Coherent Market Insights

Light Commercial Vehicle Market To Be Valued at US$ 1,089.47 Bn in 2030

Light Commercial Vehicle Market To Be Valued at US$ 1,089.47 Bn in 2030 - Coherent Market Insights

Publish In: Sep 14, 2022

Qualifying the light commercial vehicles comprise of the pickup trucks, vans and the three wheelers all commercially based commodities or the passengers carrier automotive. The light commercial vehicle concept was made as a compact truck and is generally optimized to be built tough and have less operating price.

Statistics:

The global light commercial vehicle market is estimated to account for US$ 584.25 Bn in terms of value by the end of 2022.

Drivers:

The official regulations and the authorities, the financial incentives towards the electric vehicle and the rapid establishment of the infrastructure that is assisting the electric vehicles can fuel the market survey over the predicted duration

Opportunities:

The lidars focus on the things of interest in few hundred meter radius while the camera surveys the long distances. This type of hybrid technology notices the problem of the employing lidar for the very long rare detection which leads to significant power consumption and low signal to noise ratio.

Recent Development:

In April 2021, Stellantis approved the fiat e ducato the group’s first electric large van that generated its Italian plant in Turin. The van was generated as a part of the company’s bid to increase its vast range battery electric and the hybrid automotive.

Restraint:

Electric automotive rental services are in huge demand as a result of the stricter auto pollution standards. Various rental suppliers are collaborating with the charging providers to provide the charging infrastructure for the rental automotive. 

To know the latest trends and insights prevalent in the Global Light Commercial Vehicle Market, click the link below:

https://www.coherentmarketinsights.com/market-insight/light-commercial-vehicle-market-5221

Global Light Commercial Vehicle Market - Impact of Coronavirus (Covid-19) Pandemic

The Covid-19 pandemic has an adverse growth towards the market as the pandemic led to the strict imposition of lockdowns and also there was an interruption in the transports or the import and export of goods and parts from various areas across the globe and there was a decline the supply chain of the goods which led to the downfall of the market. The closure of the manufacturing and the production units also is one of the factors that hampered the growth of the light commercial vehicle market.

Key Takeaways:

The global light commercial vehicle market was valued at US$ 542.53 Bn in 2021 and is forecast to reach a value of US$ 1,089.47 Bn by 2030 at a CARG of 8.1% between 2022 and 2030.

Tonnage Segment held the dominant position in the global light commercial vehicle market in 2022, accounting for 46% share in terms of value, increasing approval and launch of new products is expected to propel the growth of the segment during the forecast period.

Key Trends:

Trend 1

The increasing electrification in the light commercial vehicle is possibly to make an opportunity or the chance for the market. For instance, major vehicle brand over the Volkswagen Group are on the track to adopt both the dedicated and flexible electric vehicle platform approach.

Trend 2

Various OEMs such as the Mercedes and the PSA are hindering the light commercial vehicle platform advancing from the fresh perspectives. This comprises, advancing the ladder to unbody the type and creating new electric and the electronic architecture suited for the new era of the connected autonomous vehicles.

Competitive Landscape:

Major companies involved in the growth of the global light commercial vehicle 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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