The Light Commercial Vehicles Market Size was valued at USD 610.07 billion in 2023 and is expected to reach USD 936.27 billion by 2031 and grow at a CAGR of 5.5% over the forecast period 2024-2031.
A light commercial vehicle, often known as an LCV, is a type of automobile that has at least four wheels and is designed specifically for the transportation of products. Light commercial vehicles, or LCVs, have a mass that is specified in tones, and this mass is used to differentiate between large trucks and light commercial vehicles. This limit, which can range anywhere from 3.5 tons to 7 tones depending on national and professional standards, is not negotiable. LCVs have larger applicability in a variety of industries; consequently, the need for light commercial vehicles that are both economical and powerful has increased in response to this expanded application across a variety of industries. The expansion of the global market has been helped along by the expansion of a large number of firms' product lines into various regions of the world, which has had a beneficial impact on the expansion of the global market.
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In the month of July 2020, Daimler made the announcement that it has engaged in strategic cooperation with BMW to create a new technology for autonomous parking and driver assistance system for highways.
KEY DRIVERS:
Government tax credits, subsidies, and incentives are driving demand for commercial vehicles
Expansion of the automotive manufacturing sector
Expansion of commercial and industrial endeavors
The expansion of the e-commerce sector drives up the rate of expansion of the LCV market
RESTRAINTS:
Stringent CO2 emission laws have an impact on industrial costs
Emission regulations are stricter
The lack of alternative vehicles is expected to limit the market growth
OPPORTUNITIES:
A rise in government efforts to encourage the use of electric vehicles
The market is likely to benefit from an increase in the demand for these vehicles from the logistics industry
CHALLENGES:
Incapacity to transfer big weights for the purposes of transportation
It is anticipated that the price of LCVs will go up as a result of the need for smaller engines
The outbreak of COVID-19 has led to the suspension of flights, the imposition of travel bans, and the establishment of quarantines, all of which have the effect of disrupting the supply chain and bringing a halt to logistics activities around the world. The automotive industry experienced a decline in growth of between 5 and 10% in the first half of 2020. This was due to a number of factors, including transportation bans and disruptions in the supply chain, among others. The widespread disruption in the supply chain caused by the COVID-19 epidemic has been a significant effect felt all across the world.
Because of the outbreak of COVID-19, countries were forced to temporarily stop trading with one another. This had a negative impact on the supply of goods, which in turn caused a disruption in the supply chain. As a result of the outbreak, countries were left with no choice but to temporarily stop trading with one another. In addition, countries all around the world have ordered the closure of practically all retail establishments for non-essential goods, such as apparel, gadgets, accessories, and automobiles. This measure has been implemented on a national scale.
Based on the vehicle type segment, the global market has been divided into pickup trucks, light trucks, and others. During the forecast, the truck sector is anticipated to hold the majority share of the market. In comparison to other vehicles, these trucks have the capacity to carry the greatest amount of weight, which means that there will be an increase in the number of light commercial trucks in particular.
Market, By Propulsion Type:
The global market has been divided into internal combustion engine (ICE), electric & hybrid based on the propulsion type segment. The commercial vehicle market's highest revenue share belongs to IC engines. Due to a variety of government programs, the electric vehicle market for commercial vehicles is growing at an increasing rate.
Market, By Application:
The global market has been divided into commercial use and industrial use based on the application segment. During the forecast, the commercial sector is anticipated to hold the majority share of the market.
By Vehicle Type:
Pickup Trucks
Light Trucks
Others
By Propulsion Type:
Internal Combustion Engine (ICE)
Electric & Hybrid
By Application:
Commercial Use
Industrial Use
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It is projected that the market in North America would be the largest, and it is possible that it will have considerable growth over the projection period with a CAGR of about 3.2%. This is due to the fact that e-commerce companies are increasing domestically, which in turn is leading to the robust growth of the transportation industry. It is anticipated that the Asia-Pacific region will experience considerable expansion in the global market as a result of the growing production of automobiles in India and China respectively. As a result of the constantly shifting and stringent rules that the government imposes in regard to emissions, all of the major businesses are working hard to produce their most advanced models, which are able to comply with the new standards.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
Ashok Leyland, Hyundai Motor Company, Ford Motor Company, Isuzu Motors, Gaz Group, General Motors, Honda Motor Company, Renault Group, Tata Motors, and Toyota Motors are some of the affluent competitors with significant market share in the Light Commercial Vehicles Market.
