Light Commercial Vehicle Market Overview
After using data from primary as well as secondary sources, market analysts have predicted that the Light Commercial Vehicles Market Value is going to reach USD 794.86 billion during the forecast period 2021-2030. The estimated growth rate during the forecast period is a CAGR of 5.67%.
In today's world, every automobile market whether it is a car or bike or scooter or man-powered bicycle is being powered by electricity. As the price of fossil fuels is increasing day by day, there is an emerging need to make electric automobiles. The automobile sector has largely succeeded in achieving that goal. Thus, there are several advantages to using Light Commercial Vehicles.
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Light commercial vehicles are used to carry goods weighing tons and quintals in the market and this special reason distinguishes between light and heavy commercial vehicles. The light commercial vehicle is a special type of vehicle which is identified in terms of total vehicle weight. These vehicles can carry goods up to a maximum weight of 7 tons.
In the case of light commercial vehicles, the fuel consumption is very low. This factor will lead to an increase in the demand for Light Commercial Vehicles Market and it will lead the manufacturers to increase their production speed.
The transport sector has also suffered massive losses due to the pandemic and was blamed for intermittent interstate as well as interstate transportation of every item or commodity during the lockdown. But after a while when the stocks of food grains and pulses became empty, there was a need to supply certain items in that particular area. Thus, the Light Commercial Vehicles Market has increased.
Light Commercial Vehicle Market Segmentation
The light commercial vehicles Market is expected to see significant growth due to the performance of various market segments. Based on Type and Fuel type the market has been segmented.
Based on type, the market is classified into Trucks, Busses, Coaches, and others. The truck segment is expected to dominate the Light Commercial Vehicle Market during the forecast period. Since trucks can carry the maximum amount of weight compared to others, this will lead to an increase in light commercial trucks in particular.
The Light Commercial Vehicle Market is also divided based on fuel type followed by: Diesel, Gasoline, and Electric.
Light Commercial Vehicle Market Regional Classification
The Light Commercial Vehicle Industry movement continues to operate in 3 major regions of the world: Europe, Asia Pacific, North America, and the rest of the world.
Over the forecast period with an estimated CAGR of 2.9% North America is expected to be the largest market and could witness significant growth. The reason behind this is that e-commerce industries are growing internally which is leading to the strong growth of the transport industry.
The Asia-Pacific region is expected to witness significant growth in the global Light Commercial Vehicle Market due to the increasing automobile production in India and China. In addition, to the changing strict rules of government-related emissions, all key players are coming up with their best models that can adapt to those rules.
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Light Commercial Vehicle Industrial News
To get a detailed and insightful insight into the light commercial vehicle market, it is crucial to create a competitive environment between different key players in different market locations across the globe.
In January 2019, Pickman electric pickup trucks were being exported to the United States with all the necessary regulatory approvals from KAIYUN Motors.
Light Commercial Vehicle Market Key Players
- Daimler AG (Germany)
- Volvo Group (Sweden)
- Dongfeng Motor Corporation (China)
- Volkswagen Group (Germany)
- Tata Group (India)
- Ford Motor Company (US)
- Groupe PSA (France)
- General Motors (US)
- Hyundai Motor Company (South Korea)
- Groupe Renault (France)
Light Commercial Vehicle Market Segmentation
By Type
- Trucks
- Vans
- Buses
- Coaches
- Others
By Fuel Type
- Diesel
- Gasoline
- Electric
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