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Light Commercial Vehicle Market to Grow at 5.22% CAGR by 2026
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Continuously growing demand for light commercial vehicles coupled with growing E-commerce businesses and small-scale businesses to drive the growth of global light commercial market through 2026.
According to TechSci Research report, “Global Light Commercial Vehicle Market By Vehicle Type (Passenger Van, Cargo Van, Pickup Truck, Mini Truck and Minibus), By Tonnage Capacity (Below 2.5-3.5 Tons, 3.5-6 Tons), By Fuel Type (Diesel, Petrol and Others), By Region, Competition, Forecast & Opportunities, 2026”, Global Light Commercial Vehicle market is anticipated to reach 16.032 million units by 2026. Growth in the global light commercial market is led by passenger vans and pickup trucks followed by the sales of cargo vans. Rise in demand for light commercial vehicles is majorly due to increasing E-commerce transportation. The new small-scale businesses have also stimulated light commercial vehicle production globally. The global light commercial vehicle market is majorly dominated by Asia Pacific, followed by North America, Europe & CIS, South America and MEA. Asia Pacific and North America have combined market share of over 70% in the global light commercial vehicle market. The major reason behind dominance of Asia Pacific is increased sales of light commercial vehicles in China. China itself occupied 25% share of overall global light commercial vehicle sales. Presence of huge number of small-scale businesses and growing E-commerce business are the major driving factors for Asia Pacific.
Due to COVID-19, the sales of light commercial vehicles decreased in 2020, but it is expected that the sales will increase in 2021 because of increasing dependency on E- commerce sites. In light commercial vehicles, the passenger vans is the leading segment because it is one of the most used transportation mode by the companies for their employees and by other travel agencies for general transportation services. Pickup trucks are also having a good demand globally because they are widely used for the logistic purposes. Cargo vans are also increasing at a good rate because of increasing demand by the E-commerce industry and movers & packers. The demand of cargo vans is more in North America followed by Asia Pacific. Companies across the globe are also introducing more performance-oriented light commercial vehicles to better suit the different driving conditions, which is further anticipated to augment the level of competition in global light commercial vehicle market in the coming years.
Browse more than 114 market data Figures spread through 110 Pages and an in-depth TOC on "Global Light Commercial Vehicle Market"
Global Light Commercial Vehicle market can be segmented based on tonnage capacity, fuel type, vehicle type and region. In terms of vehicle type, the passenger vans account for the largest share followed by pickup trucks and the trend is expected to continue in the forthcoming years as well. While cargo vans segment is expected to grow at an impressive rate in the forecast period. Pickup trucks are preferred globally due to their usage as goods carrier and for passenger transport. Hence, it is expected that pickup trucks demand will slightly grow in forecast period. In terms of fuel type, diesel based light commercial vehicles are preferred more due to higher efficiency of diesel engines and more load carrying capacity in comparison to petrol and other fuels. But it is expected that the percent of diesel based light commercial vehicle will decrease in forecast period due to implementation of various environment policies by the governments all around the world. In terms of tonnage capacity, light weight vehicle i.e., below 2.5-3.5 tons vehicle sub- segment is leading and in the forecast period also it is expected to be the leading sub-segment followed by 3.5-6 tons capacity vehicle.
Ford Motor Company, Renault S.A., Toyota Motor Corporation, General Motors Company, Mahindra Group, etc., are among some of the leading players operating in Global Light Commercial Vehicle market. Apart from these companies, Tata Motors Ltd., FCA US LLC, Daimler AG, SAIC Motor Corporation Limited (Liuzhou Wuling Automobile Industry Co., Ltd.), Volkswagen AG are also increasing their marketing activities and enriching product portfolio globally to increase their customer outreach.
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“In 2020, North America accounted for the largest share i.e., 36.49% in global light commercial vehicle market. But Asia Pacific is expected to lead in forecast period because of increasing light commercial sales in China and other parts of Asia Pacific. China is world’s largest commercial vehicle hub and is also the main attraction for small scale businesses. Increase in E-commerce business and small-scale businesses globally is expected to boost the global light commercial vehicle market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Light Commercial Vehicle Market By Vehicle Type (Passenger Van, Cargo Van, Pickup Truck, Mini Truck and Minibus), By Tonnage Capacity (Below 2.5-3.5 Tons, 3.5-6 Tons), By Fuel Type (Diesel, Petrol and Others), By Region, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of Global Light Commercial Vehicle market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Light Commercial Vehicle Market.
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