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The global light commercial vehicle market size was valued at USD 542.53 billion in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 8.1% from 2022 to 2030. The market is anticipated to propel due to rising adoption of the electric vehicles and the rental services of the light vehicles is anticipated to hinder the market development and the market is segmented based upon the vehicle type, fuel type and the tonnage type which is less than 2.5 tons and above 3.5 tons.

Global Light Commercial Vehicle Market: Regional Insights

Based on geography, the global light commercial vehicle market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East &Africa. North America, United States, in 2021, the US light commercial vehicle are categorized by the US authority and the regulatory under the Light Vehicles comprise the Sports Utility Vehicles, Vans, Pick-up trucks and the multi-purpose vehicles.

At the same time, in Europe, in 2021, Germany light commercial vehicle and its sales in Germany stood at 267832 units in the year 2020. In the year 2021, around 265732 units were registered a YOY downfall of over 0.8% in 2021 comparatively to the previous year.

Figure 1: Global Light Commercial Vehicle Market Share (%), By Region, 2021

Light Commercial Vehicle  | Coherent Market Insights

Global Light Commercial Vehicle Market Drivers:

Owing to the tremendous advancements amidst various sectors such as logistics, and the supply chain industries the acquirement of the electric vehicles is very evident in many rising markets. Additionally, the strict emission or the declaration of the rules in the regions globally pushing several industries to electrify the automotive also play a very vital role in the development of the market.

The big logistics and the e-commerce companies and industries have already declared to transform the whole fleet to electric. The industries or the organizations have been collaborating with the major players in the market to source the automotive.

Global Light Commercial Vehicle Market Opportunities:

Advancements and the developments in the last mile technology, comprising the ADV, will rise the speed and processing capacity for the logistic suppliers. Several firms are advancing several forms of the ADVs comprising the on-road delivery vans and the autonomous trucks.

The businesses are concentrating on the on the last mile delivery since it is very expensive portion of the delivery chain which is responsible for more than half of the cost incurred. The industries have been utilizing the autonomous mobile robots and the autonomous automotive technologies to start this sector in current years. 

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Light Commercial Vehicle Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 542.53 Bn
Historical Data for: 2017 to 2020 Forecast Period: 2022 to 2030
Forecast Period 2022 to 2030 CAGR: 8.1% 2030 Value Projection: US$ 1,089.47 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Vehicle Type: Passenger Van, Cargo Van, Pickup Truck, Other Vehicle Types
  • By Tonnage Capacity Type: Less than 2.5 Tons, 5.2.2 2.5 to 3.5 Tons, 5.2.3 More than 3.5 Tons
  • By Fuel Type: Gasoline, Diesel, Alternative Fuels, Electric
Companies covered:

Daimler AG, Ford Motor Company, Renault SA, Ashok Leyland Ltd, VE Commercial Vehicles Limited, Tata Motors Ltd, SML Isuzu Limited, GM Group, Mahindra & Mahindra Ltd, Volkswagen AG, Toyota Motor Corporation and Stellantis NV

Growth Drivers:
  • Rising adoption of electric vehicles
  • Rising e-commerce and logistics industry
Restraints & Challenges:
  • Growing light commercial vehicle rental services

 Global Light Commercial Vehicle Market Trends:

Various companies have already been testing the autonomous vans in the current years, For instance, in August 2021, Arrival an electric automotive company declared that its the electric van finished a demonstration at a totally functional postal depot with no driver inside.

The industries have various approaches to the autonomy based on the installed sensor system. For the navigation, various businesses utilize the camera based algorithms with the human teleoperators in case the automotive is in a complicated area.

Global Light Commercial Vehicle Market Restraints:

The light commercial vehicle rental service is rising at a very fast rate due to an increase in the online trading over the globe. Several regions across the world are notably spending on the transport and the business infrastructure development with the executive attractions and the stakeholders over the globe.

The decline in the sale of new light commercial vehicle and furthermore, as many regions have been decreased due to the grants and the incentives on the electric automotive owing to the rising adoption of the electric vehicles.                                 

Figure 2: Global Light Commercial Vehicle Market Share (%), By Segmentation:, 2021

Light Commercial Vehicle  | Coherent Market Insights

Global Light Commercial Vehicle Market Segmentation:

The global Light Commercial Vehicle market report is segmented into vehicle type, fuel type and the tonnage capacity type.

Based on the vehicle type, the market is segmented into passenger van, cargo van, pickup van and other vehicle types out of which in the middle of 2021, a panic buying of the commercial vans was seen fueled by the bottlenecked supply or distribution of the semiconductors and the collateral effect of the price hike.

.The other one is cargo van, the pick-up trucks and the cargo van are fueling the need for the pickup trucks over the globe comprising huge value proportion , suitable for the multi terrains and the visibility, elevated the axles and the outfitted wheels alloys to locate the rocky, damp and the muddy terrains. 

Based on tonnage capacity type, the market is segmented into less than 2.5 tons, 2.5 to 3.5 tons and above 3.5 tons. The tonnage less than the 2.5 tons section of the light commercial vehicle are vastly utilized for carrying the goods for very nearer or the shorter distance , the rising need for the goods from e-commerce is pushing the usage of LCV in logistics.

