Light Commercial Vehicles Market Size Is Likely to Experience a Significant
The Global Light Commercial Vehicles Market 2020 and their impact on the market, in its newly published report. As per MRFR analysis, the light commercial vehicle market can thrive at the 4.5% CAGR through the study period 2019 to 2025. By 2025, the Light Commercial Vehicles Global Market value can touch a considerable amount states MRFR analysis. A complete assessment of impact of COVID pandemic on the light commercial vehicle market is offered along with the report.
Market Highlights
The surge in demand for electric light duty trucks across different regions of the globe due to strict emission regulations imposed by governments is observed to boost light commercial vehicles. This is expected to impel the expansion of the electric commercial vehicle market in the years to come. In addition, the rise in oil price is noted to boost the sales of light commercial vehicle, which, in turn, can impel the expansion of the light commercial vehicle global market across the review period. In addition, initiatives by different governments to introduce affordable and effective eLCVs can impel the expansion of the market in the years to come.
The increase in LCVs for commercial applications, such as carrying good and passengers can bolster the expansion of the market through the review period. The growing utility of vans, utility vehicles, goods carrying vans, buses, and light trucks can also impel the expansion of the light commercial vehicles. The increase in awareness about intra-city operations, fuel efficiency, and compact size features of the market can bolster the rise of the light commercial vehicle market through the review period.
Key Players
Volvo Group (Sweden), Daimler AG (Germany), Volkswagen Group (Germany), Dongfeng Motor Corporation (China), Ford Motor Company (US), Tata Group (India), Groupe PSA (France), Hyundai Motor Company (South Korea), General Motors (US), and Groupe Renault (France) are some reputed players operating in the light commercial vehicles market that are profiled by MRFR.
Segment Analysis
The segment assessment of the global light commercial vehicles market is done by fuel type and type.
The type based segments of the light commercial vehicles market are vans, trucks, buses, and coaches among others. The trucks segment can thrive at the highest growth rate due to increase in the demand for trucks for commercial purposes. The van segment is likely to stir up high revenue for the global market in the years ahead.
The fuel type based segments of the light commercial vehicles are electric, diesel, and gasoline. The rise in preference for diesel light commercial vehicles, following electric LCVs can impel the expansion of the market in the forecast period.
Regional Study
Trends of the light commercial vehicles market is studied across North America, EU, MEA, and Asia Pacific, following the Rest of the World.
North America light commercial market is expected to thrive in the years to come due to the expansion of the automobile sector across the analysis period. In Europe, the light commercial vehicle market can rise in the forecast period due to the development of the regional domestic e-commerce sector, following the expansion of the transportation industry across the study period.
In APAC, the expansion of the light commercial vehicle market can be attribute to the considerable surge in the automobile production. In addition, the gradual penetration of LCVs in ASEAN countries and the presence of stringent emissions in the region is expected to impel the expansion of APAC light commercial vehicles. Other regional factors that impact the market are elaborate in the report.
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