Electric Vehicles is the fastest growing segment fueling the growth of Light Commercial Vehicle Market

 


The global Light Commercial Vehicle Market is estimated to be valued at US$ 633.98 Bn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:

Light commercial vehicles (LCVs) are commercial motor vehicles used for transportation of goods and materials. LCVs include goods vehicles like pickup trucks, vans, and trucks with gross weight of less than 3.5 tons. These vehicles offer benefits such as increased fuel efficiency, higher load capacity and operational flexibility for last mile delivery services.

Market key trends:

Rise in electric vehicles and clean technology adoption is a major trend in Global Light Commercial Vehicle Market Size. Stringent emission regulations along with growing consumer preference for eco-friendly transportation has accelerated the demand for electric light commercial vehicles. Governments across regions are offering subsidies and tax incentives for purchase of electric commercial vehicles to boost the adoption. Introduction of innovative battery technologies with higher driving range between charges is further fueling the sales of electric LCVs. Majority of leading automakers are actively investing in development of electric vans and trucks with payloads of up to 3.5 tons to cater to the growing need for sustainable freight transportation.

Segment Analysis

The light commercial vehicle market is segmented by type into pickup trucks, mini buses and vans. The pickup trucks segment dominates the market with a share of over 40% in 2023. Pickup trucks are highly useful for transportation of goods and for carrying out several commercial activities. Their design featuring an open-top cargo area at the rear makes them ideal for carrying out a variety of tasks. This wide applicability has driven their demand higher compared to other segments in the light commercial vehicle market.

Key Takeaways

The global light commercial vehicle market is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing demand for last mile delivery of goods and packages.

Asia Pacific dominated the regional analysis in 2023 with a share of over 35% owing to high demand from India and China. India and China are the fastest growing markets in the region due to rising e-commerce activities and improving road infrastructure which is propelling the demand for light commercial vehicles.

The global light commercial vehicle market size for 2023 is US$ 633.98 Bn. The market is expected to reach US$ 1117.84 Bn by 2030.

Key players operating in the 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. These players are focusing on developing advanced light commercial vehicles for last mile deliveries and local transportation needs.

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