In the 2.5 tons segment, factors that are fueling the growth of the market are the increase of the industrial sector in rising markets and the rising need from the logistics industry and the increasing need from construction sector over the globe.

Based on the fuel type the market is segmented into gasoline, diesel and others. The need of the gasoline powered light commercial vehicle is rising owing to the very less start-up cost or the price comparatively to the diesel and the alternative fuels and also the less maintenance cost than the diesel automotive.

The new diesel technology for the light commercial vehicle usage is still being growing by the global leading OEM’s. For example, considering the closed loop system, the ultra-high precision diesel injection system can manage the particular duration of the individual syringe.   

Global Light Commercial Vehicle Market: Key Developments

  1. In March 2021, the organization or the company disclosed the new Renault Kangoo Van successfully catering to the large European market of the vans and hence receiving an edge over the competition.
  2. In September 2021, Renault also initiated accepting the orders for the new Traffic van with the sales live from the end of 2021. The totally reformed or reshaped interior and the cabin of the van are anticipated to offer optimum practically and the connected mobile technology
  3. In January 2020, Volkswagen has unveiled the new electric van in the January 2022. The van is totally equipped with the batteries from 48kWh to 111kWh and then ranges till 342 miles.
  4. In June 2020, Volkswagen declared the collaboration with the Ford Motor Company in their current global alliance for the light commercial vehicle, electrification and the autonomous driving.

Global Light Commercial Vehicle Market: Key Companies Insights

The global Light commercial vehicle market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global optical spectrum analyzer market are:

Daimler AG, Ford Motor Company, Renault SA, Ashok Leyland Ltd, VE Commercial Vehicles Limited, Tata Motors Ltd, SML Isuzu Limited, GM Group, Mahindra & Mahindra Ltd, Volkswagen AG, Toyota Motor Corporation and Stellantis NV.

*Definition: Light commercial vehicles are motor vehicles with at least 4 wheels that are utiilzied for the carriage of goods and commodities. Mass given in tons is utilized as a limit or the range in between light commercial vehicles and the heavy trucks.

A light commercial vehicle in the European Union is a commercial carrier vehicle with a gross vehicle weight of not above the 3.5 metric tons capacity. The light commercial vehicles designation is also occasionally or eventually utilized in both Canada and Ireland where mostly the commercial van is utilized. 

Market Dynamics:

The light commercial vehicles is mainly driven by the e-commerce and the logistics industry due to a rise in the internet access and the mobile phones, online retail sales and the e-commerce have been rising. This is mostly to increase the purchase and sales of the light commercial vehicle to aid with the timely delivery of commodities to the customers. Various start-ups and the established, players are generating the latest technology and the alternative powered fuel technology to decrease the carbon footprints and decrease the pollution levels over the globe.

On contrary, the light commercial vehicle rental service is likely to be a main factor that is hindering the sale of light commercial vehicle.

Key features of the study:

  • This report provides in-depth analysis of the global light commercial vehicle market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period (2022–2030), considering 2021 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global light commercial vehicle market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study include Daimler AG, Ford Motor Company, Renault SA, Ashok Leyland Ltd, VE Commercial Vehicles Limited, Tata Motors Ltd, SML Isuzu Limited, GM Group, Mahindra & Mahindra Ltd, Volkswagen AG, Toyota Motor Corporation and Stellantis NV
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global light commercial vehicles market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global light commercial vehicles market

Detailed Segmentation:

  • Global Light Commercial Vehicle Market, By Vehicle Type:
    • Passenger Van
    • Cargo Van
    • Pickup Truck
    • Other Vehicle Types
  • Global Light Commercial Vehicle Market, By Tonnage Capacity Type:
    • Less than 2.5 Tons
    • 2.2 2.5 to 3.5 Tons
    • 2.3 More than 3.5 Tons
  • Global Light Commercial Vehicle Market, By Fuel Type:
    • Gasoline
    • Diesel
    • Alternative Fuels
    • Electric
  • Global Light Commercial Vehicle Market, By Geography:
    • North America
    • Europe
    • Asia-Pacific
    • Rest of the World
  • Company Profiles:
    • Daimler AG
    • Renault SA
    • Volkswagen AG
    • Stellantis NV
    • Ford Motor Company
    • Ashok Leyland Ltd
    • Tata Motors Ltd
    • Mahindra & Mahindra Ltd
    • VE Commercial Vehicles Limited
    • SML Isuzu Limited
    • Toyota Motor Corporation
    • GM Group

Frequently Asked Questions

The global light commercial vehicle market size is estimated to be valued at US$ 584.25 Billion in 2022 and is expected to exhibit a CAGR of 8.1% between 2022 and 2030.
Rising adoption of electric vehicles projected boost the growth of the market.
The tonnage segment is the leading component segment in the market.
Growing light commercial vehicle rental services is the major factors restraining growth of the market.
Major companies involved in the growth of the market are Daimler AG, Ford Motor Company, Renault SA, Ashok Leyland Ltd, VE Commercial Vehicles Limited, Tata Motors Ltd, SML Isuzu Limited, GM Group, Mahindra & Mahindra Ltd, Volkswagen AG, Toyota Motor Corporation and Stellantis NV

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