Ashok Leyland-Company Financial Analysis
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 610.07 Billion |
| Market Size by 2031 | US$ 936.27 Billion |
| CAGR | CAGR of 5.5% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Vehicle Type (Pickup Trucks, Light Trucks, Others • by Propulsion Type (Internal Combustion Engine (ICE), Electric & Hybrid) • by Application (Commercial Use, Industrial Use) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Ashok Leyland, Hyundai Motor Company, Ford Motor Company, Isuzu Motors, Gaz Group, General Motors, Honda Motor Company, Renault Group, Tata Motors, and Toyota Motors |
| Key Drivers | •Government tax credits, subsidies, and incentives are driving demand for commercial vehicles. •Expansion of the automotive manufacturing sector. |
| RESTRAINTS | •Stringent CO2 emission laws have an impact on industrial costs. •Emission regulations are stricter. |
Ans:- The market size is expected to reach USD 936.27 billion by 2031.
Ans:- A light commercial vehicle, often known as an LCV, is a type of automobile that has at least four wheels and is designed specifically for the transportation of products.
Ans:- North American region is anticipated to be the primary driver of the market.
Ans:- Yes.
Ans:- Ashok Leyland, Hyundai Motor Company, Ford Motor Company, General Motors, Honda Motor Company, Renault Group, Tata Motors, and Toyota Motors are the most prominent players in the market.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Light Commercial Vehicles Market Segmentation, By Vehicle Type
9.1 Introduction
9.2 Trend Analysis
9.3 Pickup Trucks
9.4 Light Trucks
9.5 Others
10. Light Commercial Vehicles Market Segmentation, By Propulsion Type
10.1 Introduction
10.2 Trend Analysis
10.3 Internal Combustion Engine (ICE)
10.4 Electric & Hybrid
11. Light Commercial Vehicles Market Segmentation, By Application
11.1 Introduction
11.2 Trend Analysis
11.3 Commercial Use
11.4 Industrial Use
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 Trend Analysis
12.2.2 North America Light Commercial Vehicles Market by Country
12.2.3 North America Light Commercial Vehicles Market By Vehicle Type
12.2.4 North America Light Commercial Vehicles Market By Propulsion Type
12.2.5 North America Light Commercial Vehicles Market By Application
12.2.6 USA
12.2.6.1 USA Light Commercial Vehicles Market By Vehicle Type
12.2.6.2 USA Light Commercial Vehicles Market By Propulsion Type
12.2.6.3 USA Light Commercial Vehicles Market By Application
12.2.7 Canada
12.2.7.1 Canada Light Commercial Vehicles Market By Vehicle Type
12.2.7.2 Canada Light Commercial Vehicles Market By Propulsion Type
12.2.7.3 Canada Light Commercial Vehicles Market By Application
12.2.8 Mexico
12.2.8.1 Mexico Light Commercial Vehicles Market By Vehicle Type
12.2.8.2 Mexico Light Commercial Vehicles Market By Propulsion Type
12.2.8.3 Mexico Light Commercial Vehicles Market By Application
12.3 Europe
12.3.1 Trend Analysis
12.3.2 Eastern Europe
12.3.2.1 Eastern Europe Light Commercial Vehicles Market by Country
12.3.2.2 Eastern Europe Light Commercial Vehicles Market By Vehicle Type
12.3.2.3 Eastern Europe Light Commercial Vehicles Market By Propulsion Type
12.3.2.4 Eastern Europe Light Commercial Vehicles Market By Application
12.3.2.5 Poland
12.3.2.5.1 Poland Light Commercial Vehicles Market By Vehicle Type
12.3.2.5.2 Poland Light Commercial Vehicles Market By Propulsion Type
12.3.2.5.3 Poland Light Commercial Vehicles Market By Application
12.3.2.6 Romania
12.3.2.6.1 Romania Light Commercial Vehicles Market By Vehicle Type
