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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