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Light Commercial Vehicle Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Light Commercial Vehicle Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the light commercial vehicle industry. This report on light commercial vehicle market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The light commercial vehicle market size has grown rapidly in recent years. It will grow from $614.93 billion in 2023 to $676.49 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to industrialization and economic growth, urbanization and infrastructure development, small business and entrepreneurship, evolving consumer preferences.
The light commercial vehicle market size is expected to see rapid growth in the next few years. It will grow to $990.88 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to e-commerce growth, environmental regulations, electrification and alternative fuels, autonomous delivery vehicles, urban mobility solutions. Major trends in the forecast period include electric lcvs, connectivity and fleet management, lightweight materials, customization and modular design, the incorporation of advanced safety features.
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Key Market Players:
Daimler AG, Ford Motor Company, Renault Group, Volkswagen AG, Ashok Leyland Limited, Tata Motors Limited, SML Isuzu Limited, Toyota Motor Corporation, Groupe PSA, Nissan Motor Co. Ltd., Volvo Group, Anhui Jianghuai Automobile Co. Ltd., Mahindra & Mahindra Limited, VE Commercial Vehicles Limited, AvtoVAZ, General Motors Company, Honda Motor Co. Ltd., GAZ Group, Hyundai Motor Company, Mitsubishi Motors Corporation, United Parcel Service Inc., Workhorse Group Inc., Dongfeng Motor Corporation, GM Holden Ltd., Mazda Motor Corporation, Force Motors Limited, Piaggio Vehicles Private Limited, Scania Commercial Vehicles India Private Limited
Market Drivers:
According to the Light Commercial Vehicle Market Report 2024 by The Business Research Company, the key factors driving the growth of the light commercial vehicle market, includes the increase in online shopping is expected to drive the light commercial vehicle 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 increased online shopping owing to health concerns. For instance, in August 2023, according to the United States Census Bureau, a US-based government agency, when compared to the second quarter of 2022, the estimate for online shopping in the second quarter of 2023 increased by 7.5% (or 1.4%), while overall retail sales increased by 0.6% (or 0.4%). Thus, increased demand for goods through e-commerce is pushing the use of LCVs in logistics, paving the way for the growth of the light commercial vehicle market .
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Market segments for home insurance include:
1) By Vehicle Type: Passenger Van, Cargo Van, Pickup Trucks, Light Trucks, Mini Buses, Other Vehicle Types
2) By Fuel: Electric, Diesel, Gasoline
3) By Tonnage Capacity Type: Less Than 2.5 Tons, 2.5 To 3.5 Tons, More Than 3.5 Tons
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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