The Global Light Commercial Vehicles Market Heading with the Rising Demand for SCV & LCV; MRFR Releases Insights for 2019-2025
In its recent market research, Market Research Future (MRFR) asserts
that the global light commercial vehicles market is expected to post a 4.5%
CAGR during the assessment period (2019 – 2025). The market is to witness
increasing motor vehicle production, which would expand the customer base
looking for quality and profitability. LCVs hold enormous potential for the
recovery of the commercial carrier vehicle industries. LCVs fulfill a vitally important role within
the logistics and transportation industry.
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Additionally, increasing developments of a
comprehensive suite of fleet solutions specifically designed to improve the
operational performance, safety, and customer service levels of vehicles of
category operations substantiate the market sales. The COVID-19 outbreak has
deeply impacted the lead generation and sales of light commercial vehicles.
However, manufacturers and dealers have shifted from the offline lead
generation model to online sales.
This initiative to engage with prospective buyers through digital
channels is estimated to influence the growth of the market. Conversely, the
rising demand for downsized engines is a primary factor projected to impede the
market growth, increasing the overall LCVs prices. Nevertheless, stringent
emission norms would support market growth throughout the review period. Also,
the burgeoning eCommerce industry is projected to substantiate the growth of
the market.
Global LCV Market – Segmentations
The market is
segmented into three dynamics;
By Type : Vans, Trucks, Buses, Coaches, and others.
By Fuel Type: Electric, Diesel,
and Gasoline.
By
Region : Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Light Commercial Vehicles (LCV) Market – Regional Analysis
North
America dominates the global light commercial vehicles market. The market
growth is driven by the rapidly growing electric vehicle industry and the
spurring demand for lightweight, energy-efficient automobiles in the region.
Besides, the e-commerce industry in the region drives market growth, leading to
strong transportation industry growth.
The
Asia Pacific region accounts for the second-largest market in the global light
commercial vehicle market. This substantial market share attributes to
stringent government regulations against commercial vehicle emissions.
Additionally, the rising demand for lightweight fuel-saving commercial vehicles
fosters market sales. The rising availability of innovative technologies and
automotive production, alongside the burgeoning automotive industry in the
region, boosts the market's growth.
Furthermore,
the strong presence of several notable industry players and increased motor
vehicle production capacities impact the regional market growth positively.
China, India, and ASEAN countries account for significant shares in the
regional market, growing with the demand for lightweight commercial vehicles
with enhanced fuel efficiency.
Europe
holds the third-largest share in the global light commercial vehicles market.
Factors such as the well-established automotive industry in the region and
innovation in electric vehicles drive the market growth. Also, substantial R
& D investments by industry players to drive the product and technology
developments, fuel the light commercial vehicles market sales.
Global Light Commercial Vehicles Market – Competitive Analysis
Highly competitive, the LCV market appears to
be fragmented, with several well-established players forming a competitive
landscape. Industry players incorporate strategic moves, such as mergers &
acquisitions, innovation, brand reinforcement, and expansion, to gain a larger
competitive share. LCV manufacturers strive to offer an extended range of
heavy-duty LCVs. Due to the expected innovations and improvements in product,
service, and product innovations, the market will soon witness an intensified
competition.
Major Players:
Players leading the global light commercial
vehicles market include Volvo Group (Sweden), Dongfeng Motor Corporation
(China), Daimler AG (Germany), Tata Group (India), Ford Motor Company (US),
Volkswagen Group (Germany), General Motors (US), Groupe Renault (France),
Groupe PSA (France), and Hyundai Motor Company (South Korea), among
others.
Industry/ Innovations/ Related News
December 13, 2020 ---- Toyota Motor Corporation (Japan),
a multinational automotive manufacturer, announced its fuel cell commercial
vehicle development. Toyota continues to drive hydrogen commercial vehicle
development in Japan and the US. Trials of light and heavy-duty hydrogen trucks
have begun in both the US and Japan. In Japan, the company and its subsidiary
Hino Motors with three major retail chains drive the test fuel cell light
commercial vehicles. In the US, Toyota is heading with near-production
heavy-duty FC trucks.
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Key
Questions Addressed by the Report
- What
was the historic market size?
- Which
segmentation (Product/ Capacity) is driving market?
- What
will be the growth rate?
- How
are the key players in this market?
- What
are the strategies adopted by key players?
TABLE
OF CONTENTS
1
EXECUTIVE SUMMARY
2
SCOPE OF THE REPORT
2.1
MARKET DEFINITION
2.2
SCOPE OF THE STUDY
2.2.1
DEFINITION
2.2.2
RESEARCH OBJECTIVE
2.2.3
ASSUMPTIONS
2.2.4
LIMITATIONS
2.3
RESEARCH PROCESS
2.3.1
PRIMARY RESEARCH
2.3.2
SECONDARY RESEARCH
2.4
MARKET SIZE ESTIMATION
2.5
FORECAST MODEL
3
MARKET LANDSCAPE
3.1.1
THREAT OF NEW ENTRANTS
3.1.2
BARGAINING POWER OF BUYERS
3.1.3
THREAT OF SUBSTITUTES
3.1.4
SEGMENT RIVALRY
3.1.5
BARGAINING POWER OF BUYERS
3.2
VALUE CHAIN/SUPPLY CHAIN ANALYSIS
4
MARKET DYNAMICS
4.1
INTRODUCTION
4.2
MARKET DRIVERS
4.3
MARKET RESTRAINTS
4.4
MARKET OPPORTUNITIES
4.5
MARKET TRENDS
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