As per the current market research conducted by CMI Team, the Global Light Commercial Vehicle Market size is expected to record a CAGR of 9.5% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 8.2. Trillion. By 2032, the valuation is anticipated to reach USD 17.6 Trillion.
Light Commercial Vehicle Market: Overview
The light commercial vehicles are used for business purposes to move passengers or products. Vans, pickup trucks, chassis and double cabs, and other vehicles are together referred to as LCVs. The growth of light commercial vehicles is primarily impacted by the expansion of e-commerce as well as the growing use of commercial cars for transportation.
The market for light commercial vehicles is also expected to rise as a result of rising industrialization, e-mobility acceptance in commercial sectors, and infrastructure development that supports the expansion & development of the automotive industry. It is utilized in many different industries, including manufacturing, agriculture, transportation and logistics, and many more.
Some of the key drivers influencing the market pace of light commercial vehicles during the projection period are industrial expansion and increasing penetration of electric-powered cars in light commercial vehicles.
Growth Factors
Despite the market’s recent weak development, it is anticipated that light commercial vehicle sales would go up overall, particularly in developing nations. In the upcoming years, growth in the market for light commercial vehicles is predicted to be boosted by digitization and increased infrastructure expenditure.
Light commercial vehicle sales are increasing globally for several reasons, including the quick rise in population and urbanization, the development of infrastructure, and the expansion of the industrial sector. Construction, mining, and tourism are just a few of the industries that are growing along with the industrial sector, particularly in emerging nations.
Jobs are more readily available, which has boosted commuting traffic and raised demand for public transportation. E-commerce and digital transformation both significantly contribute to the growth of the transportation and logistics industry. Infrastructure development is being aided by rising industry. In order to advance the transportation and logistics industries in regions, governments are also spending a significant amount on building road infrastructure.
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Due to the expansion of the transportation network, as well as strong roads and connections, the tourist sector is also growing. The demand for rental cars has increased over the past several years due to the trend of destination weddings and other events. The building and mining sectors have benefited from urbanization.
Moreover, the e-commerce is another driver boosting the sales of the light commercial vehicles during the forecast period. The freight carriers handle the shipment of goods from merchants to customers of these e-commerce platforms.
The e-commerce sector also 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 trucks are used by these third-party logistic companies, 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 heavier commercial vehicles while 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 due to the multiple benefits offered by various vehicle manufacturers to freight transporters, which is fueling the growth of the light commercial vehicle market.
Segmental Overview
The market for light commercial vehicle is segmented into the vehicle type, and propulsion type. According to the vehicle type, the light trucks category has a dominating presence in the light commercial market during the forecast period. The availability of a wider variety of applications in several sectors, as well as this expanded use in numerous industries, has increased demand for effective and potent light commercial vehicles, which has gained market share.
The market for light commercial vehicles is anticipated to grow significantly as a result of the development of sensor technologies, artificial intelligence, maps, and advanced processing capabilities. The increasing use of smaller engines in these vehicles is another element in the growth of the market for light commercial trucks.
Competitive Landscape/ Key Players Insights
The players have implemented various strategies to expand in the global light commercial vehicle market. The study contains a thorough competitive analysis of the major light commercial vehicle market participants and information on their company overviews, recent developments, and vital business strategies.
Some of the prominent players
- Ashok Leyland
- Ford Motor Company
- General Motors
- Honda Motor Company
- Hyundai Motor Company
- Isuzu Motors
- Renault Group
- Gaz Group
- Tata Motors
- Toyota Motors
- Others
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