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
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.
|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|
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
|Restraints & Challenges:||
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
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
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.
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: