Report Code: CMI25050

Published Date: July 2023

Pages: 220+

Category: Off Road Vehicles, Lcv, Hcv

Report Snapshot

CAGR: 9.5%
8.2T
2022
9.1T
2023
17.6T
2032

Source: CMI

Study Period: 2024-2033
Fastest Growing Market: Asia-Pacific
Largest Market: Europe

Major Players

  • Ashok Leyland
  • Ford Motor Company
  • General Motors
  • Honda Motor Company
  • Hyundai Motor Company
  • Others

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Reports Description

As per the current market research conducted by CMI Team, the Global Light Commercial Vehicle Market is expected to record a CAGR of 9.5% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 8.2. Trillion. By 2032, the valuation is anticipated to reach USD 17.6 Trillion.

Light Commercial Vehicle Market: Overview

A motor vehicle with a minimum of four wheels that are used to transport products is referred to as a light commercial vehicle (LCV). LCVs are used to distinguish between light commercial vehicles and large trucks since they have a defined mass specified in tons (metric tons). This limit, which ranges between 3.5 and 7 tons, is determined by national and professional criteria.

LCVS is used more widely throughout a variety of businesses, and as a result of this expanded use across a variety of industries, there is a rising need for effective and potent light commercial vehicles. The light commercial vehicle is made up of several small systems, including chassis, interior and exterior, steering, and other components. Light commercial vehicle manufacturing has increased in the Asia-Oceania area as a result of the region’s dramatic improvements in commerce and transportation.

Light Commercial Vehicle Market: COVID–19 Impact Analysis

Global economies have been significantly impacted by the COVID-19 pandemic. For several industries, COVID-19 has created a number of difficulties. Because of the rapid global spread of COVID-19, the supply chain and logistics industries suffered a great deal from the COVID-19 epidemic.

Governments all across the world have implemented strong social exclusion policies, partial to total lockdown operations, and other measures to prevent the spread of COVID-19. Automobile manufacturers and their subcontractors experienced production and demand interruptions as a result of lockdown measures.

Additionally, constraints were loosened in various industries and nations at varying rates, which led to a scarcity of inputs in the intricate value chains of the vehicle industry.

Light Commercial Vehicle Market: Growth Drivers

Electrification and the use of cutting-edge technologies will help the industry to accelerate the market’s growth

Environmental problems are brought on by the increased air pollution that conventional automobiles’ fuel emissions create on a global scale. This has prompted manufacturing firms to switch to renewable energy sources. In order to promote zero-emission public transportation and maintain a clean, breathing environment for citizens, public transportation agencies in various locations are electrifying their vehicles.

To reduce the growing pollution levels, governments have implemented strict laws. They have also launched a number of initiatives to encourage the electrification of automobiles. The logistics industry is concentrating on electric cars as well by creating the necessary infrastructure.

The OEMs are also aiming to lower battery prices to promote the usage of electric vehicles globally. A number of significant players are moving toward electric automobiles to meet rising demand. Moreover, due to their numerous benefits, including long battery lives, expanded range, energy economy, and improvements in electrical systems, electric cars are also becoming more and more popular on the international market.

The industry is boosted by the use of ADAS, which includes lane departure warning systems, driver monitoring systems, and blind spot detection systems. These benefits of electric vehicles and technological improvements are driving the market demand for light commercial vehicles in the electric version.

The growth of the automobile industry has fueled the expansion of the market

Due to technical improvements and the introduction of automobiles with efficient fuel consumption technologies, the automotive sector has experienced tremendous development in recent years. The development and introduction of cutting-edge commercial vehicles by several organizations to various regions throughout the world have aided in the expansion of the worldwide market.

Key manufacturers have also been updating their current lineup of light commercial vehicles, which is anticipated to provide profitable chances for the industry. Therefore, over the projected period, the advancements & technical advancements in the automotive sector support the growth of the worldwide light commercial vehicle market.

Global Light Commercial Vehicle Market 2023–2032 (By Propulsion Type)

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Light Commercial Vehicle Market: Segmentation Analysis

The light commercial vehicle market is segmented into vehicle type and propulsion type. Based on vehicle type, the market for light trucks segment is dominating during the forecast period. Almost all industries employ light vehicles. It is used by the industrial sector to move completed items and raw materials between their storage facilities and consumer outlets. The primary end-use markets for light vehicles are the public, private, and industrial sectors.

The development of sensor technologies, artificial intelligence, maps, and advanced processing capabilities is expected to lead to a major increase in the market for light commercial trucks. Additionally, a factor in the market expansion for light commercial trucks is the growing prevalence of smaller engines in these vehicles. Furthermore, the primary market factors that will have a beneficial effect on the market’s growth rate are the expansion of infrastructure and an increase in industrialization.

