Outlook on the Light Commercial Vehicle Global Market to 2027 - Key Drivers and Challenges

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May 11, 2021, 08:45 ET

DUBLIN, May 11, 2021 /PRNewswire/ -- The "Global Light Commercial Vehicle Market, By Vehicle Type (Passenger Van, Cargo Van, Pickup Truck, Mini Truck & Minibus), By Tonnage Capacity (Below 2.5-3.5 Tons, 3.5-6 Tons), By Fuel Type (Diesel, Petrol, Others), By Region, Competition, Forecast & Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.

The Global Light Commercial Vehicle Market is expected to grow from 11.83 million units in 2020 to 16.03 million units by 2026 on account of easy availability of vehicle financing schemes, surge in the number of infrastructural projects and booming logistics and E-commerce sector. Sales of light commercial vehicles worldwide grew from 12.73 million units in 2016 to 13.53 million units in 2019. Due to COVID-19, sales of light commercial vehicle plummeted; however, the market is estimated to bounce back and reach 16.03 million units by 2026. Until 2019, light commercial vehicles accounted for 75% of the global commercial vehicle sales and increased demand for last mile connectivity is forecast the drive the Global Light Commercial Vehicle Market through 2026.

Light commercial vehicles are generally used for the transportation of goods and services. The Global Light Commercial Vehicle Market can be segmented based on vehicle type, tonnage capacity, fuel type and region. On the basis of vehicle type, the market can be classified into passenger van, cargo van, pickup truck, mini truck and minibus. Vans and pickup trucks are the major segments in light commercial vehicle market as they have more space for seating. Based on tonnage capacity, the market can be segmented into less than 2.5-3.5 tons and 3.5-6 tons. Less than 2.5-3.5 tons accounted for the majority share in 2020 on account of presence of large number of vehicles in this segment. Moreover, light commercial vehicles under this segment are economically priced, thus contributing to the high sales of vehicles in 2020.

Regionally, the market for light commercial vehicles is gaining traction and expanding to various regions including Asia-Pacific, Europe & CIS, North America, South America, and Middle East & Africa. North America, followed by Asia Pacific, dominates the Global Light Commercial Vehicle Market and the region is expected to witness extensive adoption of light commercial vehicles during forecast period as well owing to continued investments in road infrastructure projects, increasing financing options and rising focus of government towards the automotive industry.

Major players operating in the Global Light Commercial Vehicle Market are Ford Motor Company, Renault S.A., Toyota Motor Corporation, General Motors Company, Mahindra Group, Tata Motors Ltd., Ram Trucks, Daimler AG, SAIC Motor Corporation Limited (Liuzhou Wuling Automobile Industry Co., Ltd.), Volkswagen AG. Key players are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers and acquisition and new product developments. Players operating in the market are improving R&D capabilities while enhancing operational efficiency to register positive growth.

Years considered for this report:

Historical Period: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2021-2026.

Objective of the Study:

To analyze historical growth in market size of the Global Light Commercial Vehicle Market from 2016 to 2020.
To estimate and forecast the market size of the Global Light Commercial Vehicle Market from 2021 to 2026 and growth rate until 2026.
To identify dominant region or segment in the Global Light Commercial Vehicle Market.
To identify drivers and challenges for the Global Light Commercial Vehicle Market.
To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Global Light Commercial Vehicle Market.
To conduct pricing analysis for the Global Light Commercial Vehicle Market.
To identify and analyze the profile of leading players operating in the Global Light Commercial Vehicle Market.

The publisher performed both primary as well as exhaustive secondary research for this study. Initially, the publisher sourced a list of manufacturers across the globe. Subsequently, the publisher conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, the publisher could include manufacturers which could not be identified due to the limitations of secondary research. The publisher analyzed the service offerings, distribution channels and presence of all major manufacturers across the globe.

The publisher calculated the market size of the Global Light Commercial Vehicle Market by using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. The publisher sourced these values from the industry experts and company representatives and externally validated them through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied.

Key Target Audience:

Original equipment manufacturers, suppliers and other stakeholders
Research organizations and consulting companies
Government bodies such as regulating authorities and policy makers.
Organizations, forums and alliances related to light commercial vehicles.

The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers and partners, end-users, etc., besides allowing them in strategizing investments and capitalizing on the market opportunities.

Key Topics Covered:

1. Product Overview

2. Research Methodology

3. Impact of COVID-19 on Global Light Commercial Vehicle Market

4. Voice of Customer
4.1. Factors Influencing Purchase Decision
4.2. Brand Awareness
4.3. Challenges Faced Post Purchasing

5. Executive Summary

6. Global Light Commercial Vehicle Market Outlook
6.1. Market Size & Forecast
6.1.1. By Volume
6.2. Market Share & Forecast
6.2.1. By Vehicle Type (Passenger Van, Cargo Van, Pickup Truck, Mini Truck and Minibus)
6.2.2. By Tonnage Capacity (Below 2.5-3.5 tons, 3.5-6 tons)
6.2.3. By Fuel Type (Diesel, Petrol and Others)
6.2.4. By Company (2020)
6.2.5. By Region
6.3. Product Market Map (By Vehicle Type, By Region)

7. Asia-Pacific Light Commercial Vehicle Market Outlook
7.1. Market Size & Forecast
7.2. Market Share & Forecast
7.3. Product Market Map (By Vehicle Type, By Country)
7.4. Asia-Pacific: Country Analysis

8. Europe Light Commercial Vehicle Market Outlook
8.1. Market Size & Forecast
8.2. Market Share & Forecast
8.3. Product Market Map (By Vehicle Type, By Country)
8.4. Europe: Country Analysis

9. North America Light Commercial Vehicle Market Outlook
9.1. Market Size & Forecast
9.2. Market Share & Forecast
9.3. Product Market Map (By Vehicle Type, By Country)
9.4. North America: Country Analysis

10. MEA Light Commercial Vehicle Market Outlook
10.1. Market Size & Forecast
10.2. Market Share & Forecast
10.3. Product Market Map (By Vehicle Type, By Country)
10.4. MEA: Country Analysis

11. South America Light Commercial Vehicle Market Outlook
11.1. Market Size & Forecast
11.2. Market Share & Forecast
11.3. Product Market Map (By Vehicle Type, By Country)
11.4. South America: Country Analysis

12. Market Dynamics
12.1. Drivers
12.2. Challenges

13. Market Trends & Developments

14. Competitive Landscape
14.1. Ford Motor Company
14.2. Renault S.A.
14.3. Toyota Motor Corporation
14.4. General Motors Company
14.5. Mahindra Group
14.6. Tata Motors Ltd.
14.7. FCA US LLC
14.8. Daimler AG
14.9. SAIC Motor Corporation Limited (Liuzhou Wuling Automobile Industry Co., Ltd.)
14.10. Volkswagen AG

15. Strategic Recommendations

16. About Us & Disclaimer

For more information about this report visit https://www.researchandmarkets.com/r/j90141

Media Contact:

Research and Markets
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[email protected]

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