Global Light Commercial Truck Market, By Vehicle Type (Pick-Up Truck, Vans, Bus, Crossovers, SUV), Product Type (Plastic Fuel Tank, Metal Fuel Tank), Drive Type (IC Engine, Electric/Hybrid), End User (Commercial Fleet, Government Fleet), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia Pacific, South Africa, Saudi Arabia, U.A.E, Israel, Egypt, Rest of Middle East and Africa) Industry Trends and Forecast to 2029
Market Analysis and Insights Global Light Commercial Truck Market
Data Bridge Market Research analyses that the light commercial truck market would exhibit a CAGR of 53.4% for the forecast period.
A light commercial truck (LCV) is a four-wheeled motor vehicle that is used to transport products. The mass of light commercial vehicles (LCVs) is measured in tons (metric tons) and is used to distinguish them from large trucks. This limit varies between 3.5 and 7 tons, depending on national and professional criteria.
The presence of broader range of applications in several industries, and as a result of this expanded use in various industries, demand for efficient and powerful light commercial trucks increases which will further propel the market’s growth rate. The strict government regulations associated with emissions will influence the growth rate of light commercial truck market during the forecast period of 2022-2029. The light commercial truck market is likely to grow significantly due to the growth in sensor technologies, artificial intelligence, maps and advanced computing capabilities. Also, increasing penetration of downsized engines in light commercial trucks is a contributing factor to the growth rate of light commercial truck market. Furthermore, rise in infrastructure development and increasing industrialization are the major market drivers that will have positive impact on the market’s growth rate. Some of the factors such as upsurge in the level of disposable income, introduction of vehicles with efficient fuel consumption technology and rising urbanization will further propel the market’s growth rate.
Moreover, development of e-commerce and architecture enterprises and new product launches will carve the beneficial opportunities for the growth of light commercial truck market. Additionally, the growth of electric era of electric automobiles and upsurge in the demand for electric trucks from logistics sector will act as significant market driver and hence further boost new opportunities for the market’s growth.
However, high cost associated with light commercial trucks will stymie the revenue growth of light commercial truck market. The dearth of awareness and lack of skilled workforce will pose major challenges for the growth of light commercial truck market. Also, technological barriers and severe impact of COVID-19 on manufacturing as well as supply chain operations of various industries will act as major market restrain that will further hinder the growth of light commercial truck market during the above mentioned forecast period.
This light commercial truck market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on light commercial truck market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Light Commercial Truck Market Scope and Market Size
The light commercial truck market is segmented on the basis of vehicle type, product type, drive type, and end user. The growth amongst these segments will help you analyse meagre growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications.
- On the basis of vehicle type, the light commercial truck market is segmented into pick-up truck, vans, bus, crossovers and SUV.
- On the basis of product type, the light commercial truck market is segmented into plastic fuel tank, and metal fuel tank.
- On the basis of drive type, the light commercial truck market is segmented into IC engine, and electric or hybrid.
- On the basis of end user, the light commercial truck market is segmented into commercial fleet, and government fleet.
Light Commercial Truck Market Country Level Analysis
The global light commercial truck market is analysed and market size insights and trends are provided by country, vehicle type, product type, drive type, and end user as referenced above.
The countries covered in the light commercial truck market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), South Africa, Saudi Arabia, U.A.E, Israel, Egypt, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America dominates the light commercial truck market due to the growing e-commerce industries and surging demand from transportation industry in this region. Asia-Pacific is expected to grow during the forecast period of 2022-2029 due to the increase in the automobile production in India and China. Additionally, presence of major key players and changing stringent rules of government associated with emission will propel the growth rate of market in this region.
The country section of the light commercial truck market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Light Commercial Truck Market Share Analysis
The light commercial truck market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to light commercial truck market.
Some of the major players operating in the light commercial truck market are TOYOTA MOTOR CORPORATION, Volkswagen, Hyundai Motor Company, FCA India Automobiles Private Limited, Honda Motor Co., Ltd., Renault Group, Nissan, Groupe PSA, Zhejiang Geely Holding Group, ASHOK LEYLAND, Suzuki Motor Corporation, Tata Motors, MITSUBISHI MOTORS CORPORATION, General Motors, Ford Motor Company, Dongfeng Motor Company, AB Volvo, Daimler AG, GAZ international LLC, and ISUZU MOTORS LIMITED, among others.