12.3.2.6.2 Romania Light Commercial Vehicles Market By Propulsion Type
12.3.2.6.4 Romania Light Commercial Vehicles Market By Application
12.3.2.7 Hungary
12.3.2.7.1 Hungary Light Commercial Vehicles Market By Vehicle Type
12.3.2.7.2 Hungary Light Commercial Vehicles Market By Propulsion Type
12.3.2.7.3 Hungary Light Commercial Vehicles Market By Application
12.3.2.8 Turkey
12.3.2.8.1 Turkey Light Commercial Vehicles Market By Vehicle Type
12.3.2.8.2 Turkey Light Commercial Vehicles Market By Propulsion Type
12.3.2.8.3 Turkey Light Commercial Vehicles Market By Application
12.3.2.9 Rest of Eastern Europe
12.3.2.9.1 Rest of Eastern Europe Light Commercial Vehicles Market By Vehicle Type
12.3.2.9.2 Rest of Eastern Europe Light Commercial Vehicles Market By Propulsion Type
12.3.2.9.3 Rest of Eastern Europe Light Commercial Vehicles Market By Application
12.3.3 Western Europe
12.3.3.1 Western Europe Light Commercial Vehicles Market by Country
12.3.3.2 Western Europe Light Commercial Vehicles Market By Vehicle Type
12.3.3.3 Western Europe Light Commercial Vehicles Market By Propulsion Type
12.3.3.4 Western Europe Light Commercial Vehicles Market By Application
12.3.3.5 Germany
12.3.3.5.1 Germany Light Commercial Vehicles Market By Vehicle Type
12.3.3.5.2 Germany Light Commercial Vehicles Market By Propulsion Type
12.3.3.5.3 Germany Light Commercial Vehicles Market By Application
12.3.3.6 France
12.3.3.6.1 France Light Commercial Vehicles Market By Vehicle Type
12.3.3.6.2 France Light Commercial Vehicles Market By Propulsion Type
12.3.3.6.3 France Light Commercial Vehicles Market By Application
12.3.3.7 UK
12.3.3.7.1 UK Light Commercial Vehicles Market By Vehicle Type
12.3.3.7.2 UK Light Commercial Vehicles Market By Propulsion Type
12.3.3.7.3 UK Light Commercial Vehicles Market By Application
12.3.3.8 Italy
12.3.3.8.1 Italy Light Commercial Vehicles Market By Vehicle Type
12.3.3.8.2 Italy Light Commercial Vehicles Market By Propulsion Type
12.3.3.8.3 Italy Light Commercial Vehicles Market By Application
12.3.3.9 Spain
12.3.3.9.1 Spain Light Commercial Vehicles Market By Vehicle Type
12.3.3.9.2 Spain Light Commercial Vehicles Market By Propulsion Type
12.3.3.9.3 Spain Light Commercial Vehicles Market By Application
12.3.3.10 Netherlands
12.3.3.10.1 Netherlands Light Commercial Vehicles Market By Vehicle Type
12.3.3.10.2 Netherlands Light Commercial Vehicles Market By Propulsion Type
12.3.3.10.3 Netherlands Light Commercial Vehicles Market By Application
12.3.3.11 Switzerland
12.3.3.11.1 Switzerland Light Commercial Vehicles Market By Vehicle Type
12.3.3.11.2 Switzerland Light Commercial Vehicles Market By Propulsion Type
12.3.3.11.3 Switzerland Light Commercial Vehicles Market By Application
12.3.3.1.12 Austria
12.3.3.12.1 Austria Light Commercial Vehicles Market By Vehicle Type
12.3.3.12.2 Austria Light Commercial Vehicles Market By Propulsion Type
12.3.3.12.3 Austria Light Commercial Vehicles Market By Application
12.3.3.13 Rest of Western Europe
12.3.3.13.1 Rest of Western Europe Light Commercial Vehicles Market By Vehicle Type
12.3.3.13.2 Rest of Western Europe Light Commercial Vehicles Market By Propulsion Type
12.3.3.13.3 Rest of Western Europe Light Commercial Vehicles Market By Application
12.4 Asia-Pacific
12.4.1 Trend Analysis
12.4.2 Asia-Pacific Light Commercial Vehicles Market by Country
12.4.3 Asia-Pacific Light Commercial Vehicles Market By Vehicle Type
12.4.4 Asia-Pacific Light Commercial Vehicles Market By Propulsion Type
12.4.5 Asia-Pacific Light Commercial Vehicles Market By Application
12.4.6 China
