Report Description

Global Light Commercial Vehicle Market By Vehicle Type (Passenger Van, Cargo Van, Pickup Truck, Truck & Mini Bus), By Tonnage Capacity (Below 2.5-3.5 Tons, 3.5-6 Tons, 6-7.5 Tons), By Fuel Type (Diesel, Petrol & Others), By Region, Competition, Forecast & Opportunities, 2024

  • Publish Date: NA
  • Format : PDF
  • Pages : 110
  • Industry : Automotive

Global light commercial vehicle market is expected to grow at a brisk rate during forecast period on account of easy availability of vehicle financing schemes, surge in the number of infrastructural projects and booming logistics and e-commerce sector. Sales of commercial vehicles worldwide grew from 19.1 million in 2010 to 25.9 million in 2017. Organization Internationale des Constructeurs d’Automobiles (OICA) defines light commercial vehicle as vehicles whose weight is less than 7.5 tons. Currently, light commercial vehicles account for 75% of the global commercial vehicle sales. Moreover, light commercial vehicle is the preferred vehicle type for last mile connectivity. Increasing penetration of electric vehicle owing to standard and regulations enforced by government bodies, worldwide to meet emission reduction standards is expected to positively influence global light commercial vehicle market during forecast period.

Light commercial vehicles are used for the transportation of goods and services. Global light commercial vehicle market can be segmented based on vehicle type, tonnage capacity, fuel type and region. On the basis of vehicle type, the market can be classified into passenger van, cargo van, pickup truck, truck and mini bus. Vans and pickup trucks are the major segments in light commercial vehicle market as they have more space for seating, with more safety, convenience and comfort features. On the basis of tonnage capacity, the market can be segmented into less than 2.5-3.5 tons, 3.5-6 tons and 6-7.5 tons. Less than 2.5-3.5 tons accounted for the majority share on account of presence of large number of vehicles in this segment. Moreover, light commercial vehicles under this segment are economically priced, thus contributing to the high sales of vehicles in this segment.

Regionally, the market for light commercial vehicle is gaining traction and expanding to various regions including Asia-Pacific, North America, Europe, South America and Middle East & Africa. North America, followed by Europe, dominates global light commercial vehicle market and the region is expected to witness extensive adoption of light commercial vehicles during forecast period as well owing to continued investments in road infrastructure projects, increasing financing options and rising focus of government towards automotive industry. 

Major players operating in global light commercial vehicle market are Daimler AG, Renault SA, Volkswagen AG, Volvo AB, Ford Motor Company, Ashok Leyland Ltd., Tata Motors Ltd., Mahindra & Mahindra Ltd., VE Commercial Vehicles Limited, SML Isuzu Limited, etc. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers and acquisition and new product developments. For instance, Tata Motors introduced XL series of Ace range of LCV and Xenon Yodha in FY2018, which follow BS IV regulations. Players operating in the market are improving R&D capabilities while enhancing operational efficiency to register positive growth.

Years considered for this report:

Historical Years: 2014-2017

Base Year: 2018

Estimated Year: 2019

Forecast Period: 2020–2024

Objective of the Study:

  • To analyze and forecast the market size of global light commercial vehicle market.
  • To classify and forecast global light commercial vehicle market based on vehicle type, tonnage capacity, fuel type and regional distribution.
  • To identify drivers and challenges for global light commercial vehicle market.
  • To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global light commercial vehicle market.
  • To conduct pricing analysis for global light commercial vehicle market.
  • To identify and analyze the profile of leading players operating in global light commercial vehicle market.

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Some of the leading players in global light commercial vehicle market are Daimler AG, Renault SA, Volkswagen AG, Volvo AB, Ford Motor Company, Ashok Leyland Ltd., Tata Motors Ltd., Mahindra & Mahindra Ltd., VE Commercial Vehicles Limited, SML Isuzu Limited, etc.

TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the service offerings, distribution channels and presence of all major manufacturers across the globe.

TechSci Research calculated the market size of global light commercial vehicle market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.

Key Target Audience:

  • Original equipment manufacturers, suppliers and other stakeholders
  • Research organizations and consulting companies
  • Government bodies such as regulating authorities and policy makers
  • Organizations, forums and alliances related to light commercial vehicle

The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.

Report Scope:

In this report, global light commercial vehicle market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

  • Market, By Vehicle Type:
    • Passenger Van
    • Cargo Van
    • Pickup Truck
    • Truck & Mini Bus
  • Market, By Tonnage Capacity:
    • Below 2.5-3.5 tons
    • 3.5-6 tons
    • 6-7.5 tons
  • Market, By Fuel Type:
    • Diesel
    • Petrol
    • Others
  • Market, By Region:
    • Asia-Pacific
      • China
      • India 
      • Japan
      • Thailand
      • South Korea
    • Europe & CIS
      • Germany
      • United Kingdom
      • France
      • Spain
      • Italy
      • Turkey
    • North America
      • United States
      • Mexico
      • Canada
    • South America
      • Brazil
      • Argentina
      • Colombia
    • Middle East & Africa
      • South Africa
      • Saudi Arabia
      • Iran
      • UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in global light commercial vehicle market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

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