The light commercial vehicle market share is expected to increase by 1436.98 thousand units from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 1.5%.
This light commercial vehicle market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers light commercial vehicle market segmentations by type (conventional fuel vehicles and alternative fuel vehicles) and geography (North America, APAC, Europe, South America, and Middle East and Africa). The light commercial vehicle market report also offers information on several market vendors, including AMG Corp, Ashok Leyland Ltd, Cummins Inc., Daimler Truck Holding AG, Ford Motor Co., GAZ International LLC, General Motors Co, Honda Motor Co. Ltd, Hyundai Motor Co, Isuzu Motors Ltd, JAC Inc., Kia Motors Corp, Mahindra and Mahindra Ltd., Maruti Suzuki India Ltd., Nissan Motor Co. Ltd., Robert Bosch GmbH, Tata Motors Ltd, Toyota Motor Corp, and Volkswagen AG among others.
What will the Light Commercial Vehicle Market Size be During the Forecast Period?
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Light Commercial Vehicle Market: Key Drivers, Trends, and Challenges
Based on our research output, there has been a negative impact on the market growth during and post-COVID-19 era. The rising penetration of downsized engines in LCVs to drive vehicle price is notably driving the light commercial vehicle market growth, although factors such as the implementation of fuel-efficiency standards resulting in increased prices of LCVs may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the light commercial vehicle industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Light Commercial Vehicle Market Driver
- The rising penetration of downsized engines in LCVs to drive vehicle prices is one of the key drivers propelling the light commercial vehicle (LCV) market growth.
- Vehicle manufacturers are increasingly developing downsized engine blocks for decreasing curb weight, improving fuel efficiency, and limiting the formation of emissions.
- Most vehicle manufacturers equip turbochargers within diesel and gasoline engines to facilitate more air to be taken in for combustion.
- Gasoline engine turbochargers are made of composite materials that can resist high operating temperatures produced at a high rate of rpm. They also weigh significantly more than their diesel engine counterparts.
- The rising preference for fuel-efficient LCVs in China and India is expected to drive the market of turbocharged downsized engines in these countries. This is expected to drive the LCV makers to use turbochargers in their gasoline and diesel LCV models.
Key Light Commercial Vehicle Market Trend
- Electric LCVs for facilitating last-mile connectivity is one of the key light commercial vehicle (LCV) market trends fueling the market growth.
- Automotive makers are increasingly researching raising the reliability of electric vehicles.
- The lack of proper charging stations and limited power capacity batteries are the main drawbacks of electric vehicles.
- Vehicle manufacturers are undertaking various experimental operations involving the usage of electric vehicles to troubleshoot the various issues faced by the vehicle in a real-world scenario. However, unlike passenger cars, LCVs require more power to be effective in hauling passengers or cargo.
- Vehicle manufacturers have begun using electric LCVs in real-world scenarios to test their ability and endurance of electric LCVs. This, in turn, will fuel the market growth during the forecast period.
Key Light Commercial Vehicle Market Challenge
- The implementation of fuel-efficiency standards resulting in increased prices of LCVs is one of the factors impeding the light commercial vehicle (LCV) market growth.
- Implementation of fuel efficiency standards for LCVs will increase the prices of vehicles by about $4,500 per vehicle. Vehicle manufacturers will equip the vehicle's engine with numerous pieces of equipment to reduce the consumption of fuel.
- The US is planning to upgrade fuel-efficiency standards for the fleet of LCVs owned by LCV manufacturers, which is expected to increase the cost of LCVs considerably and lead to a decline in sales of LCVs during the forecast period.
- Increased electrification of automotive components will cause a significant increase in the prices of vehicles. Hence, an increase in the cost of LCVs will further lead to a decline in sales of LCVs during the forecast period.
This light commercial vehicle market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Parent Market Analysis
Technavio categorizes the global light commercial vehicles (LCVs) market as a part of the global automotive market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the light commercial vehicle market during the forecast period.
Who are the Major Light Commercial Vehicle Market Vendors?
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- AMG Corp
- Ashok Leyland Ltd
- Cummins Inc.
- Daimler Truck Holding AG
- Ford Motor Co.
- GAZ International LLC
- General Motors Co
- Honda Motor Co. Ltd
- Hyundai Motor Co
- Isuzu Motors Ltd
- JAC Inc.
- Kia Motors Corp
- Mahindra and Mahindra Ltd.
- Maruti Suzuki India Ltd.
- Nissan Motor Co. Ltd.
- Robert Bosch GmbH
- Tata Motors Ltd
- Toyota Motor Corp
- Volkswagen AG
This statistical study of the light commercial vehicle (LCV) market encompasses successful business strategies deployed by the key vendors. The light commercial vehicle (LCV) market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Product Insights and News
- Daimler Truck Holding AG - It is a public company headquartered in Germany. It is a global company generating $44,933.32 million in revenues and has around 99,849 employees. Its revenue from the global light commercial vehicle market contributes to its overall revenues along with its other offerings, but it is not a key revenue stream for the company.
- Daimler Truck Holding AG - The company offers light commercial vehicles such as Mercedes Benz trucks, Freightliner trucks, and Western Star.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The light commercial vehicle market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Light Commercial Vehicle Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the light commercial vehicle market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
Which are the Key Regions for Light Commercial Vehicle Market?
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50% of the market’s growth will originate from North America during the forecast period. The US is the key market for the light commercial vehicle market in North America. Market growth in this region will be slower than the growth of the market in APAC.
The government initiatives will facilitate the light commercial vehicle market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 had a negative impact on regional market growth. However, in 2021, the success of vaccination drives across North America and a rise in investment inflows into the auto sector resulted in the reopening of the automotive vehicle. As a result of these factors, the growth of the LCVs market in North America is expected to propel during the forecast period.
What are the Revenue-generating Type Segments in the Light Commercial Vehicle Market?
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The LCV market share growth in the conventional fuel vehicles segment will be significant during the forecast period. It is expected that the rising adoption of LCVs in the US and China will propel the LCVs market steadily during the forecast period. This is due to better access to financing and growth in the small business sector, which includes hospitality, retail, e-commerce, and other industries, that have increased the sales of LCVs in these countries. This will drive the conventional fuel vehicles segment of the market during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the LCV market size and actionable market insights on the post-COVID-19 impact on each segment.
You may be interested in the regional reports:
Europe Light Commercial Vehicle market - The market share will grow at a CAGR of close to 4% by 2021.
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Light Commercial Vehicle Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 1.5% |
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Market growth 2022-2026 |
1436.98 th units |
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Market structure |
Fragmented |
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YoY growth (%) |
1.4 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 50% |
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Key consumer countries |
US, Mexico, Canada, China, and Thailand |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
AMG Corp, Ashok Leyland Ltd, Cummins Inc., Daimler Truck Holding AG, Ford Motor Co., GAZ International LLC, General Motors Co, Honda Motor Co. Ltd, Hyundai Motor Co, Isuzu Motors Ltd, JAC Inc., Kia Motors Corp, Mahindra and Mahindra Ltd., Maruti Suzuki India Ltd., Nissan Motor Co. Ltd., Robert Bosch GmbH, Tata Motors Ltd, Toyota Motor Corp, and Volkswagen AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Light Commercial Vehicle Market Report?
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will drive light commercial vehicle market growth during the next five years
- Precise estimation of the light commercial vehicle market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the light commercial vehicle industry across North America, APAC, Europe, South America, and Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of light commercial vehicle market vendors
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