New York, United States, March 04, 2024 (GLOBE NEWSWIRE) -- A light commercial vehicle (LCV) is a truck with at least four wheels that is designed to transport goods. National and professional definitions establish this limit, which ranges from 3.5 to 7 tons. The demand for efficient and powerful light commercial vehicles is increasing as LCVs are used in more industries. The global market has grown favorably due to the introduction of different companies' products in various parts of the world.
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Development of the Automotive Industry Drives the Global Market
According to Straits Research, “The global light commercial vehicle (LCV) market size was valued at USD 480.52 billion in 2021. It is projected to reach USD 751.86 billion by 2030, growing at a CAGR of 5.1% during the forecast period (2022-2030).” The automotive industry has grown significantly in recent years due to technological advancements and the release of vehicles with fuel-efficient technology. The creation and distribution of cutting-edge commercial vehicles to various parts of the world by multiple companies, including Ashok Leyland and Tata Motors, has contributed to the growth of the global market. Major manufacturers have also been modernizing their current lineup of light commercial vehicles, which is expected to offer lucrative industry opportunities.
Increasing Government Initiatives for the Promotion of E-Mobility Creates Tremendous Opportunities
In order to reduce carbon emissions caused by diesel fuel and battle greenhouse gas emissions, governments worldwide are putting pressure on automakers to invest in the development of electric vehicles. Governments worldwide are enticing people to buy electric cars by providing tax reductions and other incentives. Additionally, many countries exempt electric vehicles from paying the highway toll charge. These factors are anticipated to create opportunities for market growth over the forecast period.
Regional Analysis
Asia-Pacific light commercial vehicle (LCV) market share is expected to grow at a CAGR of 4.7% during the forecast period. The developments achieved by LCV producers, such as Tata Motors, Ashok Leyland, Hyundai Motor Company, Isuzu Motors, and Toyota Motors, have fueled the market's growth in the area. Additionally, since green mobility is increasingly adopted, these automakers are attempting to introduce electric LCVs to support the infrastructure for electric vehicles. The first electric light commercial vehicle from Ashok Leyland was supposed to debut before the conclusion of the current fiscal year. Switch Mobility Automotive will unveil the automobile. A recent creation intended to direct the company's India EV strategy.
Europe is expected to grow at a CAGR of 5.4%, during the forecast period. The LCV market in Europe has tremendous potential for growth due to ongoing developments made by top companies conducting business in the area. LCV manufacturers have started to invest in creating electric-propelled LCVs with higher efficiency to be used in various industries. Businesses in the UK that have been active and are inclined to develop LCVs include Ford Motor Company and Daimler AG. In all German cities and metropolitan areas, low-emission zones (LEZs) have been established. These factors are expected to drive market growth over the forecast period.
Key Highlights
- Based on vehicle type, the global light commercial vehicle (LCV) market is bifurcated into pickup trucks, light trucks, and others. The pickup trucks segment is the highest contributor to the market and is expected to grow at a CAGR of 4.5% during the forecast period.
- Based on propulsion type, the global light commercial vehicle (LCV) market is bifurcated into internal combustion engine (ICE) and electric and hybrid. The internal combustion engine (ICE) segment owns the highest market share and is expected to grow at a CAGR of 3.4% during the forecast period.
- Based on application, the global light commercial vehicle (LCV) market is bifurcated into commercial and industrial applications. The commercial segment is the highest contributor to the market and is expected to grow at a CAGR of 4.9% during the forecast period.
- Asia-Pacific is the most significant shareholder in the global light commercial vehicle (LCV) market and is expected to grow at a CAGR of 4.7% during the forecast period.
Competitive Players
The Top 10 players in the global light commercial vehicle (LCV) market are Ashok Leyland Ltd., Ford Motor Company, Gaz International LLC, General Motors, Honda Motor Co., Ltd., Hyundai Motor Company, Isuzu Motors Limited, Renault Group, Tata Motors, and Toyota Motor Corporation.
Market News
- In November 2022, First Hydrogen, a company based in London and Canada, declared that hydrogen-powered light commercial vehicles (LCVs) are prepared for test drives.
- In November 2022, The Hinduja Group's Ashok Leyland, a leading commercial vehicle manufacturer, aims to increase its market share in the electric vehicle market. Executive chairman Dheeraj Hinduja discussed the company's EV roadmap, BS VI phase-2 readiness, and its de-risking plans with Shine Jacob.
Global Light Commercial Vehicle (LCV) Market: Segmentation
By Vehicle Type
- Pickup Trucks
- Light Trucks
- Others
By Propulsion Type
- Internal Combustion Engine (ICE)
- Electric and Hybrid
By Applications
- Commercial
- Industrial Application
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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