How big is the light duty truck market?
Light
duty trucks are vehicle with a gross vehicle weight (GVW) of up to 10,000
pounds. They are typically used for commercial purposes, such as transporting
goods and materials, but they can also be used for personal use, such as
camping and towing.
The light duty truck market is driven by a
number of factors, including:
- The growing
e-commerce market, which is driving the demand for last-mile delivery
vehicles.
- The increasing
urbanization of the world's population, which is leading to a greater
demand for compact and maneuverable vehicles.
- The rising
demand for light duty trucks in developing countries, where they are used
for a variety of purposes, including construction, agriculture, and
transportation.
The Asia Pacific region is the largest market for light duty trucks,
followed by North America and Europe. The Asia Pacific region is expected to
continue to be the largest market over the forecast period, due to the growing
e-commerce market and the increasing urbanization of the population.
The major players in the global light duty
truck market include:
- Ford Motor
Company
- General Motors
- Toyota Motor
Corporation
- Volkswagen Group
- Nissan Motor
Company
- Hyundai Motor
Company
- Mitsubishi
Motors Corporation
- Isuzu Motors
Limited
- Daimler AG
- Volvo Group
- Paccar Inc.
These companies offer a wide range of light
duty trucks, including pickup trucks, vans, and SUVs.
The light duty truck market is a highly competitive market, with
companies constantly developing new and innovative products to meet the needs
of their customers. The market is also expected to grow steadily in the coming
years, driven by the factors mentioned above.
The Light duty trucks (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, The global light
commercial vehicle market is expected to post a 4.5% CAGR during the
assessment period (2019 – 2025). 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.
Additionally, increasing developments of a
comprehensive suite of fleet solutions specifically designed to improve the
operational performance, safety, and customer service levels of vehicles of
category operations substantiate the market sales. The COVID-19 outbreak has
deeply impacted the lead generation and sales of Light duty trucks.
However, manufacturers and dealers have shifted from the offline lead
generation model to online sales.
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.
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 duty trucks (LCV) Market – Regional
Analysis
North America dominates the global Light
duty trucks 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 duty trucks 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 duty trucks
market sales.
Global
Light duty trucks 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 duty
trucks market 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.
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
duty trucks. In the US, Toyota is heading with near-production heavy-duty
FC trucks.
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