Dublin, March 22, 2023 (GLOBE NEWSWIRE) -- The "Light Commercial Vehicle Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This reportprovides strategists, marketers and senior management with the critical information they need to assess the market.
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 light commercial vehicle market is expected to grow to $1,001.35 billion in 2027 at a CAGR of 11.8%.
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 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, minibusses, 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.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $639.87 billion |
| Forecasted Market Value (USD) by 2027 | $1001.35 billion |
| Compound Annual Growth Rate | 11.8% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Light Commercial Vehicle Market Characteristics
3. Light Commercial Vehicle Market Trends And Strategies
4. Light Commercial Vehicle Market - Macro Economic Scenario
4.1 COVID-19 Impact On Light Commercial Vehicle Market
4.2 Ukraine-Russia War Impact On Light Commercial Vehicle Market
4.3 Impact Of High Inflation On Light Commercial Vehicle Market
5. Light Commercial Vehicle Market Size And Growth
5.1. Global Light Commercial Vehicle Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Light Commercial Vehicle Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Light Commercial Vehicle Market Segmentation
6.1. Global Light Commercial Vehicle Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Passenger Van
- Cargo Van
- Pickup Trucks
- Light Trucks
- Mini Buses
- Other Vehicle Types
6.2. Global Light Commercial Vehicle Market, Segmentation By Fuel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Electric
- Diesel
- Gasoline
6.3. Global Light Commercial Vehicle Market, Segmentation By Tonnage Capacity Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Less Than 2.5 Tons
- 2.5 To 3.5 Tons
- More Than 3.5 Tons
7. Light Commercial Vehicle Market Regional And Country Analysis
7.1. Global Light Commercial Vehicle Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Light Commercial Vehicle Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/uif1o7
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