Light Commercial Vehicles Market Research Report - Global Forecast till 2030

Light Commercial Vehicles Market Research Report: Information by Type (Trucks, Vans, Buses, Coaches, and Others), by Fuel Type (Diesel, Gasoline, and Electric), and by Region (North America, Europe, Asia-Pacific, and the RoW) - Forecast till 2030

ID: MRFR/AM/6257-HCR | February 2021 | Region: Global | 187 pages

Light Commercial Vehicles Market Overview


Light Commercial Vehicles Market is projected to be worth USD 794.86 billion by 2030, registering a CAGR of 5.67% during the forecast period (2021 - 2030)., The market was valued at USD 472.13 billion in 2021.


Light Commercial Vehicles Market are uses for carrying goods that weigh in tons and quintals and this particular factor differentiates between light and heavy commercial vehicles. Light commercial vehicles are a special type of vehicle that is identified in terms of gross vehicle weight. These vehicles can transport goods up to the maximum weight of 7 tons. The popularity of light commercial vehicles is due to the use of downsized engines used it in that is making use of smaller combustion engines over the large ones and reducing the number of the cylinder to generate the same power reduces the amount of friction in the engine which in turn increases its efficiency. The new emission standards have been set by the governments of different countries due to which all the LCV manufacturing industries are trying to clear their past inventory stock and start making new ones keeping in mind the new emission standards.


Light commercial vehicles market share is expected to grow from USD 11.83 billion units in 2017 to USD 14.4 billion units by the end of 2025.


Covid-19 Analysis


The coronavirus pandemic has given a very harsh time to most of the manufacturing, developing, production, and logistic units of the market. Due to this pandemic transportation sector has also witnessed huge losses and the reason attribute to it was that during the lockdown the transportation of every item or goods was stopped intrastate as well as interstate. The import and export activities were also restricted. But after some time when the treasury of food grains and pulses were empty, there was the need to supply that particular area with specific items. Transportation was then allowed keeping in mind every minute factor. Most of the time LCV were only used for transportation as they can carry double the weight of other transportation means. During this situation, a time came when there was a shortage of ventilators oxygen cylinders, and many other medical machinery and kits, at this point of time to the LCV industry came into play and everything was transported through LCVs. So no doubt the light commercial vehicles industry was affected very seriously but it will recover its losses at a faster rate than it incurred losses.


Market dynamics


Drivers


The government is making strict rules related to emissions keeping in mind the environmental safety norms. So all the light commercial vehicle manufacturers are trying to update their technologies to cope up with new stringent emission regulations. Secondly rise in global oils price will drive this market to develop and rise at a very fast pace. The consumption of fuel in the case of light commercial vehicles is very less as compared to other vehicles and on the same note if we differentiate between them then the load carried by the LCVs is 3-4 times of load carried by ordinary vehicles. This factor will lead to an increase in demand for light commercial vehicles in the market and it will drive the manufacturers to increase their manufacturing speed and it will lead to light commercial vehicle market growth. The most driving factor will be the use of downsized engines in light commercial vehicles which helps in using small engines with fewer cylinders to provide more fuel efficiency.


Restraints


Up to now, we know that there are several advantages offered by the use of light commercial vehicles. But the use of downsized engines that is the main reason for the popularity of LCVS are very expensive to develop as the manufacturing units have to convert a small engine with more fuel capacity according to its need to generate the power that a normal average engine would produce using the same amount of fuel. The rising demand for downsized engines and the high cost of developing such engines will, in turn, increase the price of LCVS and that is the only factor that will hinder the market growth.


Technology Analysis


In the era of today’s world, every automobile market whether they are cars or bikes or scooters or even man-powered bicycles is getting powered by electricity. As the price of fossil fuels is increasing day by day so there is an emerging need of building electric automobiles. The automobile sector has been successful to an extent in achieving that aim. Now as the demand for transportation activities are increasing so the companies have to bear a huge amount only in transportation. The LCVs manufacturing is joining hands with electrical automobile companies to bring in the electric light commercial vehicles. Key players of light commercial vehicles are head-on-head trying to achieve this aim before anyone else. So soon the electric and technologically advanced light commercial vehicle will enter the market.


Study Objectives



  • To consider and study the viewpoint of various industry experts and leaders together and anticipate the compound annual growth rate and market growth rate by the end of the global forecast in 2030.

