Global Light Commercial Vehicle Market Trends, Market Share, Industry Size, Growth, Opportunities and Market Forecast – 2022 to 2028

The global light commercial vehicle market is anticipated to grow at a significant CAGR of 5.8% during the forecast period (2022-2028). The majority of light commercial vehicles are used to transport goods over short distances. The logistics and e-commerce industries are quickly developing, so light commercial vehicle demand is expected to rise. Also, rapid urbanization has resulted in the creation of new retail and e-commerce platforms that necessitate effective logistics, resulting in the expansion of the light commercial vehicle market.

The expansion of the light commercial vehicle market is additionally being fueled by increasingly rigorous pollution standards, rising oil prices, and the increasing penetration of smaller engines in light commercial vehicles. Furthermore, as the electric era of automobiles progresses, manufacturers will have new chances to invest in the development of electric light commercial vehicles. The Chinese e-commerce industry is rapidly expanding, which is propelling the country’s light commercial vehicle industry forward. For instance, local technology giants, such as Alibaba Group, Tencent, and JD are dominating the country’s fast-rising e-commerce industry.

Due to rising environmental concerns, the US government has been continually working and supporting various policies aimed at promoting the expansion of the electric vehicle industry. For instance, in January 2019,  Kaiyun Motors received the necessary regulatory licenses to begin exporting its Pickman electric pickup vehicles to the US. The company hopes to sell up to 10,000 of its vehicle spar year in the US.

The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, in order to stay competitive in the market. For instance-

• In February 2019, in the Philippines, Toyota launched the sixth-generation Hiace MPV. The all-new MPV is sold in various nations and regions, with a focus on emerging markets.
• In February 2019, Mitsubishi Motors Corp.(MMC) launched the New Delica D:5 all-around minivan at connected dealerships in Japan. The new Delica D:5’s appearance features MMC’s Dynamic Shield front design concept, which has vertical multi-function LED headlights and instantly identifies the car. Inside, a new horizontal-line dashboard that mixes utility and openness contributes to the interior’s attractiveness.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Vehicle Type
  • By Propulsion Type
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape-Daimler AG, Ford Motor Co., Ashok Leyland Ltd., Tata Motors Ltd., and Mahindra & Mahindra Ltd., among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Light Commercial Vehicle Market Report by Segment

By Vehicle Type

• Passenger Van
• Cargo Van
• Pickup Truck
• Others

By Propulsion Type

• ICE
• Electric & Hybrid