The market’s growth rate will be further accelerated by a number of reasons, including an increase in disposable income, the introduction of automobiles with efficient fuel consumption technologies, and expanding urbanization.

By propulsion type, the I.C. engine segment is anticipated to dominate the market during the forecast period. The segment is hopeful for a number of reasons owning to accessible energy, which is still crucial, especially in emerging nations like India. The only dependable source of energy up to this point has been the combustion of fossil fuels.

The I.C. engine is the main component of vast transportation networks and infrastructure, thus replacing it would be extremely expensive. EVs require a very complex charging infrastructure that is quite expensive, which many nations now lack.

Due to strict laws surrounding fuel efficiency requirements, the EV industry is anticipated to have promising development as demand increases. Additionally, manufacturers are consistently focused on lowering the price of the battery to enhance EV sales, driving the expansion of the global market. Commercial EVs offer a longer

driving range and create no noise or air pollution in comparison to traditional internal combustion engines. They are also more suited for autonomous driving; hence the EV category is anticipated to have the greatest CAGR throughout the course of the projected period.

Report Scope

Feature of the Report Details
Market Size in 2023 USD 9.1 Trillion
Projected Market Size in 2032 USD 17.6 Trillion
Market Size in 2022 USD 8.2 Trillion
CAGR Growth Rate 9.5% CAGR
Base Year 2023
Forecast Period 2024-2033
Key Segment By Vehicle Type, Propulsion Type and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Key Insights:

  • Based on vehicle segmentation, the light trucks segment is estimated to hold the largest market share during the forecast period.
  • Based on propulsion segmentation, the I.C. engine light commercial vehicle segment is the leading revenue-generating category during the forecast period and EV is expected to grow at a significant rate.
  • On the basis of geography/region, the North America region was the leading revenue generator in 2021.

Recent Development

  • March 2021: The new Traffic van from Renault is now available for pre-order, with deliveries starting at the end of 2021. The van’s entirely rebuilt interior, and cabin is anticipated to provide the highest level of functionality and mobile connectivity. For long-haul travel reasons, the vehicle also has updated ADAS features.
  • March 2021: The new AVTR family of vehicles, made by a modular truck platform, was introduced by Ashok Leyland Ltd. Customers may modify their trucks using this platform to meet their needs.

Global Light Commercial Vehicle Market 2023–2032 (By Trillion)

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Regional Landscape

Throughout the projection period, North America is expected to continue to be among the most alluring markets and this region is accounted for the majority revenue share in the market. Due to the region’s rising need for commercial trucks, North America now maintains the greatest share of the industry.

This is clear from the fact that, per OICA, the COVID-19 epidemic caused North America’s output of commercial vehicles to fall by 20.3%. However, as soon as lockdowns were released, there was an increase in new orders. Additionally, this region saw an increase in demand from e-commerce logistics operations. On the worldwide market, the area is predicted to develop strongly.

Competitive Landscape

Our report offers both quantitative and qualitative insights into the WebRTC market and major development initiatives adopted by the key players. Further, it offers competitive details and market share analysis. The report further includes relevant financial information, products and services offered, SWOT analysis, and recent developments of the players profiled.

Global Light Commercial Vehicle Market 2023–2032 (By Application)

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List of the prominent players in the global light commercial vehicle market:

  • Ashok Leyland
  • Ford Motor Company
  • General Motors
  • Honda Motor Company
  • Hyundai Motor Company
  • Isuzu Motors
  • Renault Group
  • Gaz Group
  • Tata Motors
  • Toyota Motors
  • Others

The global Light commercial vehicle market is segmented as follows:

