Press release
Light Commercial Vehicle Global Market Report 2024: Key Players, Demand Patterns And Forecasts 2033 | Daimler AG, Ford Motor Company, Renault Group, Volkswagen AG, Ashok Leyland Limited
Light Commercial Vehicle Market Size
The Business Research Company offers in-depth market insights through Light Commercial Vehicle Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
The main types in the light commercial market are passenger vans, cargo vans, pickup trucks, light trucks, minibusses, and other types. Trucks carrying the highest gross vehicle weight of 3.5 metric tonnes and above 15 metric tons could be classified as light commercial vehicles (LCVs). The various fuel types are electric, diesel, and gasoline. The various tonnage capacities include less than 2.5 tons, 2.5 to 3.5 tons, and more than 3.5 tons.
Major Driver - Rising Online Shopping Trends Boosting The Light Commercial Vehicle Market
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 .
Competitive Landscape:
Major companies operating in the light commercial vehicle market include 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
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Top Trend - Increasing Focus On Product Innovations To Drive Revenues In The Market
Major companies operating in the light commercial vehicle market are focusing on innovative products such as super carry LCV (Light Commercial Vehicle) to drive their revenues in the market. Super carry LCV is a specific model of light commercial vehicle (LCV) designed for the transportation of goods or passengers. For instance, in April 2023, Maruti Suzuki India Limited, an India-based automobile manufacturer launched super carry LCV. The 4-cylinder engine in Maruti Suzuki's Super Carry mini-truck now produces better performance with a maximum output of 59.4 kW (80.7 PS) at 6000 rpm and 104.4 Nm of maximum torque at 2900 rpm in the petrol type. The new engine is coupled to an enhanced five-speed manual transmission that gives better gradeability, allowing users to travel up hills that are steeper than before .
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Light Commercial Vehicle Market Characteristics
3. Light Commercial Vehicle Market Trends And Strategies
4. Light Commercial Vehicle Market - Macro Economic Scenario
5. Light Commercial Vehicle Market Size And Growth
…..
27. Light Commercial Vehicle Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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