Light vehicles are those vehicles which usually have manufacturer’s rated capacity of 1 ton or less. It is a vehicle designed to carry freight or a small number of passengers up to the official weight. Such vehicles consist of lighter materials and lower engine strength, which have a major impact on the overall vehicle weight. Some of the common types of the light vehicles are van, sport utility vehicles, scooter, and others. They are also fuel efficient and have the ability to offer maximum efficiency.
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The light vehicle market is segmented on the basis of type as passenger vehicles and commercial vehicles.
“According to Data Bridge Market Research, Global Light Vehicle Market is set to witness steady CAGR in the forecast period of 2019- 2026”
Few of the major competitors currently working in the light vehicles market are Toyota Motor Corporation; Volkswagen AG; HYUNDAI MOTOR GROUP; Fiat Chrysler Automobiles; Honda Motor Co., Ltd.; Groupe Renault; Nissan; Groupe PSA; Zhejiang Geely Holding Group; ASHOK LEYLAND; suzuki motor corporation; Tata Motors, MITSUBISHI MOTORS CORPORATION among others.
Technological advancement and development in automotive industry is expected to enhance the market growth. Increasing popularity for vehicles worldwide due to the comfort and convenience offered by them is another factor which is affecting the market positively. Manufacturers are also developing different light vehicles at an affordable range and as per the need and requirement of the customer is further accelerating the market growth. These are some of factors which are affecting the market growth.
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Global Light Vehicles Market – Industry Trends and Forecast to 2028