By Vehicle Type

  • Pickup Trucks
  • Light Trucks
  • Others

By Propulsion Type

  • Internal Combustion Engine (ICE)
  • EV

By Application

  •  Commercial Use
  •  Industrial Use

By Region

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Light Commercial Vehicle Market, (2024 – 2033) (USD Trillion)
    • 2.2 Global Light Commercial Vehicle Market : snapshot
  • Chapter 3. Global Light Commercial Vehicle Market – Industry Analysis
    • 3.1 Light Commercial Vehicle Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Electrification and the use of cutting-edge technologies will help the industry to accelerate the market’s growth
      • 3.2.2 The growth of the automobile industry has fueled the expansion of the market.
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By Vehicle Type
      • 3.7.2 Market attractiveness analysis By Propulsion Type
  • Chapter 4. Global Light Commercial Vehicle Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Light Commercial Vehicle Market: company market share, 2022
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Light Commercial Vehicle Market – Vehicle Type Analysis
    • 5.1 Global Light Commercial Vehicle Market overview: By Vehicle Type
      • 5.1.1 Global Light Commercial Vehicle Market share, By Vehicle Type, 2022 and – 2033
    • 5.2 Pickup Trucks
      • 5.2.1 Global Light Commercial Vehicle Market by Pickup Trucks, 2024 – 2033 (USD Trillion)
    • 5.3 Light Trucks
      • 5.3.1 Global Light Commercial Vehicle Market by Light Trucks, 2024 – 2033 (USD Trillion)
    • 5.4 Others
      • 5.4.1 Global Light Commercial Vehicle Market by Others, 2024 – 2033 (USD Trillion)
  • Chapter 6. Global Light Commercial Vehicle Market – Propulsion Type Analysis
    • 6.1 Global Light Commercial Vehicle Market overview: By Propulsion Type
      • 6.1.1 Global Light Commercial Vehicle Market share, By Propulsion Type, 2022 and – 2033
    • 6.2 Internal Combustion Engine (ICE)
      • 6.2.1 Global Light Commercial Vehicle Market by Internal Combustion Engine (ICE), 2024 – 2033 (USD Trillion)
    • 6.3 EV
      • 6.3.1 Global Light Commercial Vehicle Market by EV, 2024 – 2033 (USD Trillion)
  • Chapter 7. Light Commercial Vehicle Market – Regional Analysis
    • 7.1 Global Light Commercial Vehicle Market Regional Overview
    • 7.2 Global Light Commercial Vehicle Market Share, by Region, 2022 & – 2033 (USD Trillion)
    • 7.3. North America
      • 7.3.1 North America Light Commercial Vehicle Market, 2024 – 2033 (USD Trillion)
        • 7.3.1.1 North America Light Commercial Vehicle Market, by Country, 2024 – 2033 (USD Trillion)
    • 7.4 North America Light Commercial Vehicle Market, by Vehicle Type, 2024 – 2033
      • 7.4.1 North America Light Commercial Vehicle Market, by Vehicle Type, 2024 – 2033 (USD Trillion)
    • 7.5 North America Light Commercial Vehicle Market, by Propulsion Type, 2024 – 2033
      • 7.5.1 North America Light Commercial Vehicle Market, by Propulsion Type, 2024 – 2033 (USD Trillion)
    • 7.6. Europe
      • 7.6.1 Europe Light Commercial Vehicle Market, 2024 – 2033 (USD Trillion)
        • 7.6.1.1 Europe Light Commercial Vehicle Market, by Country, 2024 – 2033 (USD Trillion)
    • 7.7 Europe Light Commercial Vehicle Market, by Vehicle Type, 2024 – 2033
      • 7.7.1 Europe Light Commercial Vehicle Market, by Vehicle Type, 2024 – 2033 (USD Trillion)
    • 7.8 Europe Light Commercial Vehicle Market, by Propulsion Type, 2024 – 2033
      • 7.8.1 Europe Light Commercial Vehicle Market, by Propulsion Type, 2024 – 2033 (USD Trillion)
    • 7.9. Asia Pacific
      • 7.9.1 Asia Pacific Light Commercial Vehicle Market, 2024 – 2033 (USD Trillion)
        • 7.9.1.1 Asia Pacific Light Commercial Vehicle Market, by Country, 2024 – 2033 (USD Trillion)
    • 7.10 Asia Pacific Light Commercial Vehicle Market, by Vehicle Type, 2024 – 2033
      • 7.10.1 Asia Pacific Light Commercial Vehicle Market, by Vehicle Type, 2024 – 2033 (USD Trillion)
    • 7.11 Asia Pacific Light Commercial Vehicle Market, by Propulsion Type, 2024 – 2033
      • 7.11.1 Asia Pacific Light Commercial Vehicle Market, by Propulsion Type, 2024 – 2033 (USD Trillion)
    • 7.12. Latin America
      • 7.12.1 Latin America Light Commercial Vehicle Market, 2024 – 2033 (USD Trillion)
        • 7.12.1.1 Latin America Light Commercial Vehicle Market, by Country, 2024 – 2033 (USD Trillion)
    • 7.13 Latin America Light Commercial Vehicle Market, by Vehicle Type, 2024 – 2033
      • 7.13.1 Latin America Light Commercial Vehicle Market, by Vehicle Type, 2024 – 2033 (USD Trillion)
    • 7.14 Latin America Light Commercial Vehicle Market, by Propulsion Type, 2024 – 2033
      • 7.14.1 Latin America Light Commercial Vehicle Market, by Propulsion Type, 2024 – 2033 (USD Trillion)
    • 7.15. The Middle-East and Africa
      • 7.15.1 The Middle-East and Africa Light Commercial Vehicle Market, 2024 – 2033 (USD Trillion)
        • 7.15.1.1 The Middle-East and Africa Light Commercial Vehicle Market, by Country, 2024 – 2033 (USD Trillion)
    • 7.16 The Middle-East and Africa Light Commercial Vehicle Market, by Vehicle Type, 2024 – 2033
      • 7.16.1 The Middle-East and Africa Light Commercial Vehicle Market, by Vehicle Type, 2024 – 2033 (USD Trillion)
    • 7.17 The Middle-East and Africa Light Commercial Vehicle Market, by Propulsion Type, 2024 – 2033
      • 7.17.1 The Middle-East and Africa Light Commercial Vehicle Market, by Propulsion Type, 2024 – 2033 (USD Trillion)
  • Chapter 8. Company Profiles
    • 8.1 Ashok Leyland
      • 8.1.1 Overview
      • 8.1.2 Financials
      • 8.1.3 Product Portfolio
      • 8.1.4 Business Strategy
      • 8.1.5 Recent Developments
    • 8.2 Ford Motor Company
      • 8.2.1 Overview
      • 8.2.2 Financials
      • 8.2.3 Product Portfolio
      • 8.2.4 Business Strategy
      • 8.2.5 Recent Developments
    • 8.3 General Motors
      • 8.3.1 Overview
      • 8.3.2 Financials
      • 8.3.3 Product Portfolio
      • 8.3.4 Business Strategy
      • 8.3.5 Recent Developments
    • 8.4 Honda Motor Company
      • 8.4.1 Overview
      • 8.4.2 Financials
      • 8.4.3 Product Portfolio
      • 8.4.4 Business Strategy
      • 8.4.5 Recent Developments
    • 8.5 Hyundai Motor Company
      • 8.5.1 Overview
      • 8.5.2 Financials
      • 8.5.3 Product Portfolio
      • 8.5.4 Business Strategy
      • 8.5.5 Recent Developments
    • 8.6 Isuzu Motors
      • 8.6.1 Overview
      • 8.6.2 Financials
      • 8.6.3 Product Portfolio
      • 8.6.4 Business Strategy
      • 8.6.5 Recent Developments
    • 8.7 Renault Group
      • 8.7.1 Overview
      • 8.7.2 Financials
      • 8.7.3 Product Portfolio
      • 8.7.4 Business Strategy
      • 8.7.5 Recent Developments
    • 8.8 Gaz Group
      • 8.8.1 Overview
      • 8.8.2 Financials
      • 8.8.3 Product Portfolio
      • 8.8.4 Business Strategy
      • 8.8.5 Recent Developments
    • 8.9 Tata Motors
      • 8.9.1 Overview
      • 8.9.2 Financials
      • 8.9.3 Product Portfolio
      • 8.9.4 Business Strategy
      • 8.9.5 Recent Developments
    • 8.10 Toyota Motors
      • 8.10.1 Overview
      • 8.10.2 Financials
      • 8.10.3 Product Portfolio
      • 8.10.4 Business Strategy
      • 8.10.5 Recent Developments
    • 8.11 Others
      • 8.11.1 Overview
      • 8.11.2 Financials
      • 8.11.3 Product Portfolio
      • 8.11.4 Business Strategy
      • 8.11.5 Recent Developments
List Of Figures

