Global Light Commercial Vehicle Market Growth 2024, Forecast To 2033
16 Jan, 2024
The light commercial vehicle market has experienced rapid growth, increasing from $614.93 billion in 2023 to $676.49 billion in 2024, showcasing a 10.0% CAGR. Historical growth is attributed to industrialization, economic growth, urbanization, infrastructure development, and the entrepreneurial ventures of small businesses. The forecast suggests ongoing rapid growth, reaching $990.88 billion by 2028, with a 10.0% CAGR. Anticipated growth drivers include the expansion of e-commerce, compliance with environmental regulations, the rise of electric vehicles and alternative fuels, the introduction of autonomous delivery vehicles, and solutions addressing urban mobility challenges. Key trends in the forecast period encompass the adoption of electric LCVs, connectivity, fleet management, lightweight materials, and the customization of modular designs, along with the incorporation of advanced safety features.
Global Light Commercial Vehicle Market Key Driver
The light commercial vehicle market is on the rise due to increased online shopping, necessitating efficient logistics. The growth of e-commerce, particularly during the current pandemic, has led to a 7.5% increase in online shopping in Q2 2023, as reported by the United States Census Bureau. This surge in online shopping drives the demand for light commercial vehicles, supporting the transportation of goods and propelling the market's growth.
Get A Free Sample Of The Global Light Commercial Vehicle Market ReportGlobal Light Commercial Vehicle Market Segments
The light commercial vehicle market covered in this report is segmented –
1) By Vehicle Type: Passenger Van, Cargo Van, Pickup Trucks, Light Trucks, Mini Buses, Other Vehicle Types
2) By Fuel: Electric, Diesel, Gasoline
3) By Tonnage Capacity Type: Less Than 2.5 Tons, 2.5 To 3.5 Tons, More Than 3.5 Tons
By Geography: The regions covered in the light commercial vehicle market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions
North America was the largest region in the light commercial vehicles market in 2023. Asia-Pacific was the second-largest region in the light commercial vehicle market. The regions covered in the light commercial vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Light Commercial Vehicle Industry Players
Daimler AG, Ford Motor Company, Renault Group, Volkswagen AG, Ashok Leyland Limited, Tata Motors Limited, SML Isuzu Limited, Toyota Motor Corporation, Groupe PSA, Nissan Motor Co. Ltd., Volvo Group, Anhui Jianghuai Automobile Co. Ltd., Mahindra & Mahindra Limited, VE Commercial Vehicles Limited, AvtoVAZ, General Motors Company, Honda Motor Co. Ltd., GAZ Group, Hyundai Motor Company, Mitsubishi Motors Corporation, United Parcel Service Inc., Workhorse Group Inc., Dongfeng Motor Corporation, GM Holden Ltd., Mazda Motor Corporation, Force Motors Limited, Piaggio Vehicles Private Limited, Scania Commercial Vehicles India Private Limited
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Light Commercial Vehicle Market Overview
A light commercial vehicle often known as an “LCV"" is any passenger automobile or goods truck with a gross vehicle weight of more than 7,500 kilograms and includes tractors, trailers and others.
Light Commercial Vehicle Global Market Report 2023 provides data on the global light commercial vehicle market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The light commercial vehicle market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.