BANGALORE, India, Aug. 5, 2021 /PRNewswire/ -- The Light Commercial Vehicle (LCV) Market is Segmented by Vehicle Type (Pickup Trucks, Light Trucks, and Others), Propulsion Type (Internal Combustion Engine (ICE) and Electric & Hybrid), and Application (Commercial Use and Industrial Use). The report covers global opportunity analysis and industry forecasts from 2021 to 2030. It is published in Valuates Reports under Auto & Vehicles Category.
The global light commercial vehicle market size was valued at USD 463.00 Billion in 2020, and is projected to reach USD 786.50 Billion by 2030, registering a CAGR of 5.3% during the forecast period 2021 to 2030.
Major factors driving the Light Commercial Vehicle market are:
An increase in the number of e-commerce and third-party logistic activities is expected to drive the growth of the light commercial vehicle market as they are used for last-mile delivery.
Furthermore, factors such as an increase in government measures to promote e-mobility and an increase in demand for electric trucks from the logistics industry are likely to have a favorable impact on the global Light Commercial Vehicle market.
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TRENDS INFLUENCING THE LIGHT COMMERCIAL VEHICLE MARKET
Recent developments in the automotive industry are expected to drive the growth of the light commercial vehicles market. Due to technological improvements and the introduction of automobiles with efficient and eco-friendly fuel consumption technology, the automotive sector has seen substantial growth in recent years. Several businesses, like Ashok Leyland and Tata Motors, have been developing and introducing sophisticated light commercial vehicles to various regions throughout the world, which has aided the Light Commercial Vehicle market's growth.
The flourishing e-commerce industry is expected to further propel the Light Commercial Vehicle market growth. Third-party logistics services are used by the e-commerce industry to handle and control e-commerce enterprises' supply chains, allowing them to focus on marketing and other company activities. These third-party logistic providers, such as FedEx, XPO Logistics, and DHL, deliver the merchandise to the nearest product delivery station using a fleet of light commercial trucks since smaller LCVs are more fuel-efficient than heavier commercial vehicles.
Furthermore, governments are giving incentives for the manufacture of battery electric vehicles through programs and schemes, which is expected to drive the expansion of the electric-based LCV industry. One of the key elements driving demand for electric propelled light commercial vehicles is an increase in government support for the development and purchase of electric mobility in the form of tax credits, subsidies, and incentives.
Implementation of stringent emission norms and the availability of alternate vehicles are the factors that are expected to hamper the market growth during the forecast period.
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LIGHT COMMERCIAL VEHICLE MARKET SHARE ANALYSIS
Based on region, North America dominated the market in terms of revenue, followed by Asia-Pacific, Europe, and LAMEA. In 2020, the United States received the highest market share. However, due to an increase in demand for LCVs across the region, LAMEA is predicted to grow at a CAGR of 7.8% during the projection period.
Based on propulsion type, the electric & hybrid segment is anticipated to exhibit significant growth in the near future.
Based on the other segment is expected to register significant growth during the forecast period.
Based on application, the industrial use segment is projected to lead the global LCV market owing to a higher CAGR.
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Major Players in the Light Commercial Vehicle Market
- Ashok Leyland
- Ford Motor Company
- Gaz Group
- General Motors
- Honda Motor Company
- Hyundai Motor Company
- Isuzu Motors
- Renault Group
- Tata Motors
- Toyota Motors
- Others
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SIMILAR REPORTS
- The global Pickup Truck market size was valued at USD 166210 Million in 2019 and it is expected to reach USD 207720 Million by the end of 2026, growing at a CAGR of 3.2% during 2021-2026.
- The global autonomous last mile delivery market size is expected to be valued at USD 11.90 Billion in 2021 and is projected to reach USD 84.72 Billion by 2030, registering a CAGR of 24.4% during the forecast period.
- In 2020, the global Automated Guided Vehicle market size was USD 3234 Million and it is expected to reach USD 11420 Million by the end of 2027, with a CAGR of 19.9% during the forecast period 2021-2027.
- The global Automated Truck Loading System(ATLS) market size is projected to reach USD 785 Million by 2027, from USD 564.3 Million in 2020, at a CAGR of 4.4% during 2021-2027.
- The global electric truck market size was valued at USD 422.5 Million in 2019 and is projected to reach USD 1,893.1 Million by 2027, registering a CAGR of 25.8% from 2020 to 2027.
- The global Semi-Autonomous and Autonomous Truck market is segmented by company, region (country), by Type, and by Application. Players, stakeholders, and other participants in the market
- The global Electric Commercial Vehicle market size is projected to reach USD 178560 million by 2027, from USD 101270 million in 2020, at a CAGR of 8.3% during 2021-2027.
- The global Digital Cluster-Infotainment for Commercial Vehicles market size is projected to reach USD 8179.2 Million by 2027, from USD 6091.4 Million in 2020, at a CAGR of 4.3% during 2021-2027.
- The global automotive V2X market size was valued at USD 2,565.6 Million in 2019, and is projected to reach USD 11,718.7 Million by 2027, registering a CAGR of 28.4%. Europe was the highest revenue contributor, accounting for USD 851.8 Million in 2019, and is estimated to reach USD 3,030.5 Million by 2027, with a CAGR of 24.4%.
- The global autonomous vehicle market size is projected to be valued at USD 54.23 Billion in 2019 and is projected to garner USD 556.67 Billion by 2026, registering a CAGR of 39.47% from 2019 to 2026.
To see the full list of related reports on the commercial vehicle
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