Figures No 1 to 19

List Of Tables

Tables No 1 to 52

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2030

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2030
  • Market revenue estimates and forecasts up to 2030, by technology
  • Market revenue estimates and forecasts up to 2030, by application
  • Market revenue estimates and forecasts up to 2030, by type
  • Market revenue estimates and forecasts up to 2030, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Players

  • Ashok Leyland
  • Ford Motor Company
  • General Motors
  • Honda Motor Company
  • Hyundai Motor Company
  • Isuzu Motors
  • Renault Group
  • Gaz Group
  • Tata Motors
  • Toyota Motors
  • Others

FAQs

“North America” region will lead the Global Light Commercial Vehicle Market during the forecast period 2023 to 2032.

The key factors driving the Market are Electrification and the use of cutting-edge technologies will help the industry to accelerate the market’s growth And The growth of the automobile industry has fueled the expansion of the market.

The key players operating in the Light Commercial Vehicle Market are Ashok Leyland, Ford Motor Company, General Motors, Honda Motor Company, Hyundai Motor Company, Isuzu Motors, Renault Group, Gaz Group, Tata Motors, Toyota Motors, Others.

The Global Light Commercial Vehicle Market is expanding growth with a CAGR of approximately 9.5% during the forecast period (2023 to 2032).

The Global Light Commercial Vehicle Market size was valued at USD 8.2. Trillion in 2022 and it is projected to reach around USD 17.6 Trillion by 2032.

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