Light Commercial Vehicles Industry/ Innovations/ Related News
August 18, 2020 ---- Etrio (India), an electric vehicle company, launched the country's
first certified retrofitted electric light commercial vehicle (eLCV). The
introduction of the eLCV is the company's first-of-its-kind initiative to
transform and electrify intra-city logistics. The new green
productive vehicle would not only re-shape the e-commerce logistics
space but also have a deeper impact on the EV ecosystem.
The global light commercial vehicles market
is growing rapidly, mainly due to the stringent government norms related to
emissions. Besides, the rise in the global oil prices and rising penetration of
downsized engines in electric light commercial vehicles (LCVs) drive the growth
of the market. The proliferation of electric automobiles/EVs creates investment
opportunities for manufacturers. Moreover, the demand for LCVs escalates the
growth of the market.
What Are Light Commercial Vehicles?
Light
commercial vehicles (LCVs) are commercial vehicles with a gross vehicle
weight (GVW) of up to 3.5 tonnes. They are also known as light trucks, vans,
and minibuses. LCVs are used for a variety of purposes, including transporting
goods and people, delivering packages, and providing services.
LCVs are popular among businesses because they are relatively
fuel-efficient and easy to operate. They are also relatively affordable to
purchase and maintain.
Here are some examples of LCVs:
- Pickup trucks
- Vans
- Minibuses
- Three-wheelers
- Small trucks
- Commercial SUVs
LCVs play an important role in the economy by helping businesses to
transport goods and people efficiently and affordably.
Get A Free Sample Report of Light Commercial
Vehicles
Here are some of the benefits of using LCVs:
- Fuel efficiency:
LCVs are typically more fuel-efficient than heavy-duty commercial
vehicles.
- Maneuverability:
LCVs are easier to maneuver than heavy-duty commercial vehicles, making
them ideal for use in urban areas.
- Affordability:
LCVs are relatively affordable to purchase and maintain.
- Versatility:
LCVs can be used for a variety of purposes, from transporting goods and
people to delivering packages and providing services.
If you are looking for a commercial vehicle that is fuel-efficient,
maneuverable, affordable, and versatile, then an LCV is a good option to
consider.
What are Electric Light Commercial Vehicles?
Electric light commercial vehicles (ELCVs) are light commercial vehicles (LCVs) that
are powered by electricity. ELCVs are becoming increasingly popular as
businesses and organizations look to reduce their carbon footprint and save
money on fuel costs.
According to Market Research Future (MRFR),
the global light commercial vehicles market is projected to grow at
approximately 4.5% CAGR during the anticipated period (2019 – 2025). The LCV
segment holds enormous potential for the recovery of the commercial vehicle
industries. The LCV industry is to
account for over 40% of sales volume in FY20, growing continually during the
years to come. The market is to witness increasing product launches, which
would expand the customer base looking for quality and profitability.
LCV manufacturers are developing robust
product offering equipped with BS-VI engine, featuring customer-centric
offerings on technology and driver comfort, while being contemporary and
futuristic. Companies strive to expand their LCV offerings, a best-in-class
payload capacity available through physical and digital platforms. While the
medium and heavy commercial vehicle (MHCV) segment continued to remain under
stress, the decline was narrowed by growth in LCV demand.
Commercial vehicle (CV) sales seen the
barometer of economic activities, dropped by 7% year-on-year (y-o-y) in August,
while the small and light commercial vehicle (SCV and LCV) category saw an
uptick backed by demand from last-mile delivery applications and the rural
markets. On the flip side, the demand for downsized engines, which increases
the overall LCVs prices, is a primary factor forecasted to hamper the market
growth.
Nevertheless, emission norms and
technological innovations expected in the recent future would support market
growth throughout the review period, presenting cost-competitive solutions.
Also, the burgeoning eCommerce industry is projected to substantiate the growth
of the market.
Global
Light Commercial Vehicles Market – Segments
The report is segmented into three
dynamics;
By
Type : Trucks, Vans,
Buses, Coaches, and others.
By
Fuel Type: Diesel, Gasoline, and Electric.
By
Region : North America, Europe, APAC, and the Rest-of-the-World.
Global
Light Commercial Vehicles Market – Regional Analysis
North America leads the global light
commercial vehicles market. The largest market share attributes to the rapidly
growing electric vehicle industry in the region. The spurring demand for
lightweight energy-efficient automobiles in the region fuels the sales in the
market. Besides, e-commerce in the region drives market growth, leading to the
strong growth of the transportation industry. The North American LCV market is
projected to retain its dominance throughout the estimated period.
The Asia Pacific region stands second in
the global light commercial vehicle market. The market is especially driven by
stringent government regulations for emissions from commercial vehicles.
Additionally, rising demand for lightweight fuel-saving commercial vehicles accelerates
the sales in the regional market. The rising automotive production in the
already burgeoning automotive industry and the availability of innovative
technologies foster the market growth in the region.
Furthermore, the strog presence of several
notable players and increased production capacity in terms of volume and new
facilities boost the regional market growth. China, India, and ASEAN countries
hold significant shares in the regional market, growing with the demand for
lightweight commercial vehicles with enhanced fuel efficiency. The APAC LCV
market is estimated to increase at a significant pace during the assessment
period.
Europe also holds a substantial share in
the global light commercial vehicles market. Factors such as the presence of
the well established automotive industry in the region and innovation in
electric vehicles act as key tailwinds for the market growth in this region.
Substantial R & D investments by the existing major industry players
required for product and technology developments fuel the sales in the light
commercial vehicles market. The European LCV market is anticipated to grow at
an impressive CAGR during the review period.
Global
LCV Market – Competitive Analysis
Highly competitive, the light commercial
vehicles market appears fragmented due to the presence of several
well-established players. To gain a larger competitive share, industry players
initiate strategic approaches such as mergers & acquisitions, innovation,
brand reinforcement, and expansion. Industry players 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 is soon
expected to witness an intensified competition.
Major Players:
Players leading the global LCV market
include Volvo Group (Sweden), Daimler AG (Germany), Dongfeng Motor Corporation
(China), Tata Group (India), Volkswagen Group (Germany), Ford Motor Company
(US), General Motors (US), Groupe PSA (France), Groupe Renault (France), and
Hyundai Motor Company (South Korea), among others.
Electric vehicle start-up has developed
this eLCV using its scientific retrofitment process revives. The
new eLCV can increase the driver owner's earning by saving almost 60 percent of
the operational expenses, making diesel guzzling LCV into a green productive
vehicle. The manufacturing facility at Hyderabad can churn out 5,000 such
vehicles per annum.
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