12.4.6.1 China Light Commercial Vehicles Market By Vehicle Type
12.4.6.2 China Light Commercial Vehicles Market By Propulsion Type
12.4.6.3 China Light Commercial Vehicles Market By Application
12.4.7 India
12.4.7.1 India Light Commercial Vehicles Market By Vehicle Type
12.4.7.2 India Light Commercial Vehicles Market By Propulsion Type
12.4.7.3 India Light Commercial Vehicles Market By Application
12.4.8 Japan
12.4.8.1 Japan Light Commercial Vehicles Market By Vehicle Type
12.4.8.2 Japan Light Commercial Vehicles Market By Propulsion Type
12.4.8.3 Japan Light Commercial Vehicles Market By Application
12.4.9 South Korea
12.4.9.1 South Korea Light Commercial Vehicles Market By Vehicle Type
12.4.9.2 South Korea Light Commercial Vehicles Market By Propulsion Type
12.4.9.3 South Korea Light Commercial Vehicles Market By Application
12.4.10 Vietnam
12.4.10.1 Vietnam Light Commercial Vehicles Market By Vehicle Type
12.4.10.2 Vietnam Light Commercial Vehicles Market By Propulsion Type
12.4.10.3 Vietnam Light Commercial Vehicles Market By Application
12.4.11 Singapore
12.4.11.1 Singapore Light Commercial Vehicles Market By Vehicle Type
12.4.11.2 Singapore Light Commercial Vehicles Market By Propulsion Type
12.4.11.3 Singapore Light Commercial Vehicles Market By Application
12.4.12 Australia
12.4.12.1 Australia Light Commercial Vehicles Market By Vehicle Type
12.4.12.2 Australia Light Commercial Vehicles Market By Propulsion Type
12.4.12.3 Australia Light Commercial Vehicles Market By Application
12.4.13 Rest of Asia-Pacific
12.4.13.1 Rest of Asia-Pacific Light Commercial Vehicles Market By Vehicle Type
12.4.13.2 Rest of Asia-Pacific Light Commercial Vehicles Market By Propulsion Type
12.4.13.3 Rest of Asia-Pacific Light Commercial Vehicles Market By Application
12.5 Middle East & Africa
12.5.1 Trend Analysis
12.5.2 Middle East
12.5.2.1 Middle East Light Commercial Vehicles Market by Country
12.5.2.2 Middle East Light Commercial Vehicles Market By Vehicle Type
12.5.2.3 Middle East Light Commercial Vehicles Market By Propulsion Type
12.5.2.4 Middle East Light Commercial Vehicles Market By Application
12.5.2.5 UAE
12.5.2.5.1 UAE Light Commercial Vehicles Market By Vehicle Type
12.5.2.5.2 UAE Light Commercial Vehicles Market By Propulsion Type
12.5.2.5.3 UAE Light Commercial Vehicles Market By Application
12.5.2.6 Egypt
12.5.2.6.1 Egypt Light Commercial Vehicles Market By Vehicle Type
12.5.2.6.2 Egypt Light Commercial Vehicles Market By Propulsion Type
12.5.2.6.3 Egypt Light Commercial Vehicles Market By Application
12.5.2.7 Saudi Arabia
12.5.2.7.1 Saudi Arabia Light Commercial Vehicles Market By Vehicle Type
12.5.2.7.2 Saudi Arabia Light Commercial Vehicles Market By Propulsion Type
12.5.2.7.3 Saudi Arabia Light Commercial Vehicles Market By Application
12.5.2.8 Qatar
12.5.2.8.1 Qatar Light Commercial Vehicles Market By Vehicle Type
12.5.2.8.2 Qatar Light Commercial Vehicles Market By Propulsion Type
12.5.2.8.3 Qatar Light Commercial Vehicles Market By Application
12.5.2.9 Rest of Middle East
12.5.2.9.1 Rest of Middle East Light Commercial Vehicles Market By Vehicle Type
12.5.2.9.2 Rest of Middle East Light Commercial Vehicles Market By Propulsion Type
12.5.2.9.3 Rest of Middle East Light Commercial Vehicles Market By Application
12.5.3 Africa
12.5.3.1 Africa Light Commercial Vehicles Market by Country
12.5.3.2 Africa Light Commercial Vehicles Market By Vehicle Type
12.5.3.3 Africa Light Commercial Vehicles Market By Propulsion Type
12.5.3.4 Africa Light Commercial Vehicles Market By Application
12.5.3.5 Nigeria
12.5.3.5.1 Nigeria Light Commercial Vehicles Market By Vehicle Type
