LightCommercial Vehicles Market Overview:
The lightcommercial vehicles (LCVs) market is garnering substantial traction across theglobe. The market growth attributes to the stringent government norms againstvehicle emissions. Besides, the rising penetration of downsized engines inelectric LCVs and growing crude oil prices drive the market growth, increasinginvestments in electric vehicles. Moreover, eco strategy, green revolutionplan, and innovations escalate the market demand.
In its recentmarket research, Market Research Future (MRFR) asserts that the global lightcommercial vehicles market is expected to post a 4.5% CAGR during theassessment period (2019 – 2025). The market is to witness increasing motorvehicle production, which would expand the customer base looking for qualityand profitability. LCVs hold enormous potential for the recovery of thecommercial carrier vehicle industries. LCVs fulfill a vitally important role within the logistics andtransportation industry.
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Additionally,increasing developments of a comprehensive suite of fleet solutionsspecifically designed to improve the operational performance, safety, andcustomer service levels of vehicles of category operations substantiate themarket sales. The COVID-19 outbreak has deeply impacted the lead generation andsales of light commercial vehicles. However, manufacturers and dealers haveshifted from the offline lead generation model to online sales.
This initiativeto engage with prospective buyers through digital channels is estimated toinfluence the growth of the market. Conversely, the rising demand for downsizedengines is a primary factor projected to impede the market growth, increasingthe overall LCVs prices. Nevertheless, stringent emission norms would supportmarket growth throughout the review period. Also, the burgeoning eCommerceindustry is projected to substantiate the growth of the market.
Global LCVMarket– Segmentations
The market issegmented into three dynamics;
By Type : Vans, Trucks, Buses, Coaches, and others.
By FuelType: Electric, Diesel, and Gasoline.
By Region:Americas, Europe, Asia Pacific, and the Rest-of-the-World.
LightCommercial Vehicles (LCV) Market – Regional Analysis
North Americadominates the global light commercial vehicles market. The market growth isdriven by the rapidly growing electric vehicle industry and the spurring demandfor lightweight, energy-efficient automobiles in the region. Besides, thee-commerce industry in the region drives market growth, leading to strongtransportation industry growth.
The Asia Pacificregion accounts for the second-largest market in the global light commercialvehicle market. This substantial market share attributes to stringentgovernment regulations against commercial vehicle emissions. Additionally, therising demand for lightweight fuel-saving commercial vehicles fosters marketsales. The rising availability of innovative technologies and automotiveproduction, alongside the burgeoning automotive industry in the region, booststhe market's growth.
Furthermore, thestrong presence of several notable industry players and increased motor vehicleproduction capacities impact the regional market growth positively. China,India, and ASEAN countries account for significant shares in the regionalmarket, growing with the demand for lightweight commercial vehicles withenhanced fuel efficiency.
Europe holds thethird-largest share in the global light commercial vehicles market. Factorssuch as the well-established automotive industry in the region and innovationin electric vehicles drive the market growth. Also, substantial R & Dinvestments by industry players to drive the product and technologydevelopments, fuel the light commercial vehicles market sales.
GlobalLight Commercial Vehicles Market – Competitive Analysis
Highlycompetitive, the LCV market appears to be fragmented, with severalwell-established players forming a competitive landscape. Industry playersincorporate strategic moves, such as mergers & acquisitions, innovation,brand reinforcement, and expansion, to gain a larger competitive share. LCVmanufacturers strive to offer an extended range of heavy-duty LCVs. Due to theexpected innovations and improvements in product, service, and productinnovations, the market will soon witness an intensified competition.
MajorPlayers:
Players leadingthe 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 (SouthKorea), among others.
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