Light Commercial Vehicles Market Overview:
The light commercial vehicles (LCVs) market is garnering substantial traction across the globe. The market growth attributes to the stringent government norms against vehicle emissions. Besides, the rising penetration of downsized engines in electric LCVs and growing crude oil prices drive the market growth, increasing investments in electric vehicles. Moreover, eco strategy, green revolution plan, and innovations escalate the market demand.
In its recent market research, Market Research Future (MRFR) asserts that the global light commercial vehicles market is expected to post a 4.5% CAGR during the assessment period (2023 – 2032). The market is to witness increasing motor vehicle production, which would expand the customer base looking for quality and profitability. LCVs hold enormous potential for the recovery of the commercial carrier vehicle industries. LCVs fulfill a vitally important role within the logistics and transportation industry.
This initiative to engage with prospective buyers through digital channels is estimated to influence the growth of the market. Conversely, the rising demand for downsized engines is a primary factor projected to impede the market growth, increasing the overall LCVs prices. Nevertheless, stringent emission norms would support market growth throughout the review period. Also, the burgeoning eCommerce industry is projected to substantiate the growth of the market.
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Light Commercial Vehicles Industry/ Innovations/ Related News
December 13, 2020 ---- Toyota Motor Corporation (Japan), a multinational automotive manufacturer, announced its fuel cell commercial vehicle development. Toyota continues to drive hydrogen commercial vehicle development in Japan and the US. Trials of light and heavy-duty hydrogen trucks have begun in both the US and Japan. In Japan, the company and its subsidiary Hino Motors with three major retail chains drive the test fuel cell light commercial vehicles. In the US, Toyota is heading with near-production heavy-duty FC trucks.
Global LCV Market – Segmentations
· The market is segmented into three dynamics;
· By Type : Vans, Trucks, Buses, Coaches, and others.
· By Fuel Type: Electric, Diesel, and Gasoline.
· By Region : Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Light Commercial Vehicles (LCV) Market – Regional Analysis
North America dominates the global light commercial vehicles market. The market growth is driven by the rapidly growing electric vehicle industry and the spurring demand for lightweight, energy-efficient automobiles in the region. Besides, the e-commerce industry in the region drives market growth, leading to strong transportation industry growth.
The Asia Pacific region accounts for the second-largest market in the global light commercial vehicle market. This substantial market share attributes to stringent government regulations against commercial vehicle emissions. Additionally, the rising demand for lightweight fuel-saving commercial vehicles fosters market sales. The rising availability of innovative technologies and automotive production, alongside the burgeoning automotive industry in the region, boosts the market's growth.
Furthermore, the strong presence of several notable industry players and increased motor vehicle production capacities impact the regional market growth positively. China, India, and ASEAN countries account for significant shares in the regional market, growing with the demand for lightweight commercial vehicles with enhanced fuel efficiency.
Europe holds the third-largest share in the global light commercial vehicles market. Factors such as the well-established automotive industry in the region and innovation in electric vehicles drive the market growth. Also, substantial R & D investments by industry players to drive the product and technology developments, fuel the light commercial vehicles market sales.
Global Light Commercial Vehicles Market – Competitive Analysis
Highly competitive, the LCV market appears to be fragmented, with several well-established players forming a competitive landscape. Industry players incorporate strategic moves, such as mergers & acquisitions, innovation, brand reinforcement, and expansion, to gain a larger competitive share. LCV manufacturers strive to offer an extended range of heavy-duty LCVs. Due to the expected innovations and improvements in product, service, and product innovations, the market will soon witness an intensified competition.
Major Players:
Players leading the global light commercial vehicles market size include Volvo Group (Sweden), Dongfeng Motor Corporation (China), Daimler AG (Germany), Tata Group (India), Ford Motor Company (US), Volkswagen Group (Germany), General Motors (US), Groupe Renault (France), Groupe PSA (France), and Hyundai Motor Company (South Korea), among others.
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