12.5.3.5.2 Nigeria Light Commercial Vehicles Market By Propulsion Type
12.5.3.5.3 Nigeria Light Commercial Vehicles Market By Application
12.5.3.6 South Africa
12.5.3.6.1 South Africa Light Commercial Vehicles Market By Vehicle Type
12.5.3.6.2 South Africa Light Commercial Vehicles Market By Propulsion Type
12.5.3.6.3 South Africa Light Commercial Vehicles Market By Application
12.5.3.7 Rest of Africa
12.5.3.7.1 Rest of Africa Light Commercial Vehicles Market By Vehicle Type
12.5.3.7.2 Rest of Africa Light Commercial Vehicles Market By Propulsion Type
12.5.3.7.3 Rest of Africa Light Commercial Vehicles Market By Application
12.6 Latin America
12.6.1 Trend Analysis
12.6.2 Latin America Light Commercial Vehicles Market by country
12.6.3 Latin America Light Commercial Vehicles Market By Vehicle Type
12.6.4 Latin America Light Commercial Vehicles Market By Propulsion Type
12.6.5 Latin America Light Commercial Vehicles Market By Application
12.6.6 Brazil
12.6.6.1 Brazil Light Commercial Vehicles Market By Vehicle Type
12.6.6.2 Brazil Light Commercial Vehicles Market By Propulsion Type
12.6.6.3 Brazil Light Commercial Vehicles Market By Application
12.6.7 Argentina
12.6.7.1 Argentina Light Commercial Vehicles Market By Vehicle Type
12.6.7.2 Argentina Light Commercial Vehicles Market By Propulsion Type
12.6.7.3 Argentina Light Commercial Vehicles Market By Application
12.6.8 Colombia
12.6.8.1 Colombia Light Commercial Vehicles Market By Vehicle Type
12.6.8.2 Colombia Light Commercial Vehicles Market By Propulsion Type
12.6.8.3 Colombia Light Commercial Vehicles Market By Application
12.6.9 Rest of Latin America
12.6.9.1 Rest of Latin America Light Commercial Vehicles Market By Vehicle Type
12.6.9.2 Rest of Latin America Light Commercial Vehicles Market By Propulsion Type
12.6.9.3 Rest of Latin America Light Commercial Vehicles Market By Application
13. Company Profiles
13.1 Ashok Leyland
13.1.1 Company Overview
13.1.2 Financial
13.1.3 Products/ Services Offered
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 Hyundai Motor Company
13.2.1 Company Overview
13.2.2 Financial
13.2.3 Products/ Services Offered
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 Ford Motor Company
13.3.1 Company Overview
13.3.2 Financial
13.3.3 Products/ Services Offered
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 Isuzu Motors
13.4.1 Company Overview
13.4.2 Financial
13.4.3 Products/ Services Offered
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 Gaz Group
13.5.1 Company Overview
13.5.2 Financial
13.5.3 Products/ Services Offered
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 General Motors
13.6.1 Company Overview
13.6.2 Financial
13.6.3 Products/ Services Offered
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 Honda Motor Company
13.7.1 Company Overview
13.7.2 Financial
13.7.3 Products/ Services Offered
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 Renault Group
13.8.1 Company Overview
13.8.2 Financial
13.8.3 Products/ Services Offered
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 Tata Motors
13.9.1 Company Overview
13.9.2 Financial
13.9.3 Products/ Services Offered
13.9.4 SWOT Analysis
13.9.5 The SNS View
13.10 Toyota Motors
13.10.1 Company Overview
13.10.2 Financial
13.10.3 Products/ Services Offered
13.10.4 SWOT Analysis
13.10.5 The SNS View
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
14.3.1 Industry News
14.3.2 Company News
14.3.3 Mergers & Acquisitions
15. Use Case and Best Practices
16. Conclusion
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