NEW YORK, Feb. 22, 2023 /PRNewswire/ — Major players in the light commercial market are Daimler, Ford, Renault, Volkswagen, Ashok Leyland, Tata Motors, SML Isuzu Limited, Toyota Motor, Groupe PSA, and Nissan.
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The global light commercial vehicle market will grow from $568.17 billion in 2022 to $639.87 billion in 2023 at a compound annual growth rate (CAGR) of 12.6%. The Russia–Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The light commercial vehicle market is expected to grow to $1,001.35 billion in 2027 at a CAGR of 11.8%.
The light commercial vehicle market consists of sales of cars and vans.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
North America was the largest region in the light commercial vehicles market in 2022.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, the Middle East, Africa.
The main types in the light commercial market are passenger vans, cargo vans, pickup trucks, light trucks, minibuses, and other types. Trucks carrying the highest gross vehicle weight of 3.5 metric tonnes and above 15 metric tonnes could be classified as light commercial vehicles (LCVs). The various fuel types are electric, diesel, and gasoline. The various tonnage capacities include less than 2.5 tons, 2.5 to 3.5 tons, and more than 3.5 tons.
The increase in online shopping is expected to drive the light commercial vehicle market. As urbanisation has increased, it has created new retail and e-commerce platforms that require efficient logistics, which could be fulfilled by light commercial vehicles (LCV).
Moreover, the current pandemic situation has impacted online shopping owing to health concerns. According to Adobe Analytics, consumers in the USA spent $2.2 billion on November 2nd, 2020, a 31% increase in year-over-year growth, and another $2.0 billion on November 3rd, 2020, which was a 27% year-over-year increase. Thus, increased demand for goods through e-commerce is pushing the use of LCVs in logistics, paving the way for the growth of the light commercial vehicle market.
The stringent emission norms imposed by the government-related CO2 emissions are expected to be a major challenge for the light commercial vehicle market.In the European Union (EU), LCV CO2 emission targets were set at 175g/km.
The EU imposed stricter CO2 emission standards on passenger cars and LCVs, which came into force in January 2020.According to the new regulation standards (Regulation (EU) No 2019/631), the average CO2 emission target is 147 grammes of CO2 per kilometer.
The new regulations focus on reducing average CO2 emissions by 31% for LCVs by 2030 as compared to 2021. The commission will impose an excess emission premium on the manufacturer of $112.15 (€95) for each g/km that is exceeded for all registered LCV if the manufacturer exceeds a specific emissions target. The strict CO2 emission regulations impact manufacturing expenditure and limit the growth of the light commercial vehicle market.
Skateboard architecture is increasingly being preferred by manufacturers for high efficiency and productivity in light commercial vehicles and is turning out to be a trend in the light commercial vehicle market.The skateboard architecture refers to an actual physical platform, which forms the floor of the vehicle and incorporates the battery.
For instance, in February 2020, Hyundai partnered with Canoo, a Los Angeles-based company creating EVs, to jointly develop an electric vehicle (EV) platform. Hyundai and Kia’s scalable skateboard architecture will provide a simplified and standardised development process for their electrified vehicles, and this will help reduce costs.
The countries in the light commercial market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The light commercial market research report is one of a series of new reports that provides light commercial market statistics, including light commercial industry global market size, regional shares, competitors with a light commercial market share, detailed light commercial market segments, market trends and opportunities, and any further data you may need to thrive in the light commercial industry. This light commercial market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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