  • To bring a competitive market outlook and examine the output models of key market players, worldwide.

  • To analyze the various market dynamics like trends, drivers, and opportunities that are most probable to play a role in helping the market and its different segments growing in the domestic as well as international market.


Segment Overview


Light commercial vehicle market share is expected to observe significant growth owing to the performance of different market segments. Among all segments, the truck segment is expected to dominate the market during the forecast period. As the trucks can load the most amount of weight in comparison to others so it will lead to an increase in light commercial trucks specifically. Also in terms of CAGR, the vans segment and terms of value and volume diesel segment are expected to grow at the fastest pace. For an amplifying use the market is segmented into the following on different bases:



  • Based on type, it has trucks, buses, vans, coaches, and others.

  • Based on fuel type, it has an interior, chassis, powertrain, and drivetrain.


Regional Analysis


The light commercial vehicle industry movements are continuously working in 3 major regions of the world Europe, Asia Pacific, North America, and the rest of the world. North America is anticipated to be the largest market and may witness significant growth over the forecast period with a CAGR of approx. 2.9%. The reason behind this is that the e-commerce industries are growing domestically which is leading to the powerful growth of the transportation industry. And with the rising automobile production in India and China, the Asia-Pacific region is expected to witness significant growth in the global market. Also the changing strict regulations of government-related emissions, all key players are coming out with their best models that can cope up with those regulations.


Competitive Landscape


To get a detailed and acute idea about the light commercial vehicles market insights, it is very crucial to create a competitive environment amongst the different key players at different market locations all around the globe. Prime players of light commercial vehicles market 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)


Recent Developments



  • In January 2019, Pickman named electric pickup trucks were being exported by clearing all the necessary regulatory approvals by KAIYUN Motors Company to the USA. The pick man has a load capacity of 1100 pounds, a top speed of 29 miles per hour, and a maximum distance of 75 miles at a single charge, which is very suitable for farm owners and commuters.

  • The new DELICA D: 5, an all-in-one minivan was launched by Mitsubishi Motors Corporation (MMC) in 2019.

  • The all-new 2020 HIACE MPV/Van was officially launched by Toyota Motor Corporation in the Philippines and it was specially designed for overseas markets.

  • The new Mazda BT-50 pickup truck was launched by Truong Hai Auto Corporation (Thaco) in Vietnam. In 2018, it launched 4 different variants BT-50 2.2L MT 4x4, BT-50 2.2L AT 4x2, BT-50 2.2L ATH 4x2, and BT-50 3.2L ATH 4x4.


Intended Audience



  • Original equipment manufacturers, suppliers, and other stakeholders

  • Research organizations and consulting companies

  • Government bodies.

  • Organizations related to light commercial vehicles.


Report Overview


The light commercial vehicle market report presents a shift analysis that covers market drivers, opportunities, and restraints that are available in the global market. The report takes into account the impact of covid-19 on the key players of the light commercial vehicle industry. The report also informs us about the segmentation of the market on a different basis and how a competitive environment is created among the key players around the globe. At last, the report shows some recent developments in the light commercial vehicle market.



Report Scope:
Report Attribute/Metric Details
  Market Size   2030: USD 794.86 billion
  CAGR   5.67% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   type and fuel type
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   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), and Groupe Renault (France)
  Key Market Opportunities   growth of electric era of electric automobiles
  Key Market Drivers

  • stringent government norms related to emissions
  • rise in the global oil prices
  • rising penetration of downsized engines in LCVs


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    Frequently Asked Questions (FAQ) :


    The light commercial vehicles market is poised to register 5.67% CAGR.

    Increasing demand for downsized vehicles, implementation of emission laws, and rising fuel prices are few of the driving factors of the light commercial vehicles market.

    A rise in price of these vehicles is expected in the coming years, which might challenge the growth of the market.

    The type-based segments of the light commercial vehicles market are trucks, vans, coaches, buses, and others

    The players anticipated to catalyze growth of the light commercial vehicles market are Daimler AG (Germany), Dongfeng Motor Corporation (China), Volvo Group (Sweden), Volkswagen Group (Germany), Ford Motor Company (US), Tata Group (India), Groupe PSA (France), Hyundai Motor Company (South Korea), General Motors (US), and Groupe Renault (France).