Regulations Limiting Capacity to Boost Light Commercial Vehicles Market
Light commercial vehicles are vehicles which carry mass varying between 3.5 tons to 7 tons, as per local regulations or standards. They are mainly used for carrying goods and are ideal for intra-city operations due to their compact size. Market Research Future (MRFR) has published an exhaustive report on global light commercial vehicles after a thorough analysis of the key trends and patterns governing the market over the forecast period of 2019-2025. MRFR has projected a CAGR of 4.5% during 2019-2025.
A combination of factors is stimulating the growth of the market. A prominent factor is the expanding e-commerce sector. Increasing spending capabilities of consumers and subsequent growth of the e-commerce industry has generated high demand within the light commercial vehicles market for transportation purpose. Rising trading activities across the globe along with the expanding transportation industry, whose growth is fueled by escalating expenditure on commutation has also reflected positively on the growth of the market.
To prevent road injuries and fatalities, the governments in various countries have limited the amounts of goods being carried in commercial vehicles. Enactment of such regulations has led to a surge in demand for light commercial vehicles.
Increasing penetration of downsized engines in light commercial vehicles has added fuel to the growth of the market. Downsizing helps in a considerable reduction in fuel usage and also enhances the efficiency of the vehicles.
Within the context of urbanization and rise in consumption of goods, automotive manufacturers are keener on producing light commercial vehicles. Electric and autonomous vehicles seem to be inevitable in the future of light commercial vehicles which is likely to catapult the growth of the market in the coming years. Additionally, various developed countries have implemented regulations which encourage the adoption of electric vehicles for commercial purpose. Automakers are aiming to produce light commercial vehicles in electric format to comply with new emission standards which are likely to create growth opportunities for the market. However, the growth of the market
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Segmentation
The global light commercial vehicles market has been segmented based on type and fuel type.
By type, the light commercial vehicle market has been segmented into trucks, buses, vans, coaches, and others. The trucks and vans segments are estimated to garner the maximum growth over the forecast period.
By fuel type, the light commercial vehicle market has been segmented into diesel, gasoline, and electric. The diesel light commercial vehicle segment is likely to witness maximum growth in terms of both value and volume.
Regional Analysis
By region, the light commercial vehicle market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
The growing e-commerce industry in North America has uniquely positioned the region for exponential growth. Expanding e-commerce industry is employing light commercial vehicles for delivery of products which has generated demand for light commercial vehicles. Moreover, persistent investment in infrastructure development and various policies restricting the use of heavy commercial vehicles for the prevention of road accidents has also favored the market growth in North America.
The APAC light commercial vehicles market is anticipated to exhibit considerable growth over the forecast period. The surge in the automobile production, growing logistics sector, and growing e-commerce industry is favoring the growth of the market in the APAC.
Competitive Landscape
Volvo Group (Sweden), General Motors (US), Groupe PSA (France), Tata Group (India), Daimler AG (Germany), Hyundai Motor Company (South Korea), Dongfeng Motor Corporation (China), Volkswagen Group (Germany), Groupe Renault (France), and Ford Motor Company (US) are the notable players in the light commercial vehicles market.
Industry Updates
May 2019 - Ashok Leyland, Indian commercial vehicle manufacturer, announced that the company is planning to invest USD 286 million for rolling out emission norm compliant light commercial vehicles.
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According to Market Research Future (MRFR)’s report, the global electric commercial vehicle industry has been forecasted to scale a healthy CAGR over the forecast period 2018 to 2023.
The growth of the market is expected to be in line with the groundbreaking emission-free innovations.
Also, the shifts in the fueling infrastructure are prognosticated to favor the expansion of the market over the next couple of years.The expansion of the transportation industry is supporting the proliferation of the electric commercial vehicle market.
In addition, the efforts directed at the establishment of cost-effective charging facilities in conjunction with industry-leading charging technology innovations are forecasted to drive market growth in the upcoming years.Investments are being made towards the development of efficient battery technologies which is likely to augment the global electric commercial vehicle market in the years to come.
On the contrary, limited battery power and long charging durations remain impediments to market growth.Market Segmentation:By vehicle type, the global electric commercial vehicle market has been segmented into bus, trucks, and others.By component, the electric commercial vehicle market has been segmented into electric motor, EV battery, hydrogen fuel cell, and others.By propulsion, the global electric commercial vehicle market has been segmented into battery electric vehicle, hybrid electric vehicle, plug in hybrid electric vehicle, and fuel cell electric vehicleBy range, the electric commercial vehicle market has been segmented into 0-150 miles, 151-250 miles, 251-500 miles, and above 500 miles.Regional Analysis:By region, the global electric commercial vehicle market has been segmented into four major regions-North America, Europe, Asia Pacific, and the Rest of the World (RoW).
Asia Pacific is, at present, dominating the growth pattern of the market.
Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reportsThe Light Commercial Vehicle Global Market Report 2020-30 by The Business Research Company describes and explains the global light commercial vehicle market and covers 2015 to 2020, termed the historic period, and 2020 to 2025, termed the forecast period, along with further forecasts for the period 2025-2030.
The report evaluates the market across each region and for the major economies within each region.The Light Commercial Vehicle Global Market Report 2021 covers light commercial vehicle market drivers, light commercial vehicle market trends, light commercial vehicle market segments, light commercial vehicle market growth rate, light commercial vehicle market major players, and light commercial vehicle market size.
View Complete Report:https://www.thebusinessresearchcompany.com/report/light-commercial-vehicle-global-market-report The light commercial vehicle market report provides an in-depth analysis of the impact of COVID-19 on the global light commercial vehicle industry, along with revised market numbers due to the effects of the coronavirus and the expected light commercial vehicle market growth numbers 2021-2030.Light Commercial Vehicle Global Market Report 2021 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies.
The chapter on the impact of COVID-19 gives valuable insights on supply chain disruptions, logistical challenges, and other economic implications of the virus on the market.
The chapter also covers markets which have been positively affected by the pandemic.Request For The Sample Now:https://www.thebusinessresearchcompany.com/sample.aspx?id=3690=smp The global light commercial vehicle market is expected to grow from $440.87 billion in 2020 to $475.29 billion in 2021 at a compound annual growth rate (CAGR) of 7.8%.
The market is expected to reach $652.34 billion in 2025 at a CAGR of 8.2%.The report covers the light commercial vehicle market segments- 1 By Vehicle Type: Passenger Van, Cargo Van, Pickup Trucks, Light Trucks, Mini Buses, Others.2) By Fuel: Electric, Diesel, Gasoline.3) By Tonnage Capacity Type: Less Than 2.5 Tons, 2.5 To 3.5 Tons, More Than 3.5 Tons.About The Business Research Company: The Business Research Company is a market research and intelligence firm that excels in company, market, and consumer research.
