel-efficient than heavy commercial vehicles when driving within a city, these businesses have a greater fleet of LCVs.
Additionally, the adoption of effective light commercial vehicles in the e-commerce industry is growing at a substantial rate, boosting the expansion of the light commercial vehicle market, as a result of the numerous advantages offered by various vehicle manufacturers to freight transporters.
Surge in Government Initiatives Promoting E-Mobility to Offer Opportunities
Governments all over the world are putting pressure on automakers to invest in the development of electric vehicles in order to minimise carbon emissions brought on by the combustion of diesel fuel and combat greenhouse gas emissions. Governments are offering incentives with programmes and schemes for battery electric vehicle production for this reason, which is expected to stimulate the expansion of the market for electric-based LCVs. Additionally, governments all over the world are encouraging people to buy electric vehicles by offering tax breaks and other incentives. Additionally, a select few countries’ central governments exempt electric vehicles from paying the highway toll levy. The Indian government, for instance, proposes to reduce the goods and service tax (GST) on e-vehicles from 12% to 5% in order to promote the adoption of electric vehicles more quickly.
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Light Commercial Vehicle Market Segmentation
By Vehicle Type
Trucks, vans, buses, coaches, and other vehicles are included in the segmentation of the light commercial vehicle market depending on the type. In terms of revenue from the light commercial vehicle market, the coach category held the lion’s share in 2021. This is primarily due to the increased use of buses and coaches in the tourism and healthcare sectors. Coaches are the most economical form of transportation, which increases demand for them and boosts sales. However, due to the increasing usage of electric buses in developed and developing nations alike to reduce vehicle emissions, buses are expected to increase at the quickest rate throughout the course of the projected period.
By Fuel Type
The Light Commercial Vehicle Market has been divided into diesel, petrol, and electric vehicles, in terms of fuel type. In 2021, the diesel sector led the market, and it is anticipated that over the forecast period, 2022–2030, it will increase more quickly than any other segment. The world’s top OEMs are still developing innovative diesel technology for use in light commercial vehicles. A closed loop system, for instance, allows the ultra-high precision diesel injection system to control the precise duration of each individual syringe.
During the study period, the North American light commercial vehicle market, which had a value of USD 222.79 billion in 2021, will develop at a substantial rate. The highly integrated supply chain network in North America effectively connects producers and customers via a variety of modes of transportation, including trucking, rail, air, and express delivery services for freight, maritime transport, and express delivery services. This facilitates the growth of the market. In addition, the North American region’s light commercial vehicle market in the US had the biggest market share, while the market in Canada had the quickest rate of expansion.
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From 2022 to 2030, the market for light commercial vehicles in Asia-Pacific could expand at the quickest rate. the improvement of the transportation system, the simple accessibility of cheap labour and raw materials, and ultimately the growth in the number of manufacturing facilities, particularly in developing economies. Additionally, the Indian market for light commercial vehicles was expanding at the quickest rate in the Asia-Pacific region, followed by China’s market, which had